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...
We have carefully considered the submissions of the rival parties and perused the material available on record. We find that the facts are not in dispute. Under section 194H of the Act any person not being an individual or a Hindu undivided family who is responsible for paying on or after the first day of June 2001 to a resident any income by way of commission or brokerage, shall, at the time of credit of such income to the account of the payee or at the time of payment of such income i
4.3 Both the authorities below have taken a view that though section 24(b) does not draw any distinction between a property that is self-occupied and one that is not, the assessee having not disclosed any income (annual value) there-against, and which can only be in respect of one house property, which stands already specified by him (the residential property at Shalimar Enclave, Agra), the assessee’s claim for deduction u/s. 24(b) is not maintainable.
7. There was a search and seizure action against the assessee on 10-10-1995. In pursuance thereto, the A.0 initiated proceedings u/s 158BC of the Act. Notice u/s 158BC read with section 158BD dated 10-9-1996 was issued to the assessee requiring the assessee to prepare and file the return of income in the prescribed form setting forth his total income including the undisclosed income for the block period from 1-4-1985 to 10-10-1995
7. Rival submissions of the parties have been considered carefully. The question for our consideration is whether the income accruing to the assessee should be assessed as `business income’ as claimed by the assessee or partly as `income from house property’ and partly as `income from other sources’ as held by the Assessing Officer Officer. At the outset, we may mention that the Assessing Officer has committed
11. I have carefully considered the rival contentions and gone through the impugned orders. The Hon’ble Supreme Court in the case of Pullangode Rubber Produce Co. Ltd. v. State of Kerala (1973) 91 ITR 18 (SC) has clearly held that an admission by the assessee is not conclusive evidence and it is always open to the assessee who made the submission to show that it is incorrect.
Gopal Purohit v. JCIT- The delivery based transaction should be treated as of the nature of investment transactions and profit there from should be treated as short-term capital gain or long term capital gain depending upon the period of holding; employment of an infrastructure so as to keep a track of the developments in the share market cannot turn an investment activity into a business activity.
32. In order to attract section 194D, the commission or any other payment covered under the section should be a remuneration or reward for soliciting or procuring the insurance business. The insurance companies do not procure business for the assessee company nor does the assessee company pay commission or other payment for soliciting the business from the insurance companies.
(iii) that the signature and every other part of such books of account and other documents which purport to be in the handwriting of any particular person or which may reasonably be assumed to have been signed by, or to be in the handwriting of, any particular person, are in that person’s handwriting, and in the case of a document stamped, executed or attested, that it was duly stamped and executed or attested
The law considers income earned legally as well as tainted income alike. The burglar and the swindler are as much liable to tax as an honest businessman. A person lives by regularly receiving and reselling stolen goods for a profit. Is the profit made by him taxable as income? Another person takes to burglary on […]
10B (4) For the purposes of sub-section (1), the profits derived from export of articles or things or computer software shall be the amount which Bears to the profits of the business of the undertaking, the same proportion as the export turnover in respect of such articles or things or computer software bears to the total turnover of tljie business carried on by the undertaking.”
