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...
Para 2 of the order of Income Tax Settlement Commission dated 24.3.2008 deal with the purchases claimed to have been made by the assessee from M/s Sambhav Steel Distributors. Assessee had clearly admitted before Settlement Commission that the claim of purchase from M/s Sambhav Steel Distributors were all bogus. Additional income of Rs. 9,05,87,044/- relating to assessment years 1999-2000 to 2003-04 was also offered by the assessee before Settlement Commission. Assessee having admitted that the whole of the purchases from M/s Sambhav Steel Distributors was bogus, no reliance could be placed on its claim that there was an advance of Rs. 1,00,92,400/- given by it to M/s Sambhav Steel Distributors. No doubt, assessee had offered Rs. 5,95,43,410/- for assessment year 2004-05 as bogus purchases from M/s Sambhav Steel Distributors before Settlement Commission.
Rujuta N. Shah V/s ITO (ITAT Mumbai)- At the time of hearing, the ld. counsel for the assessee submits that no proper and due opportunity was not provided to the assessee by the ld. CIT(A) inasmuch as, the ld. CIT(A) has also not considered the paper book filed by the assessee, while deciding the appeal ex-parte, therefore, in the interest of justice the order passed by the ld. CIT(A) be set aside to his file to decide the same afresh which was not objected to by the ld. DR.
Shri Dev Ashok Karvat Vs. DCIT (ITAT Mumbai)- In Mr. Chetan R.Parikh V/s ITO in ITA No. 1569/Mum/2010 (AY: 2006- 07) dated 25.05.2011, it has been held by the Tribunal that the units of mutual funds are not generally a trading instrument because of comparatively low fluctuation and number of transactions in units are also not large.
Classic Shares & Stock Brooking Services Limited Vs. ACIT (ITAT Mumbai)- This appeal was fixed for hearing on 16.01.2012. However, despite notice, none appeared on behalf of the assessee nor has it moved any application for adjournment. It is, therefore, presumed that the assessee is not interested in prosecuting its appeal. Accordingly, by applying the ratio laid down by the ITAT Delhi Bench in the case of CIT Vs. Multiplan India (P.) Ltd. [(1991) 38 ITD 320], we dismiss this appeal filed by the Appellant-assessee as not maintainable.
ACIT Vs Ashima Dye cot Pvt. Ltd. (ITAT Ahmedabad)- After the amendment of section 36(1)(vii) of the Income-tax Act, 1961, with effect from April 1, 1989, in order to obtain a deduction in relation to bad debts, it is not necessary for the assessee to establish that the debt, in fact, has become irrecoverable: it is enough if the bad debt is written off as irrecoverable in the accounts of the assessee.
Without adjudicating on the issue whether the Advertisement, Marketing and Sales Promotion expenditure incurred by the taxpayer can be characterised as an international transaction as per Section 92B of the Act, the Tribunal held that the assumption of jurisdiction by the TPO in working out ALP is not justified and directed the AO to delete the adjustment made by the TPO.
A trust can claim exemption provided a specific position of income is applied for purposes of the Trust. Income includes capital gain and hence trust will lose exemption if such income is not applied.
Exemption under section 54F is subject to the provision of sub-section (4), meaning thereby, the amount of net consideration is to be appropriated towards the purchase of new asset within one year before the date on which the transfer of the original asset took place or if not utilised for the purchase or construction of the new asset before the date of furnishing the return of income u/s 139, it shall be deposited (unutilised portion) by the assessee, before furnishing such return, in any account or in capital gain account in the bank or institution as specified in any scheme by the Central Government, by notification in the official gazette and the proof of the such deposit in the capital gains tax account shall be accompanied while filing the return.
Whether the ld. Commissioner of Income Tax (Appeals) has erred in law and facts in deleting the addition of Rs.12,03,000/- in the partner’s capital account u/s 68 of the I.T.Act, 1961 ignoring the fact that the assessee had no evidence to prove the identity
Read about the ITAT Ahmedabad case between DCIT and Shri Jayesh Chandulal Patel where penalty proceedings were restored for fresh adjudication by the Assessing Officer.
