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...
ACIT vs Mahalaxmi Chemical Works The notice under s.148 was issued for the reason that interest paid was not allowable since funds taken on interest were not used for business purpose.During reassessment said interest was not disallowed, accepting the assessee’s explanation. The reassessment for that reason could not be held to be invalid since there was prima facie reason to believe at the time of issue of notice under s.148 that income had escaped assessment.
The Tribunal observed that the loss incurred by the assessee is on account of the loan advances to BFL from which the assessee company had earned interest. It was the surplus fund of the assessee which was utilized for advancing loan with the intention of earning interest, but assessee is not a money lender. It is common in the commercial practice that if surplus money is available then the business invests the same for earning interest instead of keeping it idle. The said investment would be capital in nature as surplus funds are invested with a view to earn interest. The assessee is also not a dealer in securities and investments. ‘ A So the loss sustained by the assessee in respect of the loan advanced to BFL is in the nature of capital loss and is not allowable u/s.28 of the Act also.
The assessment for AY 90-91 was reopened on the ground to verify whether the income from warehousing charges should be treated as income from business or income from house property. Ultimately after investigating the case in detail, the Assessing Officer himself arrived at a conclusion that charges on account of warehousing are business receipts and the reassessment was completed accordingly. Now, for these years under consideration the department had taken a different view, which in our considered opinion,
The appellant exercises computer control over the computes installed at the premises of the subscribers. This amounts to a fixed place of business for carrying on the business of the enterprise in India . But for the supply of computers, the configuration of computes and connectivity which are provided by the appellant either directly or through its agent AIPL will amount to operating part if its CRS system through such subscribers in India and accordingly PE in the nature of a fixed place of business in India. Thus the appellant can be said to have established a PE within the meaning of paragraph 1 of Article 5 of Indo-Spain Treaty.
Though there is no definition of the term ‘total turnover’ in section 10A, there is also nothing in the said section to mandate that what is excluded from the numerator (export turnover) would nevertheless form part of the denominator. One would have to apply consistent standards in understanding and applying a term, particularly when, such term, viz. export turnover has an independent function and at the same time a part of a larger term viz., total turnover.Thus, if some expenses, for any reason are excluded in arriving at the ‘export turnover’ the same should be reduced form ‘total turnover’ also.
: IT is not only the Ministry of Commerce which is struggling to sculpt a perfect substitute for the most popular exports incentive scheme of DEPB, even the Income Tax Department has been breaking its head against multiple possibilities as to how to treat the value of DEPB. And the very same question came before the Tribunal in a recent case. The merchant exporter had computed its Sec 80HHC benefits by taking into consideration the DEPB income whereas the A.O. did not consider DEPB income as eligible for deduction u/s. 80HHC of the Act. Let’ take a quick stroll through the various arguments and the recent judicial pronouncements which enabled the Tribunal to form a concrete opinion on this contentious issue.
THE facts of the case are on a Search & seizure operations carried out at the business premises of the assessee company on 18-3-02 notice u/s 158BC of the I.T. Act, 1961, served on the assessee it was alleged that the assessee that a sum of Rs.54,45,000/ – which was received by the assessee from its sister concern M/s PMC Entertainment Pvt. Ltd, as application money was nothing but the assessee company’s own money which was brought into the books in the garb of application money and the whole transaction was managed, sham and was a deliberate arrangement to subvert the interest of revenue.
A Special Bench of the Delhi Income Tax Appellate Tribunal has ruled that the income tax that an employer pays on behalf of its employee is a non-monetary benefit in kind and, therefore, exempt from tax. The Tribunal’s ruling will benefit multinational companies operating through liaison and sales offices and unregistered Indian companies, some of which are known to bear the tax costs for their employees.
Deferred tax liability is a provision for tax effect of difference between taxable and accounting income – Not a provision for I -T paid or payable – it is also not reserve as same cannot be transferred to P&L a/c, unlike a regular reserve – ITAT
the various managerial, technical and consultancy services provided by the foreign contractor from the foreign country in connection with the construction project without actually taking up any such activities in India, will not be covered within the meaning of the words used in the Explanation 2 to section 9(1)(vii). In other words the payments made for various services provided from abroad by the foreign contractor will be taxable as income in the hands of the recipient under the provisions of the Act and accordingly the payments made by the assessee to the foreign contractor are liable for the deduction of tax at source.
