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 : The Tribunal held that reliance on third-party statements without granting effective cross-examination amounted to a violation of ...
Income Tax : Tribunal held that Section 87A rebate is linked to total income, which includes short-term capital gains. CPC's denial of rebate o...
Income Tax : The Tribunal ruled that once an assessee validly opts for the DCF method and submits a qualified valuation report, the Assessing O...
Income Tax : The Tribunal held that cash deposits during demonetisation cannot be treated as unexplained when backed by audited books, invoices...
Income Tax : The Tribunal ruled that non-specification of the precise statutory charge under sections 270A(2) and 270A(9) violated principles o...
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 : Delhi ITAT allows Sanco Holding, a Norwegian company, to compute income from bareboat charter of seismic vessels under Article 21(...
Income Tax : Learn about hybrid hearing guidelines of Income Tax Appellate Tribunal (ITAT) Indore Bench, effective from October 9, 2023, offeri...
Income Tax : The Mumbai ITAT held that an addition under section 69 cannot survive when the Revenue fails to establish that the alleged investm...
Income Tax : ITAT Lucknow held that disallowance of interest expenses cannot be sustained without evidence showing that interest-bearing funds ...
Income Tax : The Tribunal held that the assessee was entitled to additional interest under Section 244A(1A) because the Assessing Officer faile...
Income Tax : The Tribunal held that once Second Line Support services were examined and covered under an Advance Pricing Agreement, disallowanc...
Income Tax : ITAT remanded the case as NFAC passed an ex parte order despite notice issues and held that a combined reassessment and ITAT effec...
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...
Income Tax : Bhagyalaxmi Conclave Pvt. Ltd. Vs DCIT (ITAT Kolkata) In the remand report, the AO clearly stated that notice u/s 143(2) of the Ac...
Brokerage could be claimed as collection charges if as per the agreement, it is the responsibility of the broker to collect the rent but provision relating to deduction on account of collection charges in sub-clause (viii) of section 24 stand deleted from Assessment year 1993-94 and collection charges are included in the lump-sum deduction of 1/4th of annual value allowable as deduction under sub-clause (i).
12. The phraseology, syntax and language used/employed by the legislature in section 144, as quoted hereinabove, are amply clear. As per this section, inter alia, if a person fails to comply with the terms of a notice under section 143(2), the A.O., after taking into account all relevant material gathered by him shall, after giving the assessee an opportunity of being heard
6.2 In the present case there has been admittedly a default in terms of s. 271F of the Act; the assessee’s legal ground, i.e., in respect of validity of its return, being of no consequence, in view of me. Clear mandate of the provision (s. 271F), as well as the decision by the Hon’ble Apex Court in the case of Prakash Nath Khanna (supra). Further, the assessee’s plea of there being no presumption in law
8. A bare perusal of the ground raised by the assessee, in impugned M. A. reveals that the same pertain to the issues adjudicated by the Bench, on merit, after evaluating the rival submissions, including case laws relied upon by the parties, and the relevant records. The issues considered and decided on merit after due application of mind by the Bench
The sale/transfer of stock-in-trade cannot be equated with the transfer of capital asset under section 2(47). The meaning of the words “otherwise transferred” in section 45(2), should be according to its ordinary popular and natural sense, and it should not include a transaction referred to under sub-clause (v) of sub-section (47) of section 2 in relation to a ‘capital asset’.
6. We have heard the rival contentions and carefully perused the orders. The short question here is whether credits for tax paid as provided in section 115JAA of the Act has to be given before charging of interest u/s 234A & 234B or after charging of interest u/s 234A and 234B of the Act, in the later years, when such credit is claimed. Even, before the substitution of Explanation 1
The assessee purchased the Indira Vikas Patra during the financial year 1997-98. The Indira Vikas Patras are shown as investment in the books of assessee since 1997-98. The Indira Vikas Patras are issued for certain denominations at half of the face value. The period of maturity varies on the basis of rate of interest and accumulation thereof. As per the provisions of Indira Vikas Patras
21. We have heard the parties and have perused the material on record. The learned Commissioner (Appeals) has held that the case of the Assessing Officer was based on the statement of Shri Ramesh Kumar, which was not confronted to the assessee, which was incumbent upon the department to do, since it was a case of reopening of a completed assessment.
7. We have considered the issue. The learned CIT (A) has considered that there was a change of opinion by the A.O. and he deemed to have formed an opinion at the time of original assessment on allowing 80HHC deduction on DEPB. There is nothing on record to support the opinion formed by the learned CIT(A) on this issue. The learned counsel during the present proceedings
If the notice under section 148 of the Income-tax Act is sustainable on any of the reasons taken by the Assessing Officer, the initiation of reassessment cannot be declared as invalid; there cannot be any initiation of reassessment proceedings on the basis of an item of income or disallowance which has been made in another proceedings of the same assessee for the same year.
