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...
undisputedly, the assessing officer has not initiated proceedings under S.14S of the Act, to lax the interest income of Rs.25,83,848 earned on margin money. In fact, the assessing officer has initiated the proceedings under S.148 to bring to tax the reimbursement of income-tax from APTRANSCO. However, during the course of re-assessment proceedings, the assessing officer also noticed that the assessee has earned interest income of Rs.25,83,848 on margin money kept by it for providing bank guarantee in favour of APTRANSCO, in respect of which it has claimed deduction from the total interest income received during the year under consideration.
What is to be assessed is the income which the Assessing Officer has believed to have escaped assessment and also any other income chargeable to tax which has escaped assessment and which comes to his notice subsequently in the reassessment proceedings. One has to see that the issue of notice under section 148 should be on the basis of belief of the Assessing Officer that income chargeable to tax has escaped assessment.
Hawkins Cookers vs. ITO (ITAT Mumbai) – when the adjustments are made in the valuation of inventories, this will affect both the opening as well as closing stock. Whatever adjustment is made in the valuation of closing stock, the same will be reflected in the opening stock also irrespective of any consequences on the computation of income for tax purposes. The Tribunal further noticed that Section 145A starts with the non-obstante clause “Notwithstanding anything to the contrary contained in section 145”.
section 80IA of the Act was restructured into two new distinct sections namely, 80IA and 80IB. The amended provisions extended the benefits to certain sectors. Under section 80IA of the Act profits of approved housing projects where development and construction commenced after 1-10-1998 and completed before 31-3-2001 were fully deductible.
The proviso to s. 92C (2) consists of two limbs. Under the first limb, where, through the Most Appropriate Method, more than one price is determined, the arithmetic mean of such price has to be taken to be the Arm’s Length Price in relation to the international transaction. The second limb gives “an option” to the taxpayer to take Arm’s Length Price which may vary from the arithmetic mean by an amount not exceeding 5% of such arithmetic mean. This option is applicable even to cases where the taxpayer intends to challenge the Arm’s Length Price taken as arithmetic mean and determined through the Most Appropriate Method. The argument of the Revenue that where the difference is much more than 5%, then the taxpayer cannot have the benefit of the said provision, particularly where the taxpayer has not accepted such arithmetic mean, is not correct. Sony India (P) Ltd. v. DCIT
An assessee to whom the agreement applies has the option of being subjected to tax as per DTAA or the Income-tax Act 1961, which is more beneficial to it. When section 44D is read in juxtaposition to section 115A, it mandates for putting the amount of royalty and fees for technical services to tax at 20% as against 10% as provided by Article 12 of DTAA. The assessee being a person to whom the agreement applies, has rightly subjected itself to taxation at the reduced rate of 10% as per DTAA.
In the present case, admittedly, no incriminating material was found relating to the alleged unaccounted sales of jewellery by the assessee to M/s. Ranka Jewelers in the course of search carried out at the premises of the assessee. The material relied upon by the Assessing Officer was found during the search at the premises of the third party namely Prakash Salunkhe. Therefore, the question of existence of such nexus as mentioned in the preceeding paragraph simply does not arise. Consequently, no addition could be made solely on the basis of material found from the position of the third party.
Merely because other clubs follow the very same accounting policy, it cannot be said to be beyond scrutiny or verification as to the correctness and completeness of the accounting practice followed, and there is any deficiency in such accounting practice or policy, it can very well be tinkered with howsoever universally followed such policy is; there is no proposition in law to force the revenue to accept the accounting system
n this decision, vide order dated 15.9.2008, the Hon’ble Apex Court had held that even a decision of Apex Court or Jurisdictional High Court rendered subsequent to the Tribunal decision can render the said Tribunal decision liable of rectification of mistake apparent from record. In view of the aforesaid discussion and precedent, we are inclined to dismiss this appeal by the Revenue on account of tax effect, when on similar facts Hon’ble Jurisdictional High Court has dismissed the Revenue’s case on tax effect.
Cebon India vs. ACIT (ITAT Delhi) Where the record did not show that the assessee had been served with a notice under section 143(2) before the due date HELD that the assessment proceedings were not valid as the non-service of the notice was a jurisdictional defect and not merely a procedural defect. Held also that s. 292BB was procedural and prospective.
