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Income Tax Appellate Tribunal organises silver jubilee celebrations for Visakhapatnam Bench
2 days, 7 hours ago

Income Tax Appellate Tribunal organises silver jubilee celebrations for Visakhapatnam Bench

The Hindu  

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
[IT Act] Section 80IB Doesn't Mandate Setting Off Losses Of One Eligible Unit Against Profits Of Another Eligible Unit: Mumbai ITAT
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
[S.263 IT Act] Revisionary Power Can Be Invoked When Order Meets Twin Conditions Of Being Erroneous, Prejudicial To Interest Of Revenue: Delhi HC
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
ITAT Weekly Round-Up: 14 To 20 July 2024
5 months ago

ITAT Weekly Round-Up: 14 To 20 July 2024

Live Law  

Final Assessment Passed Within Two Days Of Issuing Intimation, Violation Of 143 IT Act : Mumbai ITAT Case Title: Add More Real Estate Developers LLP verses The Asst. Loans Brought Forwarded Can't Form Basis For Addition In Current Year if Genuineness Is Established: Mumbai ITAT Case Title: Arun Babulal Shah verses CIT Appeal NFAC Finding that the genuineness of loan …

India Delhi Mumbai Kolkata Income Tax Title Income
ITAT Half Yearly Digest: January To June 2024 - PART II
5 months, 1 week ago

ITAT Half Yearly Digest: January To June 2024 - PART II

Live Law  

Failure To Produce Share Certificate Is No Basis To Doubt Share Purchase Transaction: Mumbai ITAT Refers Art 265 Of Constitution Case Title: Shantaben Fathechand Mehta verses Income-tax Officer Referring to Article 265 of the Constitution of India, the Mumbai ITAT remanded the case to the file of AO with direction to verify factual aspects, pertaining to the purchase of the …

India Delhi Mumbai Kolkata Hyderabad Tax Customs
Order Of ITSC Final And Conclusive For AY For Which Application Has Been Filed: Delhi High Court
5 months, 2 weeks ago

Order Of ITSC Final And Conclusive For AY For Which Application Has Been Filed: Delhi High Court

Live Law  

The Delhi High Court has held that the order of the Income Tax Settlement Commission is final and conclusive for a particular assessment year for which the application has been filed.The bench of Justice Yashwant Varma and Justice Purushaindra Kumar Kaurav has observed that the order of the ITSC is deemed to be conclusive for all the matters pertaining to …

Appeal Tax Court Assessment Delhi High Court Order Income
Due Date For Filing Form 10AB Extended By CBDT; Bangalore ITAT Quashes Order Rejecting Section 80G Approval
5 months, 4 weeks ago

Due Date For Filing Form 10AB Extended By CBDT; Bangalore ITAT Quashes Order Rejecting Section 80G Approval

Live Law  

The Bangalore Bench of Income Tax Appellate Tribunal has quashed the order rejecting the approval under Section 80G of the Income Tax Act as the Central Board of Direct Taxes has extended the due date for filing Form 10A/10AB via press release dated April 25, 2024, to June 30, 2022.The bench of Beena Pillai and Laxmi Prasad Sahu has. The …

Tax Income Bangalore 2024 Date Form Filing
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 …

Delhi Title Income Tribunal Held Bench Versus
ITAT Calcutta Allows Exemption Registration To Income Tax Bar Association, Sets Aside CIT Order
6 months, 1 week ago

ITAT Calcutta Allows Exemption Registration To Income Tax Bar Association, Sets Aside CIT Order

Live Law  

The Calcutta Bench of Income Tax Appellate Tribunal has allowed the exemption registration to the income tax bar association as the registration application was not time-barred.The bench of Rajpal Yadav and Sanjay Awasthi has observed that the procedure adopted by the CIT was incorrect to grant a provisional certificate to the assessee. The amendments were notified to the Income Tax …

Tax Income Tax Registration Bar Application Income Act
Unsettled Claims As Well As IBNR Would Amount To Contingent Liabilities; Section 37 Deduction Allowable: Delhi High Court
6 months, 1 week ago

Unsettled Claims As Well As IBNR Would Amount To Contingent Liabilities; Section 37 Deduction Allowable: Delhi High Court

Live Law  

The Delhi High Court has held that the deduction under Section 37 of the Income Tax Act is allowable on unsettled claims as well as Incurred But Not Reported, which would amount to contingent liabilities.The bench of Justice Yashwant Varma and Justice Purushaindra Kumar Kaurav has observed that if the historical trend indicates that a large number of sophisticated goods …

Tax Delhi High Court Income Claims Tribunal Act Provision
Direct Tax Cases Weekly Round-Up: 02 To 08 June 2024
6 months, 2 weeks ago

Direct Tax Cases Weekly Round-Up: 02 To 08 June 2024

Live Law  

Delhi High Court Once Issue Of Arm's Length Remuneration Settled By TPO, Question Of Ascertaining Existence Of PE Is Academic; Delhi High Court Quashes Reassessment Proceedings Case Title: Progress Rail Locomotive Inc. Exemption Allowable On Donations Made By One Charitable Trust To Other Charitable Institutions For Temporary Period: Delhi High Court Case Title: Commissioner Of Income Tax Versus M/S Jamnalal …

Tax Customs Income Tax Title Delhi High Court Income Tribunal
I-T Authority Fails To Consider Reason For Difference In Sale Consideration & Stamp Duty: Mumbai ITAT Deletes Penalty Levied U/s 270A For Under-Reporting Of Income
7 months, 2 weeks ago

I-T Authority Fails To Consider Reason For Difference In Sale Consideration & Stamp Duty: Mumbai ITAT Deletes Penalty Levied U/s 270A For Under-Reporting Of Income

Live Law  

Noting that neither the Assessing Officer nor the CIT have taken into consideration the explanation offered by the Assessee during the assessment proceedings in relation to the difference in the sale consideration and the stamp duty valuation of immovable property, the Mumbai ITAT deleted the penalty levied u/s 270A of the Income tax Act for under-reporting of income. Accordingly, the …

Property Penalty Assessment Proceedings Officer Bench Stamp Duty
Bombay High Court Monthly Digest: March 2024
8 months, 1 week ago

Bombay High Court Monthly Digest: March 2024

Live Law  

Nominal Index Maharashtra State Electricity Distribution Company Ltd. v. Ramchandra s/o. “It would be necessary to video record any proceeding relating to the Scheduled Castes and Scheduled Tribes Act 1989 even though the proceedings are held in open court.Hearing of a bail application under section 14-A of the Scheduled Castes and Scheduled Tribes Act 1989 is a 'judicial proceeding' as …

India Justice Mumbai Court Uttar Pradesh Domestic Violence Maharashtra
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
ITAT Cases Monthly Round-Up: March 2024
8 months, 3 weeks ago

ITAT Cases Monthly Round-Up: March 2024

Live Law  

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 Case Title: Indian National Congress Verses Deputy Commissioner of Income Tax While holding the argument that an assessee is entitled to a stay on the recovery proceedings on payment of 20% of the demand …

Delhi Mumbai Kolkata Tax Income Tax Title Income Tax Act
Litigant Is Not Allowed To Use Process Of Law To Achieve Ulterior Purpose In Under Hand Way By Filing Appeal Belatedly: Indore ITAT
8 months, 3 weeks ago

Litigant Is Not Allowed To Use Process Of Law To Achieve Ulterior Purpose In Under Hand Way By Filing Appeal Belatedly: Indore ITAT

Live Law  

On finding that the assessee has failed to make out a case of reasonable cause much less sufficient cause for an abnormal delay of more than six years in filing the appeal, the Indore ITAT declined to condone the inordinate delay in filing of appeal and consequently dismissed the appeal filed against the revision order passed u/s 263 of Income …

Appeal Counsel Order Delay Cause Bench Filing
Jammu and Kashmir and Ladakh High Court Monthly Digest: March 2024
8 months, 3 weeks ago

Jammu and Kashmir and Ladakh High Court Monthly Digest: March 2024

Live Law  

Nominal Index: Neelam Sharma Vs Ashok Kumar 2024 LiveLaw 31 Principal Commissioner of Income Tax Versus Dr. Karan Singh 2024 LiveLaw 32 Choudhary Piara Singh Vs Kuldeep Singh 2024 LiveLaw 33 UT of J&K Vs Ram Rattan 2024 LiveLaw 34 Simranjeet Singh Vs Union Of India 2024 LiveLaw 35 Gulab Singh Vs Kuldeep Singh 2024 LiveLaw 36 Jehangir Ahmad Mir …

Court Title Preventive Detention 2024 High Ladakh Jammu
Once Reassessment Framed By AO Is Not Sustainable,Order U/s 263 Seeking To Revise Reassessment Is Not Acceptable: Delhi ITAT
9 months, 1 week ago

Once Reassessment Framed By AO Is Not Sustainable,Order U/s 263 Seeking To Revise Reassessment Is Not Acceptable: Delhi ITAT

Live Law  

While allowing the appeal of assessee in respect of the fact that whether the PCIT had validly assumed his revision jurisdiction u/s 263 of the Income Tax Act, 1961, both in law and on facts, the New Delhi ITAT held that the PCIT erred in assumption of jurisdiction u/s 263 of the Income Tax Act, 1961. The Bench of the …

Reassessment Assessment Income Tax Order Income Case Act
Direct Tax Cases Weekly Round-Up: 25 February To 3 March 2024
9 months, 2 weeks ago

Direct Tax Cases Weekly Round-Up: 25 February To 3 March 2024

Live Law  

Supreme Court Case Title: Bharti Cellular Limited v. Assistant Commissioner of Income Tax and Another Citation : 2024 LiveLaw 176 In a significant development, the Supreme Court recently held that under Section 194-H of the Income Tax Act, 1961, cellular mobile service providers are not liable to deduct tax at source on income/profit component in payments received by their franchisees/distributors …

Tax Court Income Tax Title Income Held High
Direct Tax Cases Monthly Round Up: February 2024
9 months, 3 weeks ago

Direct Tax Cases Monthly Round Up: February 2024

Live Law  

Supreme Court Case Title: Asst. Delhi High Court Case Title: The Commissioner Of Income Tax - International Taxation Versus S.A.Chitra Ventures Ltd. Citation: 2024 LiveLaw 211 The Delhi High Court has held that the AO, under Section 144C of the Income Tax Act, would have no jurisdiction to pass a draft assessment order in the absence of "any variation in …

India Delhi Mumbai Supreme Court High Court Tax Court
Storage Tanks Does Not Qualify Either As Land Or As Building, TDS Deductible On Storage Charges: Bombay High Court
9 months, 3 weeks ago

Storage Tanks Does Not Qualify Either As Land Or As Building, TDS Deductible On Storage Charges: Bombay High Court

Live Law  

The Bombay High Court has held that the respondent ought to have deducted tax under Section 194I of the Income Tax Act, 1961, from the storage charges paid by the assessee.The bench of Justice K. R. Shriram and Justice Sharmila U. Deshmukh has observed that the storage tanks in question do not qualify either as land or as buildings within …

Tax Bombay High Court Income Storage Charges Held Tds
Interest Paid On Loan Taken To Invest In Shares Of Subsidiary In Normal Course Of Business Activities Is Allowable Expenditure: Bombay High Court
10 months ago

Interest Paid On Loan Taken To Invest In Shares Of Subsidiary In Normal Course Of Business Activities Is Allowable Expenditure: Bombay High Court

Live Law  

The Bombay High Court has held that if an assessee for commercial expediency and in the normal course of its business activities takes loan to invest in shares of its subsidiary, the interest paid on these advances utilised is allowable expenditure under Section 36 of the Income Tax Act.The bench of Justice K. R. Shriram and Justice Neela Gokhale has …

Business Tax Bombay High Court Loan Income Interest Cbi
Direct Tax Cases Weekly Round-Up: 04 To 10 February 2024
10 months, 1 week ago

Direct Tax Cases Weekly Round-Up: 04 To 10 February 2024

Live Law  

Bombay High Court HSBC Bank Carrying On Bona Fide Banking Business In Mauritius Exempt From Tax In India: Bombay High Court Case Title: Commissioner of Income Tax Versus M/s. Case Title: Vodafone India Services Pvt Ltd verses DCIT Emphasizing that although Section 32 of Income tax Act, 1961 was amended by the Finance Act, 2021 wherein it was stated that …

India Delhi Mumbai High Court Tax Income Tax Title
PCIT Can Grant Sanction U/s 151 For Issuing Reopening Notice U/s 148 Even After Expiry Of Four Years From End Of Relevant AY: Mumbai ITAT
10 months, 2 weeks ago

PCIT Can Grant Sanction U/s 151 For Issuing Reopening Notice U/s 148 Even After Expiry Of Four Years From End Of Relevant AY: Mumbai ITAT

Live Law  

The Mumbai ITAT recently reiterated that a notice can be issued u/s 148 of the Income Tax Act, 1961, even after the expiry of limitation period, if the sanction for same has been granted by the Principal Commissioner of Income Tax. Baskaran observed that “the sanction granted under section 151 of the Act was found to be improper as the …

Mumbai Income Tax Sanction Notice Act Bench Four Years