This weekly round-up analytically summarises the key stories related to the Income Tax Tribunal (ITAT) reported at Taxscan.in during the previous week from January 24 to January 29, 2022.
The Ahmedabad bench of the Income Tax Appellate Tribunal (ITAT) has held that a mere change of opinion cannot be a ground for invoking revisional jurisdiction under section 263 of the Income Tax Act, 1961.
Shri Ram Retail Holding Pvt. Ltd. Vs. DCIT
The Chennai bench of the Income Tax Appellate Tribunal (ITAT) has held that a right acquired through share warrants is a valuable right, can be treated as a capital asset for the purpose of the Income Tax Act, 1961.
ACIT Vs. M/s. Jasper Infotech Pvt. Ltd.
The Delhi Bench of Income Tax Appellate Tribunal (ITAT) held that the expenditure incurred on promotion for brand ‘Snapdeal’ is purely revenue in nature.
The Delhi Bench of Income Tax Appellate Tribunal (ITAT) while upholding the addition of Rs.12.81 Crores on account of Unexplained Cash Credit held that the Onus of providing source of money lies on Assessee.
Sabre Asia Pacific Pte Ltd. Vs. ACIT
The Mumbai bench of the Income Tax Appellate Tribunal (ITAT), while upholding an addition made by the income tax department againstSabre Asia Pacific Pte Ltd observed that a separate addition is not required towards reimbursement of expenses in view of the fact that 10% of the gross income of the reimbursement along with other income attributed to the PE is lower than the sum paid by the assessee to entertain subsidiary and therefore, no further income is required to be attributed.
The Delhi bench of the Income Tax Appellate Tribunal (ITAT) held that the transfer of shares under dispute cannot be subject to capital gain under the provisions of the Income Tax Act, 1961.
Habitate Realtech Pvt. Ltd. Vs. DCIT
The Income Tax Appellate Tribunal (ITAT), Delhi bench has held that the income from mutual fund and interest received from the income tax refund shall be taxable as “income from other sources” for the purpose of Income Tax Act, 1961.
The Delhi bench of the Income Tax Appellate Tribunal, on Wednesday rejected a revised return filed by a practicing Chartered Accountant claiming Trading Business as the source of cash deposits made with various bank accounts. The Tribunal bench comprising Accountant Member Mr. N K Billaiyya and Judicial Member Mr. C N Prasad expressed an opinion that the same can be a mere tool to cover up the queries in respect of the cash deposited in various Banks.
The Income Tax Appellate Tribunal (ITAT), Delhi bench has held that the deduction under section 54F of the Income Tax Act, 1961 can be claimed to the extent of the amount of capital gain utilised till the filing of the income tax return.
The Income Tax Appellate Tribunal (ITAT), Delhi bench has held that the amount given for the purchase of shareholding cannot be treated as a deemed dividend for the purpose of section 2(22)(e) of the Income Tax Act, 1961.
The Income Tax Appellate Tribunal (ITAT), Delhi bench, on Tuesday allowed deduction to the assessee, Maharani of India, the club subscription/expenses incurred to solicit the foreign buyers except the amount spent on cigerrattes and wine.
Geological Institute of America Vs. ACIT
The Income Tax Appellate Tribunal (ITAT), Mumbai bench has held that the interest on delay in payment of advancements shall be charged only on the returned income and not on the assessed income.
ACIT Vs. Viacom 18 Media Private Limited
The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has held that the transponder charges are not in the nature of ‘royalty income’ as per the provisions of the Income Tax Act, 1961.
The Jaipur Bench of Income Tax Appellate Tribunal (ITAT) has held that the depreciation being statutory allowance cannot be restricted on the basis of personal use.
The Income Tax Appellate Tribunal (ITAT), Chennai bench has held that the reimbursement of expenses cannot be treated as income and therefore, the provisions of TDS cannot be applicable to those payments for the purpose of the Income Tax Act, 1961.
R.S. Steel Manufacturers Vs. ACIT
The Ahmedabad Bench of Income Tax Appellate Tribunal (ITAT) has deleted additions made towards excise duty, CST & VAT debited to profit and loss account.
The Chandigarh Bench of Income Tax Appellate Tribunal (ITAT) held that inquiries made by AO cannot be held erroneous on mere opinion of CIT(A) asking for further inquiry.
The Income Tax Appellate Tribunal (ITAT), Ahmedabad bench has held that the Commissioner of Income Tax (CIT), while exercising his revisional jurisdiction, cannot direct the Assessing Officer to initiate penalty under section 271(1)(c) of the Income Tax Act, 1961.
The Income Tax Appellate Tribunal (ITAT), Delhi bench has recently granted relief to ERNET India by holding that the organization is eligible for tax benefits under section 11 of the Income Tax Act, 1961.
The Ahmedabad Bench of Income Tax Appellate Tribunal (ITAT) has ruled that 100% of the expenses incurred by assessee without incurring the TDS cannot be disallowed, rather restricted to the tune of 30%.
GBT India Pvt. Ltd. Vs. National E-Assessment Centre
The Delhi Bench of Income Tax Appellate Tribunal (ITAT) has allowed the write off of bad debts as the assessee has successfully discharged its onus of proof.
The Income Tax Appellate Tribunal (ITAT), Bangalore Bench has held that pure reimbursement does not give rise to any income.
M/s.J.K.Fenner (India) Limited Vs. JCIT
The Chennai Bench of Income Tax Appellate Tribunal (ITAT) has allowed assessee to carry forward the depreciation loss pertaining to the assessment year 1997-98 on the gound that the restriction of 8 years for carry forward, set-off of unabsorbed depreciation had been dispensed with.
Vishva Kalyan Society Vs. DCIT
The Ahmedabad bench of the Income Tax Appellate Tribunal (ITAT) has held that the provisions of section 24(a) of the Income Tax Act, 1961 relating to standard deduction on home loan interest shall be applicable to a charitable trust.
The Income Tax Appellate Tribunal (ITAT), Mumbai bench has allowed relief to Vodafone Idea and held that the depreciation under section 32 of the Income Tax Act, 1961 shall be allowable for payment of spectrum fee.
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