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...
BLK Securities Pvt. Ltd. v. ITO The assessee company shall, for the purpose of section 73 of the IT Act, be deemed to be carrying on a speculation business to the extent to which its business consists of the purchase and sale of shares of other companies; thus, the loss incurred in purchase and sale of shares of other companies shall be deemed to be a speculation loss.
Thermal Systems (Hyd.) Pvt. Ltd. v. ACIT The failure of the Assessing Officer to record the reasons and to make enquiry with regard to the claim of the assessee makes the assessment order erroneous and prejudicial to the interests of the Revenue.
We have considered the, rival submissions, perused the material on record. In the instant case, rehabilitation scheme was sanctioned by the BIFR on 05.07.2001, A copy of the summary record of the proceedings of the hearing held on 5.7.2001 before BIFR- have been placed in the Paper Book. It has been held in the aforesaid proceedings para 22 as under:
Gujarat Ambuja Cements Ltd. v. DCIT – For the purposes of determining the quantum of deduction under section 80-I, the taxable income of the industrial undertaking is to be ascertained as if such undertaking were an independent unit owned by the assessee and the assessee had no other source of income; consequently, the unabsorbed losses/deprecation, etc. relating to the eligible industrial undertaking are to be taken into account in determining the quantum of deduction under section 80-I even though these may actually have been set off against the profits of the assessee from other sources of income of the assessee.
Mohanlal N. Shah HUF v ACIT – The option to or not to avail the benefit of indexation for the computation of capital gains on the transfer of each of the long term capital asset is with the assessee as provided in section 48; it is only after computing the capital gains as per section 48, can it be aggregated by setting off the loss under section 70 and it is then that the rate of tax as provided under section 112 is applied.
In what would come as a relief to expat employees coming to India on a posting or Indian employees going abroad, a tax tribunal has ruled that they could exclude the amount deducted as ‘hypothetical tax’ by their employers from their taxable income in the country. The tribunal turned down income-tax authorities contention that this amount was part of the total salary and hence taxable.
11. The powers of the Tribunal emanates from the provision of section 254 of the Act and not from any other provisions. The provisions of section 132 of the Act considered by the Hon’ble Rajasthan High Court only specifies the circumstances under which search warrant can be issued by the competent authority. Such provisions have nothing to do with the powers of the Tribunal
Though the taxpayer may have written off the expenditure in its books of account over a period say of five years, it must be allowed in its entirety in the year in which it was incurred, if it is revenue expenditure, and if it is wholly and exclusively incurred for the purposes of business(Para 15)
JAGAN LAMPS LTD. v. ITO The accepting of returned income is not an assessment; hence, it will be incorrect to say that the provisions of section 147 cannot be substituted for verification of correctness of entire information contained in the return of income.
Pooja Bhatt v. DCIT Income derived by the assessee-artist from the exercise of her activity in Canada is taxable only in source country i.e., Canada as per the scheme of taxation contained in the Indo-Canada Treaty; by using the expression “may be taxed in the other State” in Article 18(1) of the said Treaty, the contracting parties permitted only the other State i.e. State of income source and by implication, the State of residence was precluded from taxing such income.
