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...
6.15 As noted earlier, there was a judicial opinion that on distribution or division or allotment of assets to partners by the firm on dissolution or otherwise there resulted no gain exigible to tax, however, by incorporating Section 45(3) and 45(4), the legislature has declared its intention in clear terms that partners and the firm are two independent entities not only for the purposes of assessment but also for the purpose of determining the charge of income tax
As rightly pointed out by Shri Pardiwalla, even a promise to render services at a future date would entitle the assessee for deduction u/s 80-O in view of the specific wordings in the section.
Srivatsan Surveyors Pvt. Ltd. (‘Appellant’) is engaged in the business of licensed surveyors and loss assessors under the Insurance Act, 1938. The Appellant entered into a non-compete covenant with its director, Mr. Srivatsan and paid a sum of Rs.10 million, on which depreciation was claimed, treating it as an intangible asset. As per the covenant, Mr. Srivatsan agreed not to carry on his individual business of general insurance survey, loss assessment, valuation of assets, etc. for a period of seven years and also to abstain from other activities which might jeopardize the business interests of the Appellant in any manner.
We have heard the rival submissions in the light of the material placed before us and the precedents relied upon. The assessee company was carrying on the business as licensed surveyors and loss assessors under the Insurance Act, 1938. During the relevant year the assessee did claim depreciation amounting to Rs. 12,50,000/- in relation to payment of non compete fee arising out of a restrictive covenants
Burmah Castrol vs. DIT Mumbai The applicant, Burmah Castrol Plc. is a non-resident company incorporated under the laws of England and Wales. The applicant submits that during the financial year 2001-02, as per the directive of SEBI, it acquired 12,77,292 equity shares of Foseco India Limited (hereinafter referred to as “FIL”), an Indian company, for an acquisition price of Rs. 221.86 per share and also as per those directives paid a further amount of Rs.49.1429per share for the delay in making the Open Offer.
ITO VS. VARIA PRATIK (ITAT A’BAD) Though s. 292BB comes into force on 1.4.2008 and not from any particular assessment year, it is declaratory, procedural and curative in nature and accordingly the validity of notices issued/served will have to be decided after 31.3.2008 in accordance with the provisions of section 292BB irrespective of the assessment year involved;
SHIVSAGAR VEG VS. ACIT It is incumbent upon the Tribunal, being the final authority of facts, to appreciate the evidence, consider the reasons of the authorities below and assign its own reasons as to why it disagrees with the reasons and findings of the lower authorities. The Tribunal cannot brush aside the reasons or findings recorded by the lower authorities. It must give reasons and its failure to do so renders its’ order unsustainable
Gujarat State Petroleum Corpn. Ltd. v. JCIT The deduction claimed by the assessee under section 42 cannot be considered for the purpose of computing the deemed income under section 115JA
Valuing the closing stock at net realizable value method is duly recognized by AS-2 issued by the ICAI but, the onus is on the assessee to prove that the net realizable value whatever has been shown by him is the correct net realizable value and is less than the cost: the assessee has to satisfy the Assessing Officer by adducing the evidence that the net realizable value is less than the cost. D. Subhashchandra & Co. v. ACIT
ACIT v Makote Hoshizaki The perquisite value of rent free accommodation as per Rule 3 of Income-tax Rules, 1962 will be 20 per cent and not 10 per cent of the salary as reduced by the rent, if any, actually paid by the employer or the actual rent paid by the employer in case the premises are not owned by the employer whichever is lower.
