ITAT reverses a tax addition on cash withdrawals, ruling that they were genuine business turnover and not unexplained income.
Supreme Court dismissed the SLP, affirming that ITAT rightly remanded the case to TPO to reassess ALP of intra-group services, stressing that Section 92C(3) conditions must be examined before adjustments.
The Income Tax Appellate Tribunal (ITAT) in Ahmedabad has set aside a tax authority’s rejection of a trust’s Section 80G exemption application. The court ruled that mentioning a temple among multiple charitable objects does not automatically make the trust “substantially religious” and directed a review of its actual expenditures.
The ITAT Chandigarh confirmed the denial of Section 12A and 80G tax exemptions for the TIF Foundation, ruling that its primary activities of distributing awards and funding a chess association were inconsistent with its declared charitable objects of helping the needy.
Delhi ITAT deletes a Rs.190 Cr tax addition on share premium, citing impermissible double taxation. The ruling upholds the principle that the same income cannot be taxed twice.
The Income Tax Appellate Tribunal (ITAT), Bangalore, ruled that capital gains from the sale of a property gifted by a husband to his wife must be clubbed with the husband’s income, not the wife’s, under Section 64(1)(iv) of the Income Tax Act.
The ITAT in Kolkata set aside a ₹9.32 crore tax addition on share sales by Superdeal Resources, ruling that well-documented transactions are not bogus. The order underscores the need for substantive evidence over suspicion.
ITAT Mumbai quashes a Rs.2936 Cr penalty against CGTMSE, ruling its activities are charitable and not subject to the proviso of Section 2(15), and that penalty requires underlying tax liability.
The ITAT Kolkata ruled that an employee is entitled to full TDS credit even if their employer failed to deposit the tax. The ruling emphasizes that the remedy lies against the employer.
The CESTAT ruled that a service tax demand cannot be based solely on income declared during an income tax survey without corroborating evidence of taxable services.
