Employee Stock Option Expenses Revenue In Nature: ITAT Deletes Disallowance Against Cleartrip
1 year, 3 months ago

Employee Stock Option Expenses Revenue In Nature: ITAT Deletes Disallowance Against Cleartrip

Live Law  

The Mumbai Bench of Income Tax Appellate Tribunal has held that employee stock option expenses are revenue in nature.The bench of Sandeep Singh Karhail and Prashant Maharishi has directed the assessing officer to delete the disallowance of employee stock option expenditure of Rs. The Mumbai Bench of Income Tax Appellate Tribunal has held that employee stock option expenses are revenue in nature. The bench of Sandeep Singh Karhail and Prashant Maharishi has directed the assessing officer to delete the disallowance of employee stock option expenditure of Rs. The tribunal held that the employee stock option expenses of Rs.

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History of this topic

ITAT Weekly Round-Up: 11 To 17 August 2024
4 months ago

ITAT Weekly Round-Up: 11 To 17 August 2024

Live Law  

ITAT Declines To Stay Cancellation Of Exemption Notification To Legal Initiative For Forest And Environment Trust Case Title: Legal Initiative For Forest And Environment Versus PCIT The Delhi Bench of Income Tax Appellate Tribunal has dismissed the stay application filed by assessee-LIFE Trust against the withdrawal/cancellation of registration for exemption granted under section 12A/12AA/12AB from FY 2013-14 onwards. ITAT Allows …

ITAT Cases Weekly Round-Up: 16 To 22 June 2024
6 months ago

ITAT Cases Weekly Round-Up: 16 To 22 June 2024

Live Law  

Income Tax Addition On Unaccounted Sales And Purchases Can't Be Solely Based On Loose Slips: ITAT Bangalore Case Title: ITO Versus M/s. Submission Of Form-67 Is Not Mandatory For Availing Foreign Tax Credit: Delhi ITAT Case Title: Suchi Agrawal Versus ITO The Delhi Bench of Income Tax Appellate Tribunal has held that submission of Form-67 is not mandatory for availing …

Taxpayer Must Substantiate Form 26AS Or Form 16 So As To Claim Credit Over TDS: Mumbai ITAT
8 months, 3 weeks ago

Taxpayer Must Substantiate Form 26AS Or Form 16 So As To Claim Credit Over TDS: Mumbai ITAT

Live Law  

While remanding the case back for re-adjudication, the Mumbai ITAT held that the prima facie onus would be upon the Assessee to substantiate its claim of non-granting of TDS credit, by providing relevant documents, such as an appointment letter, salary slips or Form No.16 or bank statements, or any other corroborative evidence/ documents. The Bench of the ITAT comprising of …

ITAT Deletes Income Tax Addition Of Rs.2.30 Crores As AO Failed To Mention Investment Outside The Books Of Accounts
1 year, 1 month ago

ITAT Deletes Income Tax Addition Of Rs.2.30 Crores As AO Failed To Mention Investment Outside The Books Of Accounts

Live Law  

The Delhi Bench of Income Tax Appellate Tribunal has deleted the income tax addition of Rs. 2.30 crores as the Assessing Officer did not mention any investment outside the books of accounts.The bench of Astha Chandra and N. K. Billaiya has observed that the assessee has explained the investment duly reflected in its bank statement, and. The bench of Astha …

Income Tax Authorities Can’t Step Into Shoes Of Businessmen To Determine Expenditure For Business Purpose: ITAT
1 year, 1 month ago

Income Tax Authorities Can’t Step Into Shoes Of Businessmen To Determine Expenditure For Business Purpose: ITAT

Live Law  

The Delhi Bench of Income Tax Appellate Tribunal has held that income tax authorities cannot step into the shoes of businessmen to determine how much expenditure should have been incurred for the purpose of business.The bench of Astha Chandra and B. R. R. Kumar has observed that activities clearly demonstrate that the assessee had incurred expenses. The Delhi Bench of …

ALP Of The ESOP Expenses Cannot Be Taken As ‘Nil’: ITAT
1 year, 2 months ago

ALP Of The ESOP Expenses Cannot Be Taken As ‘Nil’: ITAT

Live Law  

The Mumbai Bench of Income Tax Appellate Tribunal has held that the arm's-length price of the employee stock option plan expenses cannot be taken as ‘Nil’.The bench of Rahul Chaudhary and S. Rifaur Rahman has observed that the transfer pricing addition of INR 26,53,078 is, therefore, set aside, and the TPO/Assessing Officer is. The Mumbai Bench of Income Tax Appellate …

TDS Not Required To Be Deducted At The Time Of Grant Of ESOP: ITAT
1 year, 3 months ago

TDS Not Required To Be Deducted At The Time Of Grant Of ESOP: ITAT

Live Law  

The Mumbai Bench of the Income Tax Appellate Tribunal has held that TDS is not required to be deducted at the time of grant of an employee stock ownership plan.The bench of Rahul Chaudhary and Prashant Maharishi has observed that the basic objective of TDS is to ‘pay tax as you earn, and the taxes are not required to be …

Additions Can’t Be Made In Absence Of Incriminating Material: ITAT Deletes Income Tax Addition
1 year, 6 months ago

Additions Can’t Be Made In Absence Of Incriminating Material: ITAT Deletes Income Tax Addition

Live Law  

The Mumbai Bench of the Income Tax Appellate Tribunal has held that the additions could not have been made in the absence of any incriminating material.The bench of Kavitha Rajagopal and B.R. Baskaran observed that the additions made by the Assessing Officer under Section 68 of the Act towards the sale of shares and also estimated. The Mumbai Bench of …

ITAT Deletes Income Tax Addition Towards ESOP
1 year, 7 months ago

ITAT Deletes Income Tax Addition Towards ESOP

Live Law  

The Mumbai Bench of the Income Tax Appellate Tribunal has deleted the income tax addition towards ESOP.The bench of Amit Shukla and Padmavathy S. has observed that ESOP expenses are capital in nature.The appellant/assessee company is engaged in the manufacturing of branded FMCG products, namely foods and beverages and home and personal care. The Mumbai Bench of the Income Tax …

Tax Cases Weekly Round-Up: 07 May to 13 May, 2023
1 year, 7 months ago

Tax Cases Weekly Round-Up: 07 May to 13 May, 2023

Live Law  

Supreme Court Case Title: Heinz India Limited v The State of Kerala Citation: 2023 LiveLaw 411 The Supreme Court Bench has held that prickly heat powders fall under the category of ‘medicated talcum powder’ and not ‘medicine’ for the purpose of sales tax under Kerala General Sales Tax Act, 1963. Chhattisgarh High Court Case Title: M/s Nava Raipur Atal Nangar …

Tax Cases Weekly Round-Up: 16 April To 22 April, 2023
1 year, 8 months ago

Tax Cases Weekly Round-Up: 16 April To 22 April, 2023

Live Law  

Supreme Court Case Title: SAP Labs India Private Limited vs Income Tax Officer, Circle 6, Bangalore Citation : 2023 LiveLaw 328 The Supreme Court has ruled that the High Court is not precluded from considering the determination of the arm’s length price determined by the Income Tax Appellate Tribunal, in exercise of its powers under Section 260A of the Income …

Tax Cases Weekly Round-Up: 04 December To 10 December 2022
2 years ago

Tax Cases Weekly Round-Up: 04 December To 10 December 2022

Live Law  

Supreme Court Case Title: State of Jharkhand and others Versus Linde India Limited and Another The Supreme Court has held that the main function of oxygen in manufacturing steel is to reduce the carbon content; therefore, it can be considered a refining agent but not a raw material, so the concessional rate of sales tax is not available on oxygen. …

Tax Cases Weekly Round-Up: 9 October To 15 October, 2022
2 years, 2 months ago

Tax Cases Weekly Round-Up: 9 October To 15 October, 2022

Live Law  

Supreme court Case Title: Tata Motors Limited Versus Central Sales Tax Appellate Authority & Others Citation: 2022 LiveLaw 847 The Supreme Court has directed the state of Andhra Pradesh to transfer to Jharkhand the amount of central sales tax deposited by Tata Motors with respect to the sale of buses to the Andhra Pradesh State Road Transport Corporation. Versus Commissioner …

AO Not Justified In Disallowing The Claim Of Interest Expense : ITAT
2 years, 3 months ago

AO Not Justified In Disallowing The Claim Of Interest Expense : ITAT

Live Law  

The Kolkata Bench of the Income Tax Appellate Tribunal has held that the AO is not justified in disallowing the claim of interest expense and treating it for capitalization in the project cost.The two-member bench of Rajpal Yadav and Girish Aggarwal has directed the AO to allow the claim of interest expenses of Rs.41,06,890.The appellant/assessee is. The Kolkata Bench of …

ITAT dismisses ₹152 crore undisclosed income addition on Flipkart founders
4 years, 3 months ago

ITAT dismisses ₹152 crore undisclosed income addition on Flipkart founders

Live Mint  

The Bangalore Income Tax Appellate Tribunal on Thursday dismissed an income tax appeal of adding ₹152 crore of undisclosed on Flipkart founders’ when they exited ‘UrbanTouch.com’ in 2012. The income tax department in the assessment year 2013-14 had alleged that the founders of Flipkart had received an amount of USD 30 million as proceeds for sale of urbantouch.com and had …

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