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 : Article examines whether the MLI Principal Purpose Test has domestic effect under Section 90(1) following Nestlé SA and Sky High ...
Corporate Law : The article argues that failure to comply before the AO or CIT(A) can lead to adverse assessments, as higher forums generally cann...
Income Tax : ITAT held that Section 54 exemption must be examined separately for each residential house sold. Aggregating gains from multiple t...
Income Tax : ITAT held that delayed filing of Form 10B cannot defeat Section 11 exemption if the audit report is available before processing un...
Income Tax : Smt. Ranjana Kumari/Kalta Vs DCIT/ACIT (Central) (ITAT Chandigarh) The appeals involved three assessees belonging to the Kalta Gro...
Income Tax : ITAT Bangalore held Section 2(47)(v) inapplicable as the JDA did not satisfy Section 53A conditions, deleting capital gains for AY...
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 : ITAT Bangalore deleted estimated gross profit addition, holding that accepted books of account could not justify estimation withou...
Income Tax : ITAT Hyderabad quashed reassessment as Section 148 notice lacked approval from the specified authority under Section 151(ii) for A...
Income Tax : ITAT Delhi restored a Section 44ADA addition to the AO for fresh examination after directing consideration of correct GSTR figures...
Income Tax : ITAT Pune reduced the gross profit addition by applying a 2% GP rate after considering past scrutiny records and comparable sister...
Income Tax : ITAT Delhi upheld deletion of a Section 56(2)(x) addition after finding the AO did not establish that repayment of the corporate l...
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...
Section 10B of the Income-tax Act, 1961 – Export oriented undertaking – Assessment year 2003-04 – Assessee-company was engaged in business of contract research and in providing of laboratory facility to its parent company in USA – It had claimed exemption under section 10B – Assessing Officer observed that assessee was not manufacturing or exporting anything, as it was simply providing services of laboratory
Section 254 of the Income-tax Act, 1961 – Appellate Tribunal – Powers of – Assessment year 1996-97 -Whether though Tribunal is not akin to a Court but functions discharged by it are similar to a Court, and, hence, in addition to its expressed statutory powers it has got inherent power to pass such orders as may be necessary for ends of justice – Held, yes –
The assessee, a statutory Board, was set up for prevention of pollution of streams and wells in the State and other allied activities. It derived income from various testing charges etc. The CIT granted registration u/s 12AA of the Act on the basis that the activities of the assessee constituted a “charitable purpose” u/s 2 (15) and that its’ income was eligible
ACIT Vs M.K. Agrotech Pvt. Ltd. (ITAT Bangalore) Per A. Mohan Alankamony, Accountant Member These two appeals preferred – (i) by the assessee and (ii) another by the Revenue– are directed against the order of the CIT (A), Mysore, for the assessment year 2005-06. ITA NO.401 (By the assessee): 2. The assessee company has raised […]
A golden rule of interpretation is the contextual interpretation. A word has always to be interpreted only with the context with which, one is seized. Here we are concerned with the provisions of Sec.40(b) hence, the interpretation has to be done accordingly. Interpretation of the provisions otherwise or the way the Id. AO has done, if accepted, has the effect of rendering the very Explanation 3 totally nugatory or purposeless. Needless to say, that every word used by the legislature, is significant and cannot be lost sight of.
As the facts indicate the holding company has advanced funds to the assessee company in 1998 which was received as share application money, later on transferred to unsecured loan. The amounts were utilised in investments and the incomes thereon were offered under the head ‘capital gains’ and not as ‘business income’.
The application of 15 per cent rate of tax on the amount shown in the return of income would not fall under the category of determination of tax payable on the returned income on the basis of return of income under section 143(1) when the assessee had categorically stated in the note enclosed with the return of income that the returned income was not in the nature of `royalty’
word `property’ has been used by the legislature in a wider sense so as to include more than one house. However, the right to compute the ALV at nil in respect of self occupied property is restricted to one house even thought he property owned by the assessee may consist of more than one house.
Speculative transaction is a transaction in which contract for purchase and sale of any commodity is settled otherwise than by actual delivery. It is not in dispute that in the case of transaction in derivatives, the transaction is always settled otherwise than by actual delivery.
Insertion of Rule 13E in the I.T.A.T. (Recruitment and Conditions of Service) Rules, 1963, vide Notification No. GSR 389E dated 3-6-2009 prohibiting Retired ITAT President, Vice-President and members to appear before ITAT. No doubt the Ministry, as it were, built a nice palace so that all of us in the ITAT could lead a happy and blissful life hereafter
