Namaskar Acharya
ITAT Weekly Round Up
This Round-Up analytically summarises the key stories related to the Income Tax Appellate Tribunal (ITAT) reported at Taxscan.in during August 11 to...
![Loss on sale of Investment could not be reduced from Book Profits u/s 115JB for Capital Profits which do not have component of Income are to be excluded while computing book profits: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/Loss-on-sale-of-Investment-Investment-sale-of-Investment-Book-Profits-Capital-Profits-computing-book-profits-ITAT-Taxscan.jpg "Loss on sale of Investment could not be reduced from Book Profits u/s 115JB for Capital Profits which do not have component of Income are to be excluded while computing book profits: ITAT [Read Order]")
![Giving Opportunity to Produce Necessary Documents before AO for Verification would meet the ends of Justice: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/opportunity-to-produce-necessary-documents-AO-for-verification-would-meet-the-ends-of-justice-ITAT-TAXSCAN.jpg "Giving Opportunity to Produce Necessary Documents before AO for Verification would meet the ends of Justice: ITAT [Read Order]")
![Taxpayer should be given Reasonable Opportunity to provide his Submission as per the Principles of Nature Justice: ITAT directs Readjudication [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/Taxpayer-Reasonable-Opportunity-Submission-Principles-of-Nature-Justice-ITAT-directs-Readjudication-Readjudication-ITAT-taxscan.jpg "Taxpayer should be given Reasonable Opportunity to provide his Submission as per the Principles of Nature Justice: ITAT directs Readjudication [Read Order]")
![Interest income covered under Article 8(3) of India-France DTAA not taxable for out of funds fixed deposits connected with aircraft under Article 8(1): ITAT Grants Relief to Air France [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/Interest-income-Interest-income-Air-France-DTAA-taxscan.jpg "Interest income covered under Article 8(3) of India-France DTAA not taxable for out of funds fixed deposits connected with aircraft under Article 8(1): ITAT Grants Relief to Air France [Read Order]")
No Addition u/s 68 if Identity and Genuineness of Transaction of Lender is Proved beyond Doubt: ITAT [Read Order]
The Delhi bench of the Income Tax Appellate Tribunal (ITAT) held that all the three necessary ingredients of Section 68 of the Income Tax Act, 1961 having been been proved in respect of the loan...
![No Addition u/s 68 if Identity and Genuineness of Transaction of Lender is Proved beyond Doubt: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/Genuineness-of-Transaction-of-Lender-ITAT-Transaction-Lender-taxscan.jpg "No Addition u/s 68 if Identity and Genuineness of Transaction of Lender is Proved beyond Doubt: ITAT [Read Order]")
No TDS on Pre-paid Sim Card Sold on Discount charges u/s 40(a)(ia) if Relation between Assessee and Distributor is Principal to Principal: ITAT [Read Order]
The Delhi bench of the Income Tax Appellate Tribunal (ITAT) held that the Assessing Officer (AO) providing to treat the discount charges on prepaid SIM Card as not allowable in terms of Section...
![No TDS on Pre-paid Sim Card Sold on Discount charges u/s 40(a)(ia) if Relation between Assessee and Distributor is Principal to Principal: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/TDS-Pre-paid-Sim-Card-Discount-charges-Pre-paid-Sim-Card-Sold-on-Discount-charges-Relation-between-Assessee-and-Distributor-Assessee-Distributor-Principal-to-Principal-ITAT-taxscan.jpg "No TDS on Pre-paid Sim Card Sold on Discount charges u/s 40(a)(ia) if Relation between Assessee and Distributor is Principal to Principal: ITAT [Read Order]")
No scope for Reassessment on issue which is Subject Matter of Appeal before Appellate Authority: ITAT [Read Order]
The Chennai bench of the Income Tax Appellate Tribunal (ITAT) held that as per provisions of 3rd proviso to Section 147 of the Income Tax Act, 1961, the Assessing Officer (AO) may assessee or...
![No scope for Reassessment on issue which is Subject Matter of Appeal before Appellate Authority: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/Reassessment-Subject-Matter-of-Appeal-Appeal-Appellate-Authority-ITAT-Income-Tax-taxscan.jpg "No scope for Reassessment on issue which is Subject Matter of Appeal before Appellate Authority: ITAT [Read Order]")
Failure by Authorities to provide necessary Documents Results in Denial of Justice: ITAT directs AO to provide Requisite Documents to Assessee for Reasonable Opportunity [Read Order]
The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) restored the file back to the Assessing Officer (AO) with the direction to provide the requisite documents as asked for the Assessee and a...
![Failure by Authorities to provide necessary Documents Results in Denial of Justice: ITAT directs AO to provide Requisite Documents to Assessee for Reasonable Opportunity [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/Failure-by-Authorities-to-provide-necessary-Documents-results-in-denial-of-Justice-ITAT-AO-requisite-documents-to-Assessee-for-reasonable-opportunity-TAXSCAN.jpg "Failure by Authorities to provide necessary Documents Results in Denial of Justice: ITAT directs AO to provide Requisite Documents to Assessee for Reasonable Opportunity [Read Order]")
Relief to UT Starcom: Profit Income from sale of Software not in nature of Royalty Income and cannot be Attributed to Permanent Establishment in India: ITAT [Read Order]
The Delhi bench of the Income Tax Appellate Tribunal held that no interest under section 234B of the Act can be charged as the assessee, being a non-resident company was not liable to pay advance...
![Relief to UT Starcom: Profit Income from sale of Software not in nature of Royalty Income and cannot be Attributed to Permanent Establishment in India: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/Relief-to-UT-Starcom-Profit-Income-from-sale-of-Software-nature-of-royalty-income-Attributed-to-Permanent-Establishment-in-India-ITAT-TAXSCAN.jpg "Relief to UT Starcom: Profit Income from sale of Software not in nature of Royalty Income and cannot be Attributed to Permanent Establishment in India: ITAT [Read Order]")
ITAT quashes Revision Order u/s 263 against TATA Teleservices on ground of Lack of Jurisdiction [Read Order]
The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) held that is trite law that in order to invoke Section 263, the assessment order must be erroneous and also prejudicial to revenue, also...
![ITAT quashes Revision Order u/s 263 against TATA Teleservices on ground of Lack of Jurisdiction [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/ITAT-ITAT-Quashes-Revision-Order-Revision-Order-TATA-Teleservices-Jurisdiction-taxscan.jpg "ITAT quashes Revision Order u/s 263 against TATA Teleservices on ground of Lack of Jurisdiction [Read Order]")
