Promoting Cricket is ‘Charitable Activity’ under Section 2(15) and not entitled to relief under Section 11: ITAT [Read Order]

The Ahmedabad Bench of the Income Tax Appellate Tribunal (ITAT) in the case of Gujarat Cricket Assn. v. J.CIT held that assessee engaged in promoting and developing the game of cricket is engaged in carrying...

Film Production Unit eligible for Income Tax Deduction: ITAT [Read Order]

The Income Tax Appellate Tribunal ( ITAT ), Chennai has held that a film production unit is eligible for income tax deduction under section 80IB of the Income Tax Act, 1961. The Assessing Officer observed...

Jirayat Land is Cultivable Land: ITAT grants Tax Exemption [Read Order]

The Income Tax Appellate Tribunal (ITAT), Pune bench has held that the Jirayat land is cultivable land and therefore, can be treated as agricultural land for the purpose of granting exemption under the Income Tax...

Provision for Gratuity for Retired Employees Deductible u/s 43B: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Cochin, has held that the provision for gratuity made for the benefit of the retired employees can’t be disallowed under Section 43B of the Income Tax Act, 1961. The...

CBDT forms Committee to examine Suggestions and Issues on Litigation Management [Read OM]

The Central Board of Direct Taxes ( CBDT ) has constituted a committee to examine the suggestions and issues on litigation management emerging from Judicial Conference. As per the discussion held during Judicial Conference held...

ITAT Quashes Assessment since Special Audit Reference was Illegal [Read Order]

The Delhi bench of the Income Tax Appellate Tribunal ( ITAT ) has held that as the special audit reference was illegal, the assessment order is barred by time limitation and hence, liable to be...

ITAT allows Capital Gain Exemption for purchase of Agricultural Land in Son’s Name [Read Order]

The Pune bench of the Income Tax Appellate Tribunal (ITAT) has held that the capital gain exemption can be allowed under section 54B of the Income Tax Act for the purchase of agricultural land in...

Fee paid to Non-Professional Accountant not subject to TDS: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Kolkata bench has held that the payment of accounting charges or fee to a person who is not a qualified professional cannot be made subject to Tax deduction at...

Anonymous Donations received by Religious Trust not Taxable: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Panaji has held that the provisions of taxation of the anonymous donations are not applicable in case of Religious Trust. The main object of the assessee, a religious Trust...

Delay in filing Tax Audit Report is a Technical Venial Breach: ITAT deletes Penalty [Read Order]

The Kolkata bench of the Income Tax Appellate Tribunal (ITAT) has held that the delay in filing of the tax audit report is a technical venial breach for which, the penalty under Section 271B of...

Liquidated Damages paid for Non-Compliance of Business Obligations are allowable Expenditure: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT) has held that the liquidated damages paid in nature of contractual liability on account of non-compliance of business obligations to customers are allowable as an expenditure under the provisions...

Section 54F Benefit not available If Assessee failed to deposit the unutilized amount in Capital Gains Scheme Account: ITAT [Read Order]

The Pune bench of the Income Tax Appellate Tribunal (ITAT) has held that the benefit of section 54F of the Income Tax Act is not available to the assessee on failure of depositing the unutilized...

Interest paid to earn Interest is Allowable Deduction: Delhi HC [Read Judgment]

A two-judge bench of the Delhi High Court has held that deduction under section 57 of the Income Tax Act is allowable for payment of interest to earn interest. The respondent-assessee taken ICDs of Rs.55.30/-...

Jackie Shroff eligible to Tax Deduction as Writing Off of Loan to Wife is Business Loss: ITAT [Read Order]

The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has granted relief to Bollywood actor Jackie Shroff by treating the loan given to wife which was written off as a business loss under the...

No Income Tax Deduction to Law Firm for Expenses incurred for Pleasure Tour by Counsels and Family: ITAT [Read Order]

The Delhi bench of the Income Tax Appellate Tribunal (ITAT) has held that no income tax deduction can be given to the law firm, Luthra and Luthra for the expenses incurred by it for the...

S. 54F Benefit not allowable for Purchase of Land after One Year of Sale of Old Asset: ITAT [Read Order]

The Income Tax Appellate Tribunal ( ITAT ), Bengaluru bench has held that the benefit of Section 54F of the Income Tax Act is not available in respect of the purchase of land after the...

Capital Gain Benefit allowable in case of Part Performance of Contract: ITAT [Read Order]

The Kolkata bench of the Income Tax Appellate Tribunal (ITAT) has held that the capital gain exemption under Section 54F of the Income Tax Act, 1961 is allowable in case of possession handed over as...

No Tax Deductible on Dealership for Sale of SIM Cards and Mobile Recharge Coupons: ITAT [Read Order]

The Jaipur bench of the Income Tax Appellate Tribunal (ITAT) has held that no tax is deductible under Section 194H of the Income Tax Act, 1961. The assessee is deriving income from distributorship of Idea...

Top 30 Income Tax Judgments in 2018

The year 2018 has been a very significant one to the taxation regime due to some important reforms in the laws and procedures. The contribution of the judiciary including the Supreme Court and various High...

Silver Articles given to Bride can’t be seized: ITAT Liberally Interprets CBDT Instruction [Read Order]

While applying a liberal approach to interpret the CBDT circular imposing restrictions on the seizure of jewellery, the Income Tax Appellate Tribunal (ITAT), Indore bench has held that the silver articles given to the bride...

ITAT asks to reconsider Claim for Tax Relief since Assessee produced Tax Residency Certificate during Appellate Proceedings [Read Order]

The Kolkata bench of the Income Tax Appellate Tribunal (ITAT) has asked the Assessing Officer to re-consider a claim for tax relief as the assessee, a non-resident has produced Tax Residency Certificate during the first...