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Income Tax Deduction Allowable To Interest Income 'Attributable' To Cottage Industry Business: ITAT
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
AO Must Pass Draft Assessment If He Proposes Variation In Returned Income: Chennai ITAT Explains Scope Of Sec 144C
5 months ago

AO Must Pass Draft Assessment If He Proposes Variation In Returned Income: Chennai ITAT Explains Scope Of Sec 144C

Live Law  

The Chennai ITAT held that the AO must pass a draft assessment order to the eligible assessee in case he proposes to make any variation in the income or loss returned which is prejudicial to the interest of such assessee. Section 144C of the Income Tax Act provides that in case of certain eligible assessees, viz., foreign companies and any …

Royalty Tax Assessment Income Sec Bench Eligible
Delhi HC dismisses Congress’ plea in tax dues case
9 months, 1 week ago

Delhi HC dismisses Congress’ plea in tax dues case

The Hindu  

The Delhi High Court on Wednesday rejected the plea by Congress challenging an order of the Income Tax Appellate Tribunal declining to stay an Income Tax department notice for recovery of outstanding tax of more than ₹100 crore. “The problems that beset the petitioner today are thus, and to a large extent, of its own making,” the High Court said …

Court Congress Itat Tax Dues Dues Case Tax Dues Case
Filing Return By Due Date U/s 139 Is Mandatory For Political Party To Claim Exemption U/s 13A: Delhi ITAT Refuses To Stay Recovery Against Congress Party
9 months, 2 weeks ago

Filing Return By Due Date U/s 139 Is Mandatory For Political Party To Claim Exemption U/s 13A: Delhi ITAT Refuses To Stay Recovery Against Congress Party

Live Law  

While holding the argument that an assessee is entitled to a stay on the recovery proceedings on payment of 20% of the demand during the pendency of appeal before the Tribunal, as too general, the New Delhi ITAT dismisses the stay application of Indian National Congress treating it as meritless. At the same time, on the merits of the matter, …

Recovery Party Income Tribunal Act Bench Political Party
Delhi High Court Upholds ITAT’s Decision On Selection Of Comparables For Determination Of Arm’s Length Price Of An International Transaction
1 year, 1 month ago

Delhi High Court Upholds ITAT’s Decision On Selection Of Comparables For Determination Of Arm’s Length Price Of An International Transaction

Live Law  

The Delhi High Court had upheld the decision of the Income Tax Appellate Tribunal on the selection of comparables for the determination of the arm’s length price of an international transaction.The Bench of Justice Rajiv Shakdher and Justice Girish Kathpalia observed that the Tribunal not only followed the previous orders mentioned above to maintain consistency but also examined. The Delhi …

High Court Order Price Tribunal Transaction Itat Assessee
Income From Nursery Activities Of Growing Various Types Of Lawns, Flower Plants And Vegetable Plants Is Agricultural In Nature: ITAT
1 year, 2 months ago

Income From Nursery Activities Of Growing Various Types Of Lawns, Flower Plants And Vegetable Plants Is Agricultural In Nature: ITAT

Live Law  

The Ahmedabad Bench of Income Tax Appellate Tribunal has held that income from nursery activities such as growing various types of lawns, flower plants, and vegetable plants is agricultural in nature.The bench of Suchitra Kamble and Annapurna Gupta has observed that the activity of an agricultural nature in respect of engaging in nursery activities. The Ahmedabad Bench of Income Tax …

Plants Income Agricultural Assessee Business Income Various Types Nursery Activities
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 …

Material Itat Addition Additions Section 68 Incriminating Incriminating Material
AO Can’t Make Addition On The Basis Of Statement Without Corroborating It With Any Other Material: ITAT
1 year, 7 months ago

AO Can’t Make Addition On The Basis Of Statement Without Corroborating It With Any Other Material: ITAT

Live Law  

The Mumbai Bench of the Income Tax Appellate Tribunal has held that an AO cannot make additions merely on the basis of a statement without corroborating it with any other material.The bench of Pavan Kumar Gadale and B.R. Baskaran has observed that the AO has assessed entire cash receipts as income of the assessee without examining the nature of. The …

Income Statement Itat Assessee Receipts
No Disallowance Shall Be Made With Respect To Chargeable Sum Paid To A Foreign Company Without Deduction Of Tax: ITAT.
1 year, 9 months ago

No Disallowance Shall Be Made With Respect To Chargeable Sum Paid To A Foreign Company Without Deduction Of Tax: ITAT.

Live Law  

The Delhi Bench of Income Tax Appellate Tribunal has held that no disallowance shall be made to the assessee in regards to the chargeable sum paid by the assessee to a foreign company without deduction of tax. Billaiya and Yogesh Kumar held that the second proviso to clause of S. 40 of the Income Tax Act provides that in cases …

Tax Paid Assessee Cit Disallowance No Disallowance Fowc
Credit For TCS Available To Assessee In Whose Hand Income Is Assessed To Tax: ITAT
1 year, 10 months ago

Credit For TCS Available To Assessee In Whose Hand Income Is Assessed To Tax: ITAT

Live Law  

The Bangalore Bench of the Income Tax Appellate Tribunal has reiterated that credit for Tax Collected at Source should be given to the assessee who is finally and lawfully assessed to tax in respect of the income on which TCS has been collected, irrespective of the person in whose name the TCS certificate has been issued. Merely because there is …

Tax Credit Income Tribunal Rule Wines Given
Company’s Income Cannot Be Assessed Under ‘Salary’: ITAT
1 year, 11 months ago

Company’s Income Cannot Be Assessed Under ‘Salary’: ITAT

Live Law  

The Hyderabad Bench of the Income Tax Appellate Tribunal has held that since the assessee is a company, its income cannot be assessed under the heading "salary. "The bench of K. Narasimha Chary has restored the issue to the file of the Assessing Officer to verify the availability of brought-forward losses for the purpose of setting off the current year's …

Income Company Itat Assessee Ita Its Income Heading Salary
Employees' Contribution To PF And ESI Should Be Remitted Before The Due Date To Allow Income Tax Deduction: ITAT
2 years, 1 month ago

Employees' Contribution To PF And ESI Should Be Remitted Before The Due Date To Allow Income Tax Deduction: ITAT

Live Law  

The Banglore Bench of the Income Tax Appellate Tribunal has held that the employees' contribution to PF and ESI should be remitted before the due date for it to be allowable under Section 43B of the Income Tax Act.The two-member bench of George George K and Laxmi Prasad Sahu relied on the decision of the Supreme Court in the case …

Tax Employees Income Date Contribution Member Itat
Income From Operating And Maintaining IT Park To Be Assessed Under "Income from Business": ITAT
2 years, 2 months ago

Income From Operating And Maintaining IT Park To Be Assessed Under "Income from Business": ITAT

Live Law  

The Mumbai Bench of the Income Tax Appellate Tribunal has held that the income from operating and maintaining an IT park is to be assessed under the head "Income from Business".The two-member bench of Vikas Awasthy and M. Balaganesh has observed that the income from letting out the premises/developing space along with other facilities in an. The Mumbai Bench of …

Business Income Park Head Itat Assessee Operating
ITAT Deletes Addition On Excess Gold Belonging To Assessee's Mother
2 years, 4 months ago

ITAT Deletes Addition On Excess Gold Belonging To Assessee's Mother

Live Law  

The Visakhapatnam bench of theIncome Tax Appellate Tribunal has deleted the addition of excess gold belonging to the mother of the assessee, who is staying with the assessee as the only daughter, and considered it to belong to the family members of the assessee. 7,94,372, being the value of gold jewellery weighing 284.600 grams which is found in excess after …

Gold Income Mother Itat Assessee Cbdt Gold Jewellery
Failure Of Assessee To Give Proper Reasons For Not Appearing Before The Tax Authorities: ITAT Imposes Cost
2 years, 6 months ago

Failure Of Assessee To Give Proper Reasons For Not Appearing Before The Tax Authorities: ITAT Imposes Cost

Live Law  

The Banglore Bench of the Income Tax Appellate Tribunal consisting of B.R. Baskaran has imposed a cost of Rs.10,000 on the assessee for the failure to give proper reasons for not appearing before the tax authorities. The ITAT noted that CIT had passed the ex-parte order without hearing the assessee since the assessee had not appeared before him despite being …

Assessee Cit Tribunal Itat Proper Reasons