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 : ITAT Bangalore held that disallowance of agricultural expenses based on estimation is unsustainable without concrete evidence, rul...
Income Tax : ITAT ruled that exemption under Section 54F cannot be denied solely due to missing bills or vouchers, emphasizing the principle of...
Income Tax : Learn about how the holding period of property impacts Capital Gain tax, including ITAT's recent decision clarifying calculations ...
Income Tax : Explore key updates on recent income tax case laws, covering international taxation, business income, and capital gains. Essential...
Income Tax : Discover the implications of a significant Delhi ITAT ruling on cash sales pre-demonetization. Learn how it affects taxation and f...
Income Tax : Learn about hybrid hearing guidelines of Income Tax Appellate Tribunal (ITAT) Indore Bench, effective from October 9, 2023, offeri...
Income Tax : Supreme Court of India has recently issued an order requiring all revenue appeals before the Income Tax Appellate Tribunal (ITAT) ...
Income Tax : At present appeals are fixed in routine and may take one to two years period even for first hearing. it is humbly submitted that t...
Income Tax : CBI Registers a Case against Accountant Member, Income Tax Appellate Tribunal (ITAT) on the Allegations of Possessing Disproportio...
Income Tax : Law Minister Shri Ravi Shankar Prasad launches 'itat e-dwar', an e-filing portal of Income Tax Appellate Tribunal. Portal will ena...
Income Tax : ITAT Delhi ruled that penalties for income misreporting cannot be imposed if there's no malafide intention. Pranav Vikas India Pvt...
Income Tax : ITAT Mumbai upholds moratorium under IBC, barring legal proceedings against Mercator Ltd during liquidation. Appeals dismissed in ...
Income Tax : ITAT Hyderabad directs CIT(E) to reconsider Idam Braahmam Society's 12AB registration application after secretary's resignation ca...
Income Tax : ITAT Ahmedabad remands Metro Heritage Pvt Ltd's case back to CIT(A) due to COVID disruptions and a hotel fire, allowing a fresh op...
Income Tax : ITAT Ahmedabad remands the Vidhyanagar Jain Society's registration case to CIT(E) for reconsideration due to non-submission of doc...
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...
Income Tax : Office Order No. 08 of 2021 Post facto approval of the Competent Authority is hereby conveyed for extension of term of ad-hoc appo...
Income Tax : In continuation of the SOP (Standard Operating Procedure) dated 01.06.2020 the hearing of cases at 'ITAT Chandigarh Benches from 0...
Where allotment as well as execution of the agreement did not vest two different capital assets in the hands of the assessee which got exchanged with each other upon execution of the agreement rather the event of allotment as well as execution of agreement was part & parcel of the same transaction and only an improvement in ownership rights held by assessee in the flat, therefore, period of holding had to be taken from the date of allotment and the resultant gains earned by assessee would be LTCG only.
Where assessee had furnished relevant evidences such as copies of bank statement, demat account, share purchase documents and share certificate., etc., to prove its bogus long-term capital gain on sale of shares and no adverse material had been brought on record by AO to disprove the claim of assessee, addition made under section 68 on account of unexplained credit could not be sustained.
Addition under section 68 made by AO of the entire share capital and premium received during the year on the basis of negative observation about availability of funds with share applicant was unjustified as the share applicant was the sister concern of assessee, from whom similar share application with premium were received in the earlier year and the balance sheet of the share applicant showed ample source of funds.
The issue under consideration is that whether the assessee having business of land trading can show capital gains from arising out of transfer of land and claim exemption u/s 54F?
Assessee-society would not cease to exist as educational institute because it was providing hostel facility or transportation facility or mess facility, as it was an incidental to the education purpose of the assessee-society thus, no exemption u/s 11 could be denied to assessee- society.
Since assessment under section 153C was made only on the basis of incriminating documents such as balance sheet and profit and loss account which were not related to assessment years under appeals, therefore, assessment was invalid as no incriminating material was found during the course of search to proceed against the assessee.
Assessee was entitled to exemption under section 54 on long term capital gain on sale of properties as the holding period of the asset should be considered from the date of acquisition of asset in the light of agreement to sale, but not from the date of possession of the property.
If the genuineness of a donation in one year is doubted, the addition, if any, can be made in the assessment of the relevant assessment year in accordance with law. However, that, by itself, would not be sufficient to withdraw the registration under Section 12AA(3).
Where on a fair reading of the judgment of the Co-ordinate Bench, it appeared that it had taken into account all relevant material and had not taken into account any irrelevant material in basing its conclusions, then the decision of the Co-ordinate Bench, was not liable to be interfered with, unless, of course, the conclusions arrived at by the Bench were perverse. Under Section 254 Only glaring and mistake apparent on the face of the record alone could be rectified which was not apparent in the of assessee.
In the given case the issue under consideration is that whether capital gains, which were exempt under section 54EC could be reckoned for purpose of computing book profit under section 115JA
