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3 days, 10 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

4 days, 16 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

1 week 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

1 week, 1 day 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, 6 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

3 weeks, 1 day 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

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, 1 week 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

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

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, 3 weeks ago

AO Can't Disregard ITAT's Direction To Re-examine Issue By Referring To CBDT Circular: Delhi High Court

Live Law

The Delhi High Court has held that the assessing officer cannot disregard the direction of the Income Tax Appellate Tribunal to re-examine the issue by referring to the circular issued by the Central Board of Direct Taxes.The bench of Justice Yashwant Varma and Justice Ravinder Dudeja has observed that since the additional grounds had come to be accepted by the …

Tax Court Delhi High Court Income Direction Tribunal Issue

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

4 months, 3 weeks ago

Bank Charges & Bank Guarantee Charges Wrongly Included As Interest: ITAT

Live Law

The Delhi Bench of Income Tax Appellate Tribunal has held that bank charges and bank guarantee charges do not partake in the character of interest and had been wrongly included as interest while making disallowance under section 14A of the Income Tax Act.The bench of G.S.Pannu and Kul Bharat has observed that the assessee had disallowed the. The Delhi Bench …

Tax Bank Income Interest Charges Itat Guarantee

4 months, 3 weeks ago

Long Term Capital Gain On Sale Of Shares By Mauritius Company Is Not Liable To Be Taxed In India: ITAT

Live Law

The Delhi Bench of Income Tax Appellate Tribunal has held that long-term capital gain on sale of shares by Mauritius Company is not liable to be taxed in India.The bench of Vikas Awasthy and Naveen Chandra has observed that the assessee had claimed long-term capital gains arising from the sale of shares as exempt from tax in light of Article …

India Tax Sale Capital Company Mauritius Shares

4 months, 4 weeks ago

ITAT Allows Depreciation Claim On Non Compete Fee, Deletes Penalty

Live Law

The Delhi Bench of Income Tax Appellate Tribunal has allowed the claim of depreciation on non-competing fees.The bench of Yogesh Kumar U.S. and Pradip Kumar Kedia has deleted the penalty imposed pursuant to the addition of Rs. 21,89,970 made on account of disallowance of depreciation on noncompeting fees.The assessment order came to be passed. The bench of Yogesh Kumar U.S. …

Penalty Order Fee Account Itat Assessee Cit

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

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Articles for Itat, search results for tax

Income Tax Appellate Tribunal organises silver jubilee celebrations for Visakhapatnam Bench

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

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

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

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

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

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)

AO Can't Disregard ITAT's Direction To Re-examine Issue By Referring To CBDT Circular: Delhi High Court

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

Bank Charges & Bank Guarantee Charges Wrongly Included As Interest: ITAT

Long Term Capital Gain On Sale Of Shares By Mauritius Company Is Not Liable To Be Taxed In India: ITAT

ITAT Allows Depreciation Claim On Non Compete Fee, Deletes Penalty

ITAT Weekly Round-Up: 14 To 20 July 2024