ITAT Weekly Round-Up
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 February 7 to February 12, 2022. Massive Infrastructure Vs. ITO The Kolkata bench of the Income Tax Appellate Tribunal (ITAT) has directed the Commissioner of Income Tax (Appeals) to send notices to the advocate of the assessee...
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 February 7 to February 12, 2022.
Massive Infrastructure Vs. ITO
The Kolkata bench of the Income Tax Appellate Tribunal (ITAT) has directed the Commissioner of Income Tax (Appeals) to send notices to the advocate of the assessee through email as the notices sent to the assessee were returned.
DCIT Vs. Microsoft Regional Sales Corporation
In a major relief to Microsoft Regional Sales Corporation and MOL Corporation, the Delhi Bench of Income Tax Appellate Tribunal (ITAT) upheld DRP’s Order deleting Interest payable by Taxpayer under Income Tax Act.
Gopal Das Estates & Housing Pvt. Ltd. Vs. DCIT
The Delhi Bench of Income Tax Appellate Tribunal (ITAT) has deleted the disallowance made on account of expenses not allowable under the head “Income from House property”.
Hapur Pilkhuwa Development Authority Vs. ACIT
The Income Tax Appellate Tribunal (ITAT), Delhi Bench has held that the Charitable trust is entitled to carry forward, adjust excess expenditure in earlier years against income of subsequent years.
Finquest Financial Solutions Pvt. Ltd. Vs. DCIT
The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) has disallowed fees paid towards Investment Advisory Services as assessee only furnished debit note, and no other documentary evidence.
The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) has upheld section 54 deduction as handing over of possession was delayed due to builder’s fault and assessee fulfilled all statutory requirements.
DCIT Vs. M/s Omni Active Health Technologies Ltd.
The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) has deleted the disallowance on account of legal fees and settlement amount.
Ganesh Balakrishna Bende Vs. ITO
The Income Tax Appellate Tribunal (ITAT), Pune bench, while deleting an addition against an individual, held that the department shall adopt a holistic approach and analyse the facts of the case while making additions.
BMC Software Asia Pacific Pte Ltd. Vs. ACIT
The Pune Bench of Income Tax Appellate Tribunal (ITAT) has ruled that no Income Tax payable on Sale of Software Licence, support, maintenance as it is not Royalty under India-Singapore Tax Treaty.
The Ahmedabad Bench of Income Tax Appellate Tribunal (ITAT) has held that no TDS deductible as Inter-Corporate deposit is not a deemed dividend.
The Kolkata bench of the Income Tax Appellate Tribunal (ITAT) has held that the donation made to the local clubs/bodies during festival/sports to have good relations with them for the smooth running of the business shall be allowable at the rate of 50% under the relevant provisions of the Income Tax Act, 1961.
M/s. Neogenetics Foods Private Limited Vs. DCIT
The Bangalore Bench of Income Tax Appellate Tribunal (ITAT) has held that assesse’s claims cannot be rejected merely for Non-acceptance of genuineness of transaction on ground of non-furnishing of copy of stock register.
ITO Vs. Shree Deepak Banwarilal
The Income Tax Appellate Tribunal (ITAT), Surat Bench while restricting the addition to 6% held that AO not be justified in disallowing 100% of purchases in absence of proper investigation of purchases.
The Income Tax Appellate Tribunal (ITAT), Pune bench has held that the Income Tax deduction cannot be allowed to the payment of brokerage at the time of purchasing the property on the ground that the assessee failed to submit the proof of payment in support of the claim.
The Pune bench of the Income Tax Appellate Tribunal (ITAT) has held that the capital gain exemption under section 54 of the Income Tax Act, 1961 is available to purchase of two flats by the assessee to be used as a single dwelling unit.
The Income Tax Appellate Tribunal (ITAT), Surat Bench has held that the survey cannot be converted into search by Income Tax Authority without recording satisfaction.
The Income Tax Appellate Tribunal (ITAT), Rajkot bench has held that the provisions of section 172 of the Income Tax Act, 1961 relating to levy and recovery of tax from foreign shipping companies does not cover payments to non-residents.
The Banglore Bench of Income Tax Appellate Tribunal (ITAT) has held that Assessee cannot be held to be “assessee in default”, no interest leviable under section 201(1A) for non-deduction of TDS.
M/s. Wipro GE Healthcare Pvt. Ltd. Vs. DCIT
In a partial relief to Wipro GE Healthcare, the Banglore Bench of Income Tax Appellate Tribunal (ITAT) restored the matter to AO with direction to refer to the Departmental valuation officer for determination of extent of property and consequent valuation.
CIT Vs. Ramdoot Prasad Sewa Samiti
The Rajasthan High Court has ruled that mere transaction of sale, purchase between two related persons is not covered under the expression ‘diversion’ of income.
Gangagen Biotechnologies Vs. PCIT
The Income Tax Appellate Tribunal (ITAT), Bangalore has held that the R&D activity in biotechnology services shall be treated as “computer software” for the purpose of allowing benefit of section 10B of the Income Tax Act, 1961.
M/s. Terapanth Foods Limited Vs. DCIT
The Rajkot Bench of Income Tax Appellate Tribunal (ITAT) has ruled that no liability arises for payment of Income Tax by the non- resident receiving payment for time charter.
The Pune bench of the Income Tax Appellate Tribunal (ITAT) has held that the income from the unsold flats shall be taxable as the business income of the developer and not as rental income.
The Delhi bench of the Income Tax Appellate Tribunal (ITAT) has held that the telescoping benefit allowable on addition on the bogus purchases not on cash generated out of such bogus purchases by group concerns.
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