computation 2024 unexplained commission adjustment demonetisation 11 prior addition based shipping depreciation period 2022 excise business constitute specific matter invalid dispute employees commissioner member leasehold interest used expense genuineness lies

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Delhi High Court restores Samsung’s plea against ₹1,213-crore tax demand
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
ITAT Cases Weekly Round-Up: 31 March To 6 April 2024
8 months, 2 weeks ago

ITAT Cases Weekly Round-Up: 31 March To 6 April 2024

Live Law  

Case Title: Zila Parisad verses Addl. Case Title: Kishorkumar Bhalara verses The Principal Commissioner of Income Tax On finding that the PCIT has held the assessment order passed by AO as erroneous and prejudicial to the interest of the Revenue simply based on incorrect assumption of facts, the Rajkot ITAT directed to set aside the order passed u/s 263 of …

Tax Income Tax Title Order Income Act Finding
Taxpayer Can't Be Penalised For Failure To Get Its Books Of Accounts Audited If There Exists Reasonable Cause For Such Failure: Jaipur ITAT
9 months, 1 week ago

Taxpayer Can't Be Penalised For Failure To Get Its Books Of Accounts Audited If There Exists Reasonable Cause For Such Failure: Jaipur ITAT

Live Law  

While allowing the appeal against the order passed u/s 271B of the Income tax Act, the Jaipur ITAT held that provision of section 273B gives power to the taxing authority not to impose the penalty if the assessee proves that there was a reasonable cause for failure to get the books of accounts audited and directed the AO to delete …

Penalty Income Cause Bench Accounts Itat Assessee
Once Penalty Stood Levied U/s 271A For Non-Maintenance Of Books Of A/c, No Further Penalty U/s 271B Can Be Levied: Mumbai ITAT
9 months, 1 week ago

Once Penalty Stood Levied U/s 271A For Non-Maintenance Of Books Of A/c, No Further Penalty U/s 271B Can Be Levied: Mumbai ITAT

Live Law  

Referring to the decision of Varadagovind Parthasarthy Iyer vs. ITO, the Mumbai ITAT ruled that penalty u/s. 271B of the Income tax Act cannot be levied in the present facts of the case for non-auditing of the books of accounts where the assessee has failed to maintain the same. The assessee's case was reopened u/s 147 for the reason that …

Penalty Case Act Bench Accounts Itat Assessee
PLR Rates Are Not Applicable To Loans To Be Re-Paid In Foreign Currency Vis-À-Vis Interest On Delayed Realization: Mumbai ITAT
9 months, 1 week ago

PLR Rates Are Not Applicable To Loans To Be Re-Paid In Foreign Currency Vis-À-Vis Interest On Delayed Realization: Mumbai ITAT

Live Law  

The Mumbai ITAT clarified that interest rates on FCNR accounts maintained in foreign currency are different and dependent upon the currency in question. Referring to decision of Delhi High Court in the case of CIT-I vs. Cotton Naturals Ltd. 231 Taxmann 401, the Bench comprising Amit Shukla and Gagan Goyal observed that “The PLR rate, therefore, would not be applicable …

Interest Currency Rate Bench Foreign Currency Itat Applicable
Congress party's plea to stay IT action against its bank accounts dismissed
9 months, 2 weeks ago

Congress party's plea to stay IT action against its bank accounts dismissed

India TV News  

The Income Tax Appellate Tribunal has rejected a plea filed by the Congress Party seeking a stay on Income Tax Department proceedings to recover dues and freeze their bank accounts. IT department's response The IT department argued on February 21 that the demand would not hinder Congress's electoral activities, citing the party's substantial financial resources. Previous allegations and clarifications On …

Congress Bank Party Department Itat Tankha
ITAT Deletes Addition On Availing Accommodation Entries In Shape Of LTCG As It Was Not Recorded In Books Of Accounts
1 year ago

ITAT Deletes Addition On Availing Accommodation Entries In Shape Of LTCG As It Was Not Recorded In Books Of Accounts

Live Law  

The Indore Bench of Income Tax Appellate Tribunal has deleted the addition of availing accommodation entries in the shape of Long Term Capital Gain as it was not recorded in the books of accounts.The bench of Vijay Pal Rao and B.M. The Indore Bench of Income Tax Appellate Tribunal has deleted the addition of availing accommodation entries in the shape …

Assessment Income Capital Assessee Ltcg Cit Bogus Transaction
Without Pointing Out Any Specific Defect In Audited Books Of Accounts AO Can't And Should Not Make Any Estimated Addition: ITAT
1 year ago

Without Pointing Out Any Specific Defect In Audited Books Of Accounts AO Can't And Should Not Make Any Estimated Addition: ITAT

Live Law  

The Delhi Bench of Income Tax Appellate Tribunal has held that without pointing out any specific defect in the audited books of accounts, the AO cannot and should not make any estimated addition.The bench of Kul Bharat and N. K. Billaiya has observed that the expenses claimed by the assessee were also test-checked, and while making the addition, the. The …

Books Itat Assessee Addition
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 …

Books Tax Investment Income Premium Share Itat
Delhi High Court Allows Deduction To Hyatt Regency Towards Repair, Renovation, Refurbishment, Consultancy Expenses As Revenue Expenditure
1 year, 2 months ago

Delhi High Court Allows Deduction To Hyatt Regency Towards Repair, Renovation, Refurbishment, Consultancy Expenses As Revenue Expenditure

Live Law  

The Delhi High Court has allowed the income tax deduction to Hyatt Regency towards repair, renovation, refurbishment, and consultancy expenses as revenue expenditure.The bench of Justice Rajiv Shakdher and Justice Tara Vitasta Ganju has observed that ITAT rightly mentioned that if the owner of a building that is used for business incurs expenditure in the nature of current repairs and. …

Delhi Delhi High Court Renovation Revenue Tribunal Repair Expenditure
Freight Inward Charges Are Part And Parcel Of Purchase Of Goods, TDS Not Deductible: ITAT
1 year, 2 months ago

Freight Inward Charges Are Part And Parcel Of Purchase Of Goods, TDS Not Deductible: ITAT

Live Law  

The Ahmedabad Bench of Income Tax Appellate Tribunal has observed that freight inward charges were part and parcel of the purchase of the goods. The bench of Suchitra Kamble and Waseem Ahmed has observed that the assessee was not under the obligation to deduct TDS of inward freight expenses incurred for Rs. The Assessing Officer has made the disallowance representing …

Charges Freight Purchase Tds Assessee Cit Inward Freight Expenses
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 …

Tax Employees Shares Source Grant Hands Tds
Income Would Accrue Only When The Assessee Gets A Right To Receive The Income: ITAT
1 year, 4 months ago

Income Would Accrue Only When The Assessee Gets A Right To Receive The Income: ITAT

Live Law  

The Bangalore Bench of the Income Tax Appellate Tribunal has held that the income would be receivable only when the income accrues to the assessee, and the income would accrue to the assessee only when the assessee gets such a right to receive the income.The bench of George George K. and Laxmi Prasad Sahu has observed that the assessee would …

Tax Duty Income Interest Right Receive Itat
Treatment Of Shares In Books Of Accounts Determines Taxation, JM Financial’s Set-off Not Colourable Device: ITAT
1 year, 4 months ago

Treatment Of Shares In Books Of Accounts Determines Taxation, JM Financial’s Set-off Not Colourable Device: ITAT

Live Law  

The Mumbai Bench of the Income Tax Appellate Tribunal has held that the treatment of shares in books of accounts determines taxation under capital gain or business income, and the method adopted for arriving at the sale consideration does not determine the nature of the transaction.The bench of Aby T. Varkey and Padmavathy S. has observed that. The Mumbai Bench …

Business Sale Investments Income Capital Held Shares
ITAT Upholds Addition On Account Of Unexplained Cash Deposit Made During Demonetisation
1 year, 4 months ago

ITAT Upholds Addition On Account Of Unexplained Cash Deposit Made During Demonetisation

Live Law  

The Chennai Bench of the Income Tax Appellate Tribunal, while rejecting the plea of the assessee for cash received in marriage, upheld the addition on account of an unexplained cash deposit made during demonetisation.The bench of Mahavir Singh and Manoj Kumar Aggarwal has observed that there is no direct evidence available from the assessee. The Chennai Bench of the Income …

India Marriage Income Received Account Cash Deposit
There Cannot Be Any Addition Of The Regular Items Which Were Disclosed By The Assessee In The Regular Books Of Accounts: ITAT
1 year, 7 months ago

There Cannot Be Any Addition Of The Regular Items Which Were Disclosed By The Assessee In The Regular Books Of Accounts: ITAT

Live Law  

The Ahmedabad Bench of the Income Tax Appellate Tribunal has held that there cannot be any addition of the regular items that were disclosed by the assessee in the regular books of accounts.The bench of Madhumita Roy and Waseem Ahmed has observed that the completed assessment cannot be disturbed in the absence of any incriminating material. The Ahmedabad Bench of …

Assessment Income Share Bse Regular Shares Itat
Customary Amongst Married Women To Keep On Changing The Jewellery As And When New Designs Come In The Market: ITAT Deletes Income Tax Addition
1 year, 7 months ago

Customary Amongst Married Women To Keep On Changing The Jewellery As And When New Designs Come In The Market: ITAT Deletes Income Tax Addition

Live Law  

The Delhi Bench of the Income Tax Appellate Tribunal has deleted the addition and held that it is customary amongst married women to keep on changing the jewelleryas and when new designs come on the market.The bench of Anubhav Sharma and N. K. Billaiya has observed that the assessee has given an item-wise reconciliation of Wealth Tax Return items. The …

Tax Jewellery Reconciliation Married Women Return Itat Assessee
Orissa High Court Allows Deduction To The Co-operative Society Involved In The Business Of Banking
1 year, 10 months ago

Orissa High Court Allows Deduction To The Co-operative Society Involved In The Business Of Banking

Live Law  

The Orissa High Court has granted the deduction to the Co-operative Society engaged in the banking business.The division bench of Chief Justice Dr. S. Muralidhar and Justice M. S. Raman has observed that the tribunal was justified in making further classification while interpreting Section 80P of the Income Tax Act by treating it to be different from the primary agriculture …

Society Tax Court Income Tax Income Deduction Itat
Impossible For A Company To Get Its Accounts Audited On 31st March And Get The Approval In AGM On The Same Date: ITAT Upholds Addition
1 year, 11 months ago

Impossible For A Company To Get Its Accounts Audited On 31st March And Get The Approval In AGM On The Same Date: ITAT Upholds Addition

Live Law  

The Delhi Bench of the Income Tax Appellate Tribunal has held that it is impossible for a company to get its accounts audited on 31st March and present the same for approval in the Annual General Meeting on March 31st.The two-member bench of Kul Bharat and N.K. The Delhi Bench of the Income Tax Appellate Tribunal has held that it …

Company Shares Itat Assessee Its Accounts 31St March Member Bench
ITAT Deletes Addition On Account Of Cash Deposited In The Bank Accounts During Demonetisation Period
2 years ago

ITAT Deletes Addition On Account Of Cash Deposited In The Bank Accounts During Demonetisation Period

Live Law  

The Raipur Bench of the Income Tax Appellate Tribunal has deleted the addition on account of cash deposited in bank accounts during the demonetization period.The bench of Ravish Sood has observed that the AO, by not rejecting the books of account, has clearly accepted that the cash deposited in the bank accounts by the assessee firm during the year under. …

Bank Storage Deposited Bank Accounts Account Cold Cash
Section 41 Disallowance Can Only Be Made With Cogent Evidence Of Cessation Of Liability: ITAT Remands The Matter Back To AO
2 years, 5 months ago

Section 41 Disallowance Can Only Be Made With Cogent Evidence Of Cessation Of Liability: ITAT Remands The Matter Back To AO

Live Law  

The Delhi Bench of theIncome Tax Appellate Tribunal has held that the issue of the genuineness of the purchases will be applicable only if the purchases belong to the current year. The two-member bench of Anubhav Sharma and Shamim Yahya has observed that if the department is of the opinion that purchases were made in earlier years but now the …

Liability Itat Ita Section 41 Cit
Onus To Prove Identity, Creditworthiness And Genuineness Of Transaction Lies On Assessee: Pune ITAT
2 years, 6 months ago

Onus To Prove Identity, Creditworthiness And Genuineness Of Transaction Lies On Assessee: Pune ITAT

Live Law  

The Pune Bench of the Income Tax Appellate Tribunal, consisting of Partha Artha Sarathi Chaudhury and Inturi Rama Rao, has ruled that the onus to prove identity, creditworthiness, and genuineness of a transaction lies with the assessee. In the course of assessment proceedings, the assessee furnished affidavits of the shareholders supporting the share capital and copies of bank accounts of …

Shareholders Tribunal Share Transaction Itat Assessee Cit