The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has held that the addition in respect of share capital and the share premium by treating the same as unexplained cannot be made under Section...
The Income Tax Appellate Tribunal (ITAT), Mumbai has held that an asset management company was not eligible to claim business deductions from the day the Securities and Exchange Board of India (SEBI) granted approval to...
The Delhi bench of the Income Tax Appellate Tribunal (ITAT) has held that the receipt from the Keyman Insurance Policy is taxable on receipt basis only. The assessee company is a buying Agent in respect...
The Income Tax Appellate Tribunal (ITAT), Ahmedabad bench has held that the payment to the film distributors by the assessee for the exhibition of the film would not amount to Fee for Technical services and...
The Cochin bench of the Income Tax Appellate Tribunal ( ITAT ) has confirmed the penalty since assessee failed to furnish Audit Report despite CBDT extended due date. The assessee M/s.The Vaikom Palliprethussery Service Cooperative...
The Delhi bench of the Income Tax Appellate Tribunal (ITAT) has confirmed an addition under Section 68 of the Income Tax Act since the share applicant entities were paper entities for providing entries to the...
The Bangalore bench of the Income Tax Appellate Tribunal ( ITAT ) said that, Tribunal can extend stay If Non-disposal of appeal is not attributable to the assessee. The application was filed by the assessee...
In a recent ruling, the Income Tax Appellate Tribunal (ITAT), Delhi bench has held that no TDS can be levied on the enhanced compensation for the compulsory acquisition of the agricultural land. The Tribunal further...
The Income Tax Appellate Tribunal ( ITAT ), Chennai bench has held that mere execution of a Power of Attorney would not amount to transfer of property for determining the capital gain tax liability. The...
The Ahmedabad bench of the Income Tax Appellate Tribunal ( ITAT ) has upheld an addition made against an agriculturalist for the reason that the land was non-agricultural during the time of sale. The assessee...
The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has held that the addition made merely on the basis of loose sheets scribbling is unlawful. The assessee is engaged in the business of construction...
The Income Tax Appellate Tribunal ( ITAT ), Pune bench has held that the partners cannot be taxed for transaction made by the Firms. The assessees are partners of a Firm. The assessees were aggrieved...
The Delhi bench of the Income Tax Appellate Tribunal (ITAT) has held that when the quantum addition is deleted by the appellate authorities, the penalty levied under Section 271(1)(c) of the Income Tax Act, 1961...
The Mumbai bench of the Income Tax Appellate Tribunal ( ITAT ) has held that a mere change in the heads of income would not attract penalty under the Income Tax Act, 1961. The assessee...
The Income Tax Appellate Tribunal (ITAT), Mumbai has held that the department cannot make 100% disallowance for bogus purchases in cases where the sales are not doubted. The assessee, a Partnership Firm, engaged in the...
The Income Tax Appellate Tribunal (ITAT) bench has held that the rental income received by the builder cannot be treated as business income and the same must be taxable under the head “Income from House...
The Income Tax Appellate Tribunal ( ITAT ), Cochin bench has held that a debatable issue cannot be treated as a mistake apparent on the face of the record for rectification under Section 154 of...
The Income Tax Appellate Tribunal (ITAT), Mumbai bench has held that the tax liability for capital gain cannot arise in the year in which the assessee entered into a development agreement where there was only...
The Kolkata bench of the Income Tax Appellate Tribunal (ITAT) held that the re-assessment under section 147/148 cannot be made if the Assessing Officer has no reason to believe that the assessee The Assessing Officer...
The Income Tax Appellate Tribunal (ITAT), Cochin has held that the assessee by letting out the industrial undertaking is not having any direct connection with the manufacture or production of an article or thing by...
The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has held that the capital gain exemption under Section 54 of the Income Tax Act, 1961 cannot be disallowed in a case where the assessee,...
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