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Articles for Itat, search results for exemption

Bitcoin Taxation: This lesser-known rule cut a techie’s tax liability to just ₹33 lakh on ₹6.64 crore in crypto gain
3 days, 13 hours ago

Bitcoin Taxation: This lesser-known rule cut a techie’s tax liability to just ₹33 lakh on ₹6.64 crore in crypto gain

Live Mint  

Bitcoin taxation case: An ex-Infosys employee recently won a case against the Income Tax department after the Jodhpur income tax appellate tribunal decided that the cryptocurrency sold by the person was a capital asset. The ITAT stated that the person should be allowed to pay a lower tax rate on his profit from the sale and claim ₹4.95 crore as …

Tax Cryptocurrency Sale Crypto Bitcoin Capital Gain
Putting Together Structure Of Plywood Sheets Can't Be Construed As Constructing 'Residential House' For Claiming Capital Gain Exemption: Delhi HC
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
Tax Monthly Digest: October 2024
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
Income Tax Additions Can't Be Based On Generalised Report By Investigation Wing: 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
ITAT Declines To Stay Cancellation Of Exemption Notification To Legal Initiative For Forest And Environment Trust (LIFE)
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
Tamil Nadu Advocates Welfare Fund Entitled For Income Tax Exemption: ITAT
4 months, 3 weeks ago

Tamil Nadu Advocates Welfare Fund Entitled For Income Tax Exemption: ITAT

Live Law  

The Chennai Bench of Income Tax Appellate Tribunal has held that the Central Act is not applicable to the Tamil Nadu Advocates Welfare Fund and is eligible for Income Tax exemption.The bench of Manu Kumar Giri and S. R. Raghunatha has observed that since the assessee fund is enacted prior to the formation of the Central Act, namely the. The …

Welfare Tamil Nadu Income Tax Advocates Income Tamil State
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
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
Direct Tax Cases Weekly Round-Up: 5 To 11 May 2024
7 months, 1 week ago

Direct Tax Cases Weekly Round-Up: 5 To 11 May 2024

Live Law  

Supreme Court Case Name- All India Bank Officers' Confederation Vs The Regional Manager, Central Bank Of India & Others Citation : 2024 LiveLaw 352 A Division bench of the Supreme Court comprising of Justice Sanjiv Khanna and Justice Dipankar Datta while deciding a Civil Appeal in the case of All India Bank Officers' Confederation Vs The Regional Manager, Central Bank …

India Tax Title Income Held High Act
LTCG Tax Exemption Can't Be Denied Due To An Error Made By The Builder In Assigning Apartment: ITAT
9 months ago

LTCG Tax Exemption Can't Be Denied Due To An Error Made By The Builder In Assigning Apartment: ITAT

Live Law  

The Mumbai Bench of Income Tax Appellate Tribunal has held that tax benefits cannot be denied to taxpayers due to an error made by the builder in assigning the apartment.The bench of Rahul Chaudhary and Om Prakash Kant has observed that the appellant or taxpayer cannot be penalized for the mistake committed by the developer or seller by allotting. The …

Tax Income Capital Gains Flat Purchase Inr Itat
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
A Trust Is Not Barred From Getting Approval U/S 80G In Future Because It Has Not Opted For It Previously: Kolkata ITAT
10 months, 2 weeks ago

A Trust Is Not Barred From Getting Approval U/S 80G In Future Because It Has Not Opted For It Previously: Kolkata ITAT

Live Law  

The Kolkata ITAT ruled that simply because a trust/charitable institution has not opted for getting benefits under the Income-tax Act, then such institution is not barred in future from applying from registration/approval under the relevant provisions. As per the brief facts of the case, the assessee trust, duly registered u/s 12A, applied for provisional approval u/s 80G which was granted …

Trust Activities Registration Act Bench Final Itat
Mumbai ITAT Upholds Exemption Granted On LTCG Upon Sale Of Equity Shares Of Indian Entity Holding Valid TRC
10 months, 2 weeks ago

Mumbai ITAT Upholds Exemption Granted On LTCG Upon Sale Of Equity Shares Of Indian Entity Holding Valid TRC

Live Law  

The Mumbai ITAT upheld the exemption of long-term capital gain granted to the Assessee, holding a valid Tax Residency Certificate, under Article 13 of India-Mauritius DTAA, on sale of equity shares of an Indian company, acquired prior to April 01, 2017. The Division Bench comprising Prashant Maharishi and Sandeep Singh Karhail observed that “the assessment order passed by the learned …

India Tax Indian Assessment Capital Mauritius Bench
Subsequent Withdrawal Of Registration Is No Impediment In Denying Deduction U/s 35-AC On Donation Received By Charitable Trust: Mumbai ITAT
10 months, 2 weeks ago

Subsequent Withdrawal Of Registration Is No Impediment In Denying Deduction U/s 35-AC On Donation Received By Charitable Trust: Mumbai ITAT

Live Law  

While relying on the previous order passed by the Co-ordinate Bench under Ravindra K. Reshamwala v/s DCIT in ITA No.2648/Mum/2022, the Mumbai ITAT directed Assessing Officer to allow the claim under Section 35-AC of the Income tax Act, 1961. Subsequently, on the basis of information received from the DCIT that Navjeevan Charitable Trust has accepted donations in cheque, which was …

Trust Donation Act Bench Deduction Itat Assessee
Direct Tax Cases Monthly Round Up: January 2024
10 months, 2 weeks ago

Direct Tax Cases Monthly Round Up: January 2024

Live Law  

Supreme Court Case Title: Herbicides India Limited verses ACIT While setting aside the Rajasthan High Court orders, the Supreme Court restored the assessee's appeals by condoning the delay in filing the paper-book before High Court and observed that the assessee is entitled to have his appeals heard on merits. Madras High Court Case Title: Anamallais Bus Transports P. Ltd verses …

India Mumbai High Court Tax Court Income Tax Title
Direct Tax Weekly Round-Up: 14 To 20 January 2024
11 months ago

Direct Tax Weekly Round-Up: 14 To 20 January 2024

Live Law  

Direct Tax Weekly Round-Up: 14 To 20 January 2024 Supreme Court Case Title: Herbicides India Limited verses ACIT While setting aside the Rajasthan High Court orders, the Supreme Court restored the assessee's appeals by condoning the delay in filing the paper-book before High Court and observed that the assessee is entitled to have his appeals heard on merits. Madras High …

India High Court Tax Court Income Tax Title Income Tax Act
S. 54F Exemption Not Available On Property Predominantly Being Used For Religious Purposes: ITAT
11 months ago

S. 54F Exemption Not Available On Property Predominantly Being Used For Religious Purposes: ITAT

Live Law  

The Hyderabad Bench of Income Tax Appellate Tribunal has held that exemption under Section 54F of the Income Tax Act is not available on property predominantly being used for religious purposes.The bench of R.K. Panda and Laliet Kumar has observed that the property is predominantly being used for religious purposes, namely mosques, orphanages, and. The Hyderabad Bench of Income Tax …

Tax Property Income Act Deduction Itat Assessee
Indian Chamber Of Commerce Entitled To Claim Exemption In Respect Of Receipts From Seminars And Conferences: ITAT
11 months, 1 week ago

Indian Chamber Of Commerce Entitled To Claim Exemption In Respect Of Receipts From Seminars And Conferences: ITAT

Live Law  

The Kolkata Bench of the Income Tax Appellate Tribunal has held that the Indian Chamber of Commerce is entitled to claim exemption in respect of its entire receipts.The bench of Rajesh Kumar has observed that the ICC is not carrying on any activity of holding meetings, seminars, and conferences for business purposes but only to support its main object, and. …

Business Activities Commerce Income Conferences Icc Exemption
Tax Cases Weekly Round-Up: 26 November To 2 December, 2023
1 year ago

Tax Cases Weekly Round-Up: 26 November To 2 December, 2023

Live Law  

Delhi High Court Case Title: Resorts Consortium India Limited Versus ITAT Citation: 2023 LiveLaw 1178 The Delhi High Court has condoned a 79-day delay in filing an appeal as a review petition was filed before the Income Tax Appellate Tribunal. Allahabad High Court Income Tax Authority Cannot Dissect An Otherwise Indivisible Contract In Absence Of Legal Provision: Allahabad High Court …

Tax Court Customs Title Income Tribunal Held
Tax Cases Weekly Round-Up: 05 November To 11 November, 2023
1 year, 1 month ago

Tax Cases Weekly Round-Up: 05 November To 11 November, 2023

Live Law  

Delhi High Court Case Title: BT Private Limited Versus UOI Citation: 2023 LiveLaw 1082 The Delhi High Court has held that a CENVAT credit refund cannot be denied in the absence of the self-assessed return having been questioned, reviewed or re-assessed. Case Title: Shreyash Retail Private Ltd Versus Deputy Commissioner Of Income Tax TDS Circle Citation: 2023 LiveLaw 1102 The …

India Tax Court Title Income Tribunal Held
Dividend Income From Indian Entity's Establishment In Oman Having ‘Permanent Establishment’ Status Under DTAA Not Taxable In India: Supreme Court
1 year, 3 months ago

Dividend Income From Indian Entity's Establishment In Oman Having ‘Permanent Establishment’ Status Under DTAA Not Taxable In India: Supreme Court

Live Law  

The Supreme Court has held that if an Indian Entity’s Establishment is operating in Oman and has a ‘Permanent Establishment’ status under Double Taxation Avoidance Agreement, then the dividend income received by the Indian Entity from such Establishment would not be taxable under Indian Taxation laws. There is no reason as to why all of a sudden, the assessee’s establishment …

India Supreme Court Tax Court Indian Income Tax Income
ITAT Imposes Cost Of Rs.10K On Foreign Portfolio Investor For Not Responding To Section 142(1) Notices
1 year, 4 months ago

ITAT Imposes Cost Of Rs.10K On Foreign Portfolio Investor For Not Responding To Section 142(1) Notices

Live Law  

The Mumbai Bench of the Income Tax Appellate Tribunal has imposed a cost of Rs.10,000 on a foreign portfolio investor for not responding to notices under Section 142 of the Income Tax Act.The bench of Vikas Awasthy and Padmavathy has observed that there is negligence on the part of the assessee in not responding to the notices issued by. The …

Tax Assessment Income Notices Cost Itat Assessee
Plastic Waste Management Falls Under Preservation Of Environment: ITAT Allows Income Tax Exemption
1 year, 5 months ago

Plastic Waste Management Falls Under Preservation Of Environment: ITAT Allows Income Tax Exemption

Live Law  

The Chandigarh Bench of the Income Tax Appellate Tribunal has allowed the Income Tax exemption for the Punjab Plastic Waste Management Society and observed that plastic waste management falls under the preservation of the environment.The bench of A.D. Jain And Vikram Singh Yadav has quashed the order of the Commissioner of Income Tax. The Chandigarh Bench of the Income Tax …

Environment Society Tax Management Income Tax Preservation Income
Joint Ownership Of The Property Is No Bar In Claiming Exemption Under Section 54F Of The Income Tax Act: ITAT
1 year, 6 months ago

Joint Ownership Of The Property Is No Bar In Claiming Exemption Under Section 54F Of The Income Tax Act: ITAT

Live Law  

The Mumbai Bench of the Income Tax Appellate Tribunal has allowed the deduction under Section 54F of the Income Tax Act on the grounds that the assessee is not the exclusive owner of multiple residential properties occupied by other family members.The bench of Kavitha Rajagopal and Om Prakash Kant has observed that the joint ownership of the. The Mumbai Bench …

Tax Property Income Act Deduction Member Residential