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 : ITAT held Section 153C proceedings invalid as the deemed search date for the other person fell after 01.04.2021 and allowed the ap...
Income Tax : ITAT deleted disallowance supported by debit notes despite ledger narration error and remanded the remaining claim for fresh verif...
Income Tax : ITAT deleted tax on executive search fees and reimbursements, restored management fee issue for fresh examination, and granted DTA...
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 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...
Assessee is thus entitled to claim deduction both under Sec.36(1)(vii) and Sec.36(1)(viia) of the Act. The only limitation is that the amount of deduction shall not exceed the amount by which such debt or part thereof exceeds the credit balance in the provision for bad and doubtful debts account. In the present case there is no dispute that provisions of Sec.36(1)(viia) applies to the Assessee and also the fact the amount of deduction relating to bad debts written off is limited to the amount by which such debt or part thereof exceeds the credit balance in the provision for bad and doubtful debts account.
If it is to be held that the assessee has incurred certain expenditure and the source of expenditure remains unexplained, the amount can be added under section 69C of the Act. However, if on one hand the amount is added as unexplained expenditure, still it retains the character of the expenditure incurred on the object of trust.
Second appeal could not have been filed against the same order when the first appeal had already been dismissed by the ld. CIT(Appeals). On the other hand, the ld. CIT, DR submitted that the first appeal against the assessment order had been decided and, therefore, the second appeal filed belatedly before the ld. CIT(Appeals) is non-est. We have considered the facts of the case and submissions made before us.
Balance in the shares account is Rs.23,52,580/- whereas as per books of account and as per trial balance it is Rs.22,93,130/- and assessee has failed to explain the difference or substantiate his plea that there is no difference. As such, it is held that since assessee has not been able to explain the difference, therefore, addition is called for which has rightly been confirmed by the CIT(A) whose action is further confirmed and this ground appeal of the assessee is dismissed.
We find that the undisputed fact is that the premises are trading assets and have been shown as stock-in-trade. No rent has been received in respect of these unsold assets. The income from the properties have been shown and accepted to be taxable u/s 28. Unless specifically provided a notional income cannot be brought to tax. In other words, the concept of real income is applicable to computation of business income unless specifically provided otherwise. The assessee has not earned any income from the stock-in-trade. Therefore, we are of the view that the ld. CIT(Appeals) rightly allowed the relief to the assessee. In the result, this ground is also dismissed.
At the time of hearing, the learned AR submitted that the assessee company has not received assessment order passed by the Assessing Officer u/s 148 r/w section 143(3) for the assessment year 2002-03 as stated by the Assessing Officer that the order was dispatched by speed post on 31st December, 2009. The company received notice u/s 220(1)(i) of the Act for the outstanding payment and thereafter the assessee informed the Assessing Officer that he has not received the order and requested for certified copy.
DCIT Vs. Pioneer Marbles & Interiors Pvt. Ltd. (ITAT Kolkata)- Under the scheme of Section 271 AAA, there is a complete paradigm shift so far as penalty in respect of unaccounted income unearthed as a result of search operation carried out on or after 1st June 2007 is concerned. Unlike in the case of penalty under section 271(1)(c), Section 271 AAA, without any reference to findings or presumptions of concealment of income or the findings or presumptions of furnishing of inaccurate particulars, provides that in respect of unaccounted income in the cases where search initiated after 1st June 2007, the assessee is to pay a penalty @ 10% of unaccounted income.
Assessee has made payments to the CDLB for supply of these workers. As long as the assessee has made payments to the CDLB for supply of labour, even when this labour may be treated as employed by the assessee for all practical purposes, the provisions of Section 194 C are clearly attracted. In such a situation, i.e. when labour hired by the assessee through CDLB is considered to be in assessee’s employment, the payments made to CDLB cannot be treated as payments for ‘any work’ , but nevertheless these payments could still be covered by the provisions of Section 194 C because these are payments made for ‘supply of labour’ which are specifically covered by Section 194 C(1).
in case the assessment is set aside by the CIT(A) and setting aside become final, interest u/s. 220(2) has to be charged only after the expiry of 35 days from the date of service of demand notice pursuant to the fresh assessment order. In the case of the assessee, since the original order of assessment was confirmed by the CIT (A) but on further appeal, the Tribunal set aside the order of the CIT(A) and the issue restored to the AO, it was held that in terms of the circular, the interest u/s. 220(2) has to be charged only from the date of fresh assessment order.
The language in section 55A does not refer the ‘value of consideration’ but only uses the term ‘Fair Market value’. So the scope of the section gets con-fined to determine the fair market value of a capital asset only. Thus, considering the language of section 48 the value so deter¬mined cannot be substituted for ‘Full value of consideration’. – Section 50C states that the AO can refer to DVO u/s. 55A only if the assessee claims that the value adopted by the stamp valuation authority exceeds their fair market value or the value so adopted by stamp valuation authority has not been disputed by any authority, Court or High Court.
