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 : Bangalore ITAT held that the Revenue cannot deny the fifth-year deduction under Section 35D after consistently allowing the claim ...
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 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 : ITAT Pune held that the reassessment proceedings were invalid because the notice under Section 148 was approved by the Principal C...
Income Tax : ITAT held that interest earned by a co-operative credit society from deposits with a co-operative bank remained attributable to it...
Income Tax : Bangalore ITAT held that allegations of capitation fee collections could not justify denial of exemption under Sections 11 and 12 ...
Income Tax : ITAT Pune held that reassessment proceedings were invalid because the approval under Section 151 was granted by the Principal Comm...
Income Tax : ITAT Delhi held that Section 56(2)(viib) could not be invoked where shares were allotted at a premium to a 100% holding company. T...
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...
48. Section 17(2)(ii) as it stood prior to amendment in 2007 did not contain any ‘deeming clause’ to deem rent paid less than 10% or 7.5% as a concession or that the employees is deemed to have received that concession. An employer may provide residential accommodation to his employees for several reasons. It is also possible that for making available staff quarters/colonies/ accommodations, State Governments
9. The first item of receipt is that of Rs.5.010 crores towards assignment of marketing rights for local as well as export business. The Assessing Officer held it to be a revenue receipt liable to tax. At this juncture, it will be relevant to consider the distinction between the revenue and capital receipt in the context of the nature of transaction we are concerned with. Albeit there is no conclusive test for drawing
13. We have heard both the parties and perused the orders of the revenue authorities as well as above cited judgment of the jurisdictional High Court in the case of Otis Elevator Co (India) Ltd (supra). The case of the assessee is that the said subscription of Rs 3 lakhs is wholly and exclusively for the business purpose. On the other hand, the case of the revenue is that the unlike in company
6. We have heard the rival submissions and perused the relevant material on record. Section 194C provides that “any person responsible for paying any sum to any resident (hereinafter in this section referred to as the contractor) for carrying out any work (including supply of labour for carrying out any work) in pursuance of a contract between the contractor and …….(d) any company ……….. shall,
10. A plain reading of section 154 quoted above reveals that the Assessing Officer has to pass an order amending the assessment within the period of limitation as provided under sub-section (7) . Sub-section (3) of section 154 quoted above makes it obligatory upon the Assessing Officer to give a notice to the assessee and afford reasonable opportunity of being heard if the proposed amendment has the effect of enhancing an assessment
The I-T department has lost the opportunity to recover revenues running into thousands of crores after failing to file its appeals before the Bombay High Court within the stipulated period of 120 days. The Bombay High Court has dismissed about 400 appeals recently. Section 260 A of the Income-Tax Act stipulates that an appeal against the Income-Tax Appellate Tribunal (ITAT)
5. From the facts of this case, it transpires that the Hon’ble Supreme Court has not laid down any universally applicable principle that income from immovable property, be invariably taxed under the head ‘Income from House Property’. It was on the consideration of the cumulative effect of all the factors prevailing in case, which have been noted above, that the income from immovable property was held to be taxable under this head
8. We have heard the arguments of both the sides and also perused the relevant material on record. It is observed that there is no dispute about the fact that the payments in question were made by the assessee company in cash in excess of Rs.20,000/- towards service charges to the crew. The dispute, however, is that whether the said payments were covered by the exceptions prescribed in Rule 6DD(j)
7. We have carefully considered the relevant facts, arguments advanced and the case laws cited. It is not in dispute that the assessments sought to be reopened were earlier completed only by accepting the same under section 143(l)(a) of the Act. When assessments are completed under section 143(l)(a) it cannot be said that the Assessing Officer has expressed any opinion on the correctness or otherwise
9. I have gone through the records carefully and I am unable to find any reason for making addition in the hands of the assessee. The addition is based upon the search proceedings and seizure that took place in the case of Narendra Kumar Paraswani not in the hands of the firm. Even the statement that were recorded have not implicated the assessee in any manner
