ITAT Judgment contain Income Tax related Judgments from Income Tax Appellate Tribunal Across India which includes ITAT Mumbai, Chennai, Delhi, Kolkutta, Hyderabad etc.
Income Tax : ITAT Special Bench held that omission of scrutiny category in a Section 143(2) notice is a procedural defect curable under Section...
Income Tax : ITAT held section 35D(2)(c) applies only to companies and upheld disallowance of REIT's claim for IPO and listing expense amortisa...
Income Tax : Article examines whether the MLI Principal Purpose Test has domestic effect under Section 90(1) following Nestlé SA and Sky High ...
Corporate Law : The article argues that failure to comply before the AO or CIT(A) can lead to adverse assessments, as higher forums generally cann...
Income Tax : ITAT held that Section 54 exemption must be examined separately for each residential house sold. Aggregating gains from multiple t...
Income Tax : ITAT Bangalore restored the appeal after holding that mere upload of an order on the ITBA portal is not valid service under Sectio...
Income Tax : ITAT Bangalore held Section 2(47)(v) inapplicable as the JDA did not satisfy Section 53A conditions, deleting capital gains for AY...
Income Tax : The issue concerns massive backlog in ITAT caused by unfilled positions and delayed appointments. The intervention highlights that...
Income Tax : A representation seeks doubling the SMC threshold due to inflation and higher dispute values. The key takeaway is that increasing ...
Income Tax : The tribunal held that a gift deed alone cannot establish legitimacy under Section 68. It directed fresh scrutiny of the donor’s...
Income Tax : Mumbai ITAT deleted section 40(a)(ia) disallowance on CSLA reimbursement and remanded section 37(1) year-end provisions for fresh ...
Income Tax : ITAT allowed BSNL employees full exemption under Sections 10(10B) and 10(10AA), holding delay and Goetze India cannot defeat lawfu...
Income Tax : ITAT deleted disallowance supported by debit notes despite ledger narration error and remanded the remaining claim for fresh verif...
Income Tax : ITAT restored a Section 12AB registration application, holding that mentioning the wrong code in Form 10AB was a rectifiable techn...
Income Tax : ITAT set aside rejection of fresh Sections 12AB and 80G applications and directed the CIT(E) to examine them independently on meri...
Income Tax : ITAT Pune allowed rectification under Section 254(2), correcting factual errors and granting Section 54EC deduction of ₹1 crore ...
Income Tax : The ITAT Delhi has revised its hearing notice protocols. Physical notices will now be sent only once, with subsequent dates availa...
Income Tax : ITAT Chandigarh held that ITO Ward-3(1), Chandigarh had no jurisdiction to issue notice to an NRI and hence consequently the asses...
Income Tax : Central Government is pleased to appoint Shri G. S. Pannu, Vice-President of the Income Tax Appellate Tribunal, as President of th...
Income Tax : Ministry of Finance notified rules for appointment of members in various tribunals on 12.02.2020 in which practice of judicial and...
The CIT(A) however agreed with alternate plea of the assessee that if the assessee proves to the satisfaction of the Assessing Officer that the payments made by the assessee are included by the payees in their returns of income, and taxes have been paid by them thereon, the Assessing Officer may modify the demand raised u/s 201(1).
Clause (d) inserted in section 801B[10) with effect from April 1, 2005, is prospective and not retrospective and hence could not be applied for the period prior to April 1, 2005. Since deduction under section 801B[1Oj were on the profits derived from the housing projects approved by the local authority as a whole. ITAT held that once the project is approved by the local authorities, then deduction has to be allowed on the whole of the project .
The Ld. Counsel submits that company has been paying the Directors remuneration as a profit commission as per the provisions of the Companies Act, 1956, after determination of the profits. The assessee-company also is performance incentives to the Managers. He submitted that Mr. S. Rao was Chairman & Managing Director of the assessee company who withdrew from the active participation of the company’s business and Mr. Anil S. Rao was paid a commission of Rs.81,39,200/- @ 8% of the profit which as per the resolution passed by the Board. We have also heard Ld. D.R. We find that the profit commission which is paid to the Director is approved in the general meeting (G.M.) of the shareholders and required evidence was filed before the Ld. CIT (A).
ITAT held that profits from participation of cargo under ‘Slot Arrangement’ are not eligible for benefit of Article 8 of the India-Germany tax treaty (the tax treaty) in case the mother vessels are not owned, hired or chartered by the taxpayer.
It is pertinent to note that the term ‘insurer’ has not been used in sec. 10(10D) and as it is clear that as per provisions of sec. 10(10D) any sum received under Life Insurance Policy including the benefit on such policy is eligible for the deduction. Therefore, it is apparent that there was no intention of the legislature to restrict the benefit of exemption/s 10(10D) only on the insurance policy taken from Indian Insurance Company.
AR invited our attention to the observations of the revenue authorities, wherein, they had observed that the ATMs were just cash dispenser and projector and not a computer aided peripheral. The A.R. has placed certain photographs alongwith short descriptions as to how the ATM functions. From the short descriptions, it can be seen that ATM functions entirely through the functions of a computer.
In our considered opinion, the Assessing Officer has to consider the composite transaction. The first appellate authority was wrong in his finding on applicability of explanation to section 43(5). Thus, we vacate this finding.
We have heard the learned Departmental Representative, whereas assessee was not represented, hence decided exparte. Considering the order of the Assessing Officer and the CIT (A) and various explanations filed before the authorities, we do not see any reason to interfere with the order of the CIT (A).
If the expenditure was incurred for operation and work of existing profit making apparatus, it would be revenue in nature, but in case expenditure was on addition or augmentation of profit making apparatus the nature of the expenditure would be capital.
The ld AR has submitted that the actual rent received by the assessee is not more than the standard rent of the property in question as per Maharashtra Rent Control Act 1999. He has filed the paper book containing 32 pages and submitted that the documents at Sl nos. 3 to 8 of the paper book were not before the lower authorities.
