News Muncher - category itat

1 day, 21 hours ago

Income Tax Appellate Tribunal organises silver jubilee celebrations for Visakhapatnam Bench

As the Visakhapatnam Bench entered its 25th year of service, the Income Tax Appellate Tribunal Bar Association organised the silver jubilee celebrations in Visakhapatnam on Saturday. The celebrations were also graced by ITAT president Justice C.V. Bhadang, vice-president Vijay Pal Rao, vice-president Duvvuru R.L. Justice Bhadang said that the ITAT was established on January 25, 1941, serving as a quasi-judicial …

Tax Income Tax Tribunal Visakhapatnam Bench Itat Silver Jubilee

6 days, 6 hours ago

Crypto Tax Gets Clarity, ITAT Rules VDAs To Be Recognised As Capital Assets. Check Out New Framework For Profits

ABP News

The Income Tax Appellate Tribunal in Jodhpur has provided much-needed clarity on the taxation of cryptocurrencies in India. By recognising crypto as capital assets, it provides much-needed relief for investors who sold crypto before 2022, allowing them to benefit from long-term capital gains tax rates. For investors, this means that any profits made from selling cryptocurrencies will now be subject …

India Tax Cryptocurrency Crypto Capital Cryptocurrencies Capital Gains

6 days, 15 hours ago

Cryptocurrencies to be taxed as capital gains: Relief for pre-FY23 earnings

India Today

The Income Tax Appellate Tribunal in Jodhpur has clarified how cryptocurrency profits should be taxed in its ruling in Tuesday. TAXATION BEFORE AND AFTER 2022 Pre-2022 transactions: Before the Virtual Digital Assets regulations came into effect in 2022, profits from crypto sales were categorised as capital gains, much like profits from stocks or real estate. Investors holding cryptocurrencies for more …

Tax Crypto Capital Capital Gains 2022 Gains Transactions

Assessee Can Confine Settlement Under Direct Tax Vivad Se Vishwas Act To Disputes Which Were Subject Matter Of Its Appeal: Delhi HC

Live Law

The Delhi High Court has held that under the Direct Tax Vivad Se Vishwas Act, 2020, an Assessee is entitled to confine the settlement of disputes which were subject matter of its appeal, and exclude the disputes which were subject matter of the Revenue's appeal for the same assessment year. It thus allowed a real estate company's plea against the …

Appeal Tax Income Tax Settlement Disputes Act Matter

1 week, 5 days ago

[IT Act] Section 80IB Doesn't Mandate Setting Off Losses Of One Eligible Unit Against Profits Of Another Eligible Unit: Mumbai ITAT

Live Law

The Mumbai ITAT recently clarified that an industrial undertaking was not required to set off the losses incurred by it in one eligible unit against the profits earned from another eligible unit for the purpose of calculating deduction u/s 80-IB. As per Section 80-I of Income tax Act, 1961, where the gross total income of an assessee includes any profits …

Loss Income Industrial Department Act Total Bench

1 week, 5 days ago

Genuine Short-Term Capital Loss From Sale Of Shares Can't Be Prevented From Being Set Off Against Long-Term Capital Gain: Mumbai ITAT

Live Law

The Mumbai ITAT held that a taxpayer is not prevented from arranging her affairs within the legal framework and through legitimate means to reduce his tax liability. While pointing that the Income Tax Statute does not require the assessee to pay more tax, the Division Bench of Saktijit Dey and Amarjit Singh observed that “short-term capital loss derived by assessee …

Loss Sale Capital Term Bench Shares Gain

3 weeks ago

Delhi High Court restores Samsung’s plea against ₹1,213-crore tax demand

Live Mint

In a reprieve for Samsung India, the Delhi High Court on Monday overturned an order by the Income Tax Appellate Tribunal that had dismissed the company’s plea to stay a ₹1,213 crore tax demand for the assessment year 2021-22. A bench comprising Justice Vibhu Bakhru and Justice Swarna Kanta Sharma restored Samsung’s stay application and directed the ITAT to decide …

Tax Samsung Delhi High Court Samsung India Itat

4 weeks ago

'Concealment Of Income' & 'Furnishing Inaccurate Income Particulars' Distinct Grounds For Penalty U/S 271(1)(c) Of IT Act, Can't Be Clubbed: Delhi HC

Live Law

The Delhi High Court has made it clear that when the Revenue proposes to impose penalty on an assessee under Section 271 of the Income Tax Act, 1961 for alleged 'concealment of particulars of income' or for 'furnishing inaccurate particulars of income'- it must specify which one of the two charges it seeks to press and the Revenue cannot be …

Penalty Revenue Itat Assessee Inaccurate Particulars Inaccurate Concealment

1 month ago

Transfer Pricing-Assessee's Objections On 'Functional Dissimilarity' Not Adjudicated: Delhi HC Asks TPO To Determine Comparable Entity Afresh

Live Law

The Delhi High Court recently directed a Transfer Pricing Officer to determine afresh the inclusion of a comparable entity with respect to an assessee, this time taking into consideration the latter's objections on 'functional dissimilarity' of the two. A division bench of Justices Vibhu Bakhru and Swarana Kanta Sharma ruled, “Assessee's contention that E4e Healthcare is functionally dissimilar to the …

Healthcare Court Services High Itat Functional Assessee

1 month ago

Putting Together Structure Of Plywood Sheets Can't Be Construed As Constructing 'Residential House' For Claiming Capital Gain Exemption: Delhi HC

Live Law

“Putting together a structure of plywood sheets cannot be construed as constructing a residential house,” the Delhi High Court has held. Section 54 exempts tax on long term capital gains from the sale of residential property if the proceeds from such sale are reinvested in purchasing or constructing another residential property within a specified time frame. Significantly, the ITAT had …

Land House Residential Itat Ita Residential House

1 month ago

Tax Quarterly Digest: July To September 2024

Live Law

Because Of Refund Due From Assessment Proceedings, Can't Escape Liability Of Depositing Tax Realized: Allahabad High Court The Allahabad High Court has held that a registered dealer cannot withhold the tax realised by him from a purchasing dealer only because he had deposited an excess amount of tax at the time of the transaction. Compensation To Discontinue Commodity Brokerage Business …

India Singapore Justice Mumbai Supreme Court High Court Bombay High Court

1 month, 1 week ago

Factual Examination Of Dispute Regarding 'Addition' Of Unexplained Cash Credit U/S 68 Of IT Act Is Beyond Scope Of Appeal U/S 260A: Calcutta HC

Live Law

The Calcutta High Court has held that it cannot indulge in factual examination of the material produced or not produced by an assessee-company to explain the share capital and premium received by it, in an appeal filed under Section 260A of the Income Tax Act. Sivagnanam and Justice Hiranmay Bhattacharyya thus refused to interfere with an ITAT order which deleted …

Income Share Itat Share Capital Share Premium

1 month, 1 week ago

Tax Monthly Digest: October 2024

Live Law

Kerala High Court Strikes Down Rule 96 of CGST Rules Retrospectively, Finds Them Ultra Vires To CGST Act The Kerala High Court struck down Rule 96 of the Central Goods and Service Tax Rules holding that it was ultra vires to the Section 16 of the Integrated Goods and Service Tax Act and was manifestly arbitrary. Condonation Of Delay Application …

India Justice Mumbai Supreme Court Tax Court Bombay High Court

1 month, 1 week ago

[S.263 IT Act] Revisionary Power Can Be Invoked When Order Meets Twin Conditions Of Being Erroneous, Prejudicial To Interest Of Revenue: Delhi HC

Live Law

The Delhi High Court has held that in order to invoke Section 263 of the Income Tax Act, 1961, the Principal Commissioner must satisfy “twin conditions”, i.e. A division bench of Justices Vibhu Bakhru and Swarana Kanta Sharma observed, “Twin conditions have to be met for assuming jurisdiction under Section 263 of the Act, and the PCIT has to form …

Court Income Tax Case Interest Revenue Held Commissioner

3 months ago

IL&FS firm NTBCL gets tax demand relief of ₹21,000 crore from ITAT

The Hindu

The Income Tax Appellate Tribunal has overturned the tax demand of approximately ₹21,000 crore on listed company Noida Toll Bridge Company Limited, an IL&FS Group entity, that had built and today manages the Delhi-Noida-Delhi flyway. The demand pertains to tax liability and penalty for nine years aggregating ₹21,000 crore including ₹10,893 crore in demand and ₹10,893 crore from penalty, for …

Tax Penalty Order Company Tribunal Demand Crore

4 months ago

'HC Was Not Right' : Supreme Court Questions Delhi HC For Asking Congress To Approach ITAT To Stay Tax Recovery

Live Law

The Supreme Court, today, issued notice on the petition filed by the Indian National Congress against the Delhi High Court rejecting its application for a stay on the recovery of income tax demand for an Assessment Year 2018-2019. The Division Bench of the High Court had refused to re-examine or reconsider the questions decided by the Income Tax Appellate Tribunal …

Supreme Court Stay Itat Nagarathna

4 months ago

Software Expenses Are 'Revenue In Nature' If Fixed Capital Did Not Undergo Any Change Consequent To Acquisition Of Licensed Software: Mumbai ITAT

Live Law

Referring to the decision in case of DCIT v/s M/s First Advantage Private Limited, the Mumbai ITAT held that software license expenses incurred by assessee to carry out its routine operations in a more efficient manner, has to be treated as revenue expenditure. The Bench found that the taxability of software license expenditure was decided in favour of assessee by …

Nature Software Revenue Tribunal Bench License Expenditure

4 months ago

Income Tax Deduction Allowable To Interest Income 'Attributable' To Cottage Industry Business: ITAT

Live Law

The Chennai bench of Income Tax Appellate Tribunal has held that the income tax deduction allowable to interest income 'attributable' to cottage industry business.The bench of S.S. Viswanethra Ravi and S. R. Raghunatha has observed that the assessee is a 'cottage industry' and the interest income earned by the assessee is in its regular course of. The Chennai bench of …

Society Tamil Nadu Industry Tax Bank Interest Interest Income

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 …

Ahmedabad Income Tax Title Tribunal Held Bench Versus

4 months, 1 week ago

Mistake In Calculation Of Tax As Per Sec 115BBE Can Be Rectified U/s 154 And Not U/s 263: Ahmedabad ITAT Quashes Revision Made By PCIT

Live Law

Finding that all the additions made by the Assessing Officer u/s 68 r/w/s 115BBE are in consonance with the Income Tax Statute, the Ahmedabad ITAT quashed the revisional exercise of power by the PCIT u/s 263. The power under section 263 of the Income tax Act can be exercised where the order of the Assessing Officer is erroneous and prejudicial …

Tax Income Tax Act Order Income Sec Bench Itat

4 months, 1 week ago

Income Tax Additions Can't Be Based On Generalised Report By Investigation Wing: ITAT

Live Law

The Mumbai Bench of Income Tax Appellate Tribunal has held that income tax additions cannot be based on the generalized report given by the Investigation wing.The bench of Anikesh Banerjee and B.R. The Mumbai Bench of Income Tax Appellate Tribunal has held that income tax additions cannot be based on the generalized report given by the Investigation wing. The AO …

Tax Income Shares Itat Assessee Ita Income Tax Additions

4 months, 1 week ago

ITAT Declines To Stay Cancellation Of Exemption Notification To Legal Initiative For Forest And Environment Trust (LIFE)

Live Law

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. The bench, Kul Bharat and Brajesh Kumar Singh, observed that the LIFE Trust, in association with Earth Justice, which is a USA-based organization, was involved in obstructing and …

Environment Trust Justice Legal Life Indian Registration

4 months, 2 weeks ago

Interest Income Earned From Deposits With Co-Operative Banks Shall Be Allowed As Deduction U/s 80P(2)(D): Ahmedabad ITAT

Live Law

The Ahmedabad ITAT allowed deduction u/s 80P on interest income earned from deposits with Co-operative Banks. Facts of the case: The assessee, a co-operative society filed its return declaring Nil Income, after claiming deduction u/s 80P to the tune of Rs. The Bench also noted that the Coordinate Benches have held that interest income received by Credit Co-operative Society from …

Bank Income Interest Interest Income Bench Deduction Deposits

4 months, 2 weeks ago

Additions U/s 69C On Account Of Excess Stock Can't Be Based On Third Party Statements Alone Without Any Corroboration: Delhi ITAT

Live Law

The New Delhi ITAT deleted the additions made u/s 69C on account of excess stock found during survey, after finding that those additions were solely based on the statements recorded of third parties, without any corroborative evidence of unaccounted sales. On appeal, the CIT affirmed the action of AO on the grounds that the statement of the Director of the …

Stock Finished Bench Goods Itat Raw Material Finished Goods

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Articles for Itat

Income Tax Appellate Tribunal organises silver jubilee celebrations for Visakhapatnam Bench

Crypto Tax Gets Clarity, ITAT Rules VDAs To Be Recognised As Capital Assets. Check Out New Framework For Profits

Cryptocurrencies to be taxed as capital gains: Relief for pre-FY23 earnings

Assessee Can Confine Settlement Under Direct Tax Vivad Se Vishwas Act To Disputes Which Were Subject Matter Of Its Appeal: Delhi HC

[IT Act] Section 80IB Doesn't Mandate Setting Off Losses Of One Eligible Unit Against Profits Of Another Eligible Unit: Mumbai ITAT

Genuine Short-Term Capital Loss From Sale Of Shares Can't Be Prevented From Being Set Off Against Long-Term Capital Gain: Mumbai ITAT

Delhi High Court restores Samsung’s plea against ₹1,213-crore tax demand

'Concealment Of Income' & 'Furnishing Inaccurate Income Particulars' Distinct Grounds For Penalty U/S 271(1)(c) Of IT Act, Can't Be Clubbed: Delhi HC

Transfer Pricing-Assessee's Objections On 'Functional Dissimilarity' Not Adjudicated: Delhi HC Asks TPO To Determine Comparable Entity Afresh

Putting Together Structure Of Plywood Sheets Can't Be Construed As Constructing 'Residential House' For Claiming Capital Gain Exemption: Delhi HC

Tax Quarterly Digest: July To September 2024

Factual Examination Of Dispute Regarding 'Addition' Of Unexplained Cash Credit U/S 68 Of IT Act Is Beyond Scope Of Appeal U/S 260A: Calcutta HC

Tax Monthly Digest: October 2024

[S.263 IT Act] Revisionary Power Can Be Invoked When Order Meets Twin Conditions Of Being Erroneous, Prejudicial To Interest Of Revenue: Delhi HC

IL&FS firm NTBCL gets tax demand relief of ₹21,000 crore from ITAT

'HC Was Not Right' : Supreme Court Questions Delhi HC For Asking Congress To Approach ITAT To Stay Tax Recovery

Software Expenses Are 'Revenue In Nature' If Fixed Capital Did Not Undergo Any Change Consequent To Acquisition Of Licensed Software: Mumbai ITAT

Income Tax Deduction Allowable To Interest Income 'Attributable' To Cottage Industry Business: ITAT

ITAT Weekly Round-Up: 11 To 17 August 2024

Mistake In Calculation Of Tax As Per Sec 115BBE Can Be Rectified U/s 154 And Not U/s 263: Ahmedabad ITAT Quashes Revision Made By PCIT

Income Tax Additions Can't Be Based On Generalised Report By Investigation Wing: ITAT

ITAT Declines To Stay Cancellation Of Exemption Notification To Legal Initiative For Forest And Environment Trust (LIFE)

Interest Income Earned From Deposits With Co-Operative Banks Shall Be Allowed As Deduction U/s 80P(2)(D): Ahmedabad ITAT

Additions U/s 69C On Account Of Excess Stock Can't Be Based On Third Party Statements Alone Without Any Corroboration: Delhi ITAT