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Reasonable Cause Excludes Operation Of Sec 271D: Bangalore ITAT Deletes Penalty
5 months, 3 weeks ago

Reasonable Cause Excludes Operation Of Sec 271D: Bangalore ITAT Deletes Penalty

Live Law  

The Bangalore ITAT held that that Revenue Department cannot adopt the tactics of pick and choose while assessing the citizens of India, as it would be violative of Article 14 of the Constitution. Hence the ITAT deleted the penalty levied by AO u/s 271D on assessee for receiving excessive cash in contravention of taxation statute, upon sale of property. Section …

Tax Penalty Cause Act Bench Itat His Return
Once Cash Deposits In Bank A/C Of Lender Firm Is Accepted As Coming From Explained Sources, No addition Is Permitted U/s 68 As Unsecured Loan: Delhi ITAT
7 months ago

Once Cash Deposits In Bank A/C Of Lender Firm Is Accepted As Coming From Explained Sources, No addition Is Permitted U/s 68 As Unsecured Loan: Delhi ITAT

Live Law  

The Delhi ITAT deleted the addition made u/s 68 being unsecured loan obtained from a firm by the Assessee for further investment in a company on the ground that the identity, creditworthiness, and genuineness of the transaction stands proved. Finding that lender firm's AO did not find anything alarming with regard to cash deposits made in its bank account and …

Bank Loan Firm Bench Account Cash Deposits
Ascertained Liability Can't Be Added Back As Per Clause (C) Of Explanation-1 To Sec 115JB(2): Mumbai ITAT
7 months, 3 weeks ago

Ascertained Liability Can't Be Added Back As Per Clause (C) Of Explanation-1 To Sec 115JB(2): Mumbai ITAT

Live Law  

On finding that the liability of payment to Core SGF by the assessee is ascertained, the Mumbai ITAT held that it cannot be added back as per clause of Explanation-1 to section 115JB of the Income Tax Act. The Bench of the ITAT comprising of Aby T. Varkey and S Rifaur Rahman observed that “in assessee's own case for AY …

Liability Tribunal Contribution Sec Core Bench Itat
Section 54F Does Not Envisage That Sale Consideration Obtained From Original Capital Asset Is Mandatorily Utilized For Meeting Cost Of New Asset: Delhi ITAT
7 months, 3 weeks ago

Section 54F Does Not Envisage That Sale Consideration Obtained From Original Capital Asset Is Mandatorily Utilized For Meeting Cost Of New Asset: Delhi ITAT

Live Law  

While allowing deduction u/s 54 of the Income tax Act, the New Delhi ITAT explained that under the light of section 54, exemption of capital gain from being charged to income tax as income of the previous year is attracted when another residential house has been purchased within one year before or two years after the date of transfer or …

Construction Properties Sale Capital Cost House Bench
Time Barred Appeal Is Not Maintainable In Absence Of Sufficient Cause For Condonation: Vishakhapatnam ITAT
7 months, 3 weeks ago

Time Barred Appeal Is Not Maintainable In Absence Of Sufficient Cause For Condonation: Vishakhapatnam ITAT

Live Law  

On finding that the assessee had neither substantiated his case before the Tribunal or before the CIT, the Visakhapatnam ITAT rejected the condonation and dismissed the appeal filed by the assessee in-limine. The Bench of the ITAT comprising of Duvvuru Rl Reddy and S Balakrishnan observed that “Even though the CIT and the Tribunal has given sufficient time to file …

Appeal Tribunal Bench Itat Assessee
Commission Expenses Can Be Allowed If Taxpayer Satisfies Rendering Of Services By Commission Agents And Income From Same Is Shown In Return: Mumbai ITAT
8 months, 1 week ago

Commission Expenses Can Be Allowed If Taxpayer Satisfies Rendering Of Services By Commission Agents And Income From Same Is Shown In Return: Mumbai ITAT

Live Law  

While deleting the addition made u/s 68 of the Income Tax Act, the Mumbai ITAT directed the assessee to file the details of the services rendered by the commission agents for availing the commission payment from the assessee. The ITAT clarified that if the assessee satisfies the AO about the services rendered by these commission agents and that they had …

Services Income Commission Bench Agents Expenditure 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
No Addition U/S 69 Is Permitted Without Examining & Finding Fault In Cash Book Produced By Taxpayer: Delhi ITAT
8 months, 3 weeks ago

No Addition U/S 69 Is Permitted Without Examining & Finding Fault In Cash Book Produced By Taxpayer: Delhi ITAT

Live Law  

On finding that the CIT has failed to examine the cash book presented by the assessee, the New Delhi ITAT deleted the addition sustained by CIT u/s 69 of the Income Tax Act. The Bench of the ITAT comprising of Yogesh Kumar U.S. and N. K. Billaiya observed that “The assessee having been produced the cash book and explained the …

Search Book Bench Cash Itat Assessee Cash Book
Taxpayer Must Substantiate Form 26AS Or Form 16 So As To Claim Credit Over TDS: Mumbai ITAT
8 months, 3 weeks ago

Taxpayer Must Substantiate Form 26AS Or Form 16 So As To Claim Credit Over TDS: Mumbai ITAT

Live Law  

While remanding the case back for re-adjudication, the Mumbai ITAT held that the prima facie onus would be upon the Assessee to substantiate its claim of non-granting of TDS credit, by providing relevant documents, such as an appointment letter, salary slips or Form No.16 or bank statements, or any other corroborative evidence/ documents. The Bench of the ITAT comprising of …

Salary Form Bench Employer Tds Itat Assessee
Payment From Google Towards Marketing & Distribution Rights Of AdWords Is Not Royalty, Clarifies Bangalore ITAT
8 months, 3 weeks ago

Payment From Google Towards Marketing & Distribution Rights Of AdWords Is Not Royalty, Clarifies Bangalore ITAT

Live Law  

Following the Coordinate Bench ruling in ITA No.2845/Bang/2017, wherein it was held that the payment made by Google India to assessee was not in the nature of royalty/ FTS and consequently it could not be brought to tax in the hands of assessee, the Bangalore ITAT ruled that amount received by Google Ireland from Google India towards marketing & distribution …

India Tax Google Bench Gil Itat Assessee
Trading Income From Sale Of Scrips Can't Be Conferred As 'Unaccounted Income' If Trading Activity Is Not Disputed At Any Time: Ahmedabad ITAT
9 months ago

Trading Income From Sale Of Scrips Can't Be Conferred As 'Unaccounted Income' If Trading Activity Is Not Disputed At Any Time: Ahmedabad ITAT

Live Law  

On finding that AO as well as the CIT was not right in making/confirming the addition on account of unaccounted business income, the Ahmedabad ITAT deleted the addition made by AO under the Income Tax Act, 1961. In response to the said notice, the assessee did not file the required details as mentioned in the assessment order, but the assessee …

Trading Income Bench Account Details Itat Assessee
Rights Held By Taxpayer As Confirming Party In Sale Deed Is Capital Asset As Per Sec 2(14) And Liable For LTCG: Ahmedabad ITAT
9 months ago

Rights Held By Taxpayer As Confirming Party In Sale Deed Is Capital Asset As Per Sec 2(14) And Liable For LTCG: Ahmedabad ITAT

Live Law  

On finding no infirmity in the order passed by the CIT, the Ahmedabad ITAT confirmed that rights held by the assessee as a Confirming Party in the Sale Deed is a capital asset within the meaning of Section 2 and liable for LTCG and the assessee is also eligible to claim deduction u/s. in legal prospective.” As per the brief …

Sale Capital Sec Bench Itat Assessee Deduction U
Penalty Imposed U/s 271A On Wrongful Consideration Of Facts Merits To Be Deleted: Jaipur ITAT
9 months, 1 week ago

Penalty Imposed U/s 271A On Wrongful Consideration Of Facts Merits To Be Deleted: Jaipur ITAT

Live Law  

On finding that the CIT has not rebutted the contention that the assessee was dealing in share investment and not in the business activities, the Jaipur ITAT deleted the penalty imposed u/s 271A of the Income Tax Act. The Bench comprising of Sandep Gosain and Dr. M. L. Meena observed that, “when the assessee has filed a return on account …

Bench Account Itat Assessee Section 44Aa
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
Interest & Dividend Derived By One Cooperative Society From Its Investment Held With Another One Is Eligible For Deduction U/s 80P(2)(D): Pune ITAT
9 months, 1 week ago

Interest & Dividend Derived By One Cooperative Society From Its Investment Held With Another One Is Eligible For Deduction U/s 80P(2)(D): Pune ITAT

Live Law  

On finding that the views adopted by the tax authorities are not in conformity with legal position and binding judicial precedents, the Pune ITAT set-aside the impugned order passed by the AO and reversed the denial of deduction u/s 80P of the Income Tax Act, 1961. The Bench of the ITAT comprising of Partha Sarathi Choudhury and G. D. Padmahshali …

Society Investment Income Interest Dividend Cooperative Bench
Form No. 68 Could Not Be Uploaded Due To Error; Mumbai ITAT Directs AO To Redecide On Application For Immunity From Penalty U/s 270AA
9 months, 1 week ago

Form No. 68 Could Not Be Uploaded Due To Error; Mumbai ITAT Directs AO To Redecide On Application For Immunity From Penalty U/s 270AA

Live Law  

On finding that no opportunity of hearing was provided to the assessee before rejecting its application for immunity from penalty, the Mumbai ITAT set-aside the whole issue back to the file of the AO to decide the issue of availability of immunity from imposition of penalty u/s 270AA of the Income Tax Act, 1961. Even in filing form number 68 …

Mumbai Penalty Application Order Income Number Form
Once Safe Harbour Rule Of 5% Is Held As Applicable, No Addition Can Be Made By Invoking Sec 50C, Reiterates Kolkata ITAT
9 months, 1 week ago

Once Safe Harbour Rule Of 5% Is Held As Applicable, No Addition Can Be Made By Invoking Sec 50C, Reiterates Kolkata ITAT

Live Law  

On finding that CIT was justified in adopting the valuation given by the DVO and has rightly considered the safe harbour rule of 5% as per third proviso to section 50C of the Income Tax Act, 1961, the Kolkata ITAT upheld the CIT's decision to delete the addition made under the head of “Capital gains”. The Bench of the ITAT …

Sec Bench Valuation Itat Dvo Safe Harbour Rule
Retracted Statement Of Person Without Any Nexus With Taxpayer Can't Form Basis For Addition U/s 69A: Mumbai ITAT
9 months, 1 week ago

Retracted Statement Of Person Without Any Nexus With Taxpayer Can't Form Basis For Addition U/s 69A: Mumbai ITAT

Live Law  

The Mumbai ITAT deleted the addition made by AO u/s 69A of the Income Tax Act, 1961, on finding that retracted statement of the person representing the said firm, who otherwise neither named nor specified the role and also not connected the assessee specifically. Further, as per Assessee's claim, the mobile number noted in said diary is even otherwise do …

Income Statement Firm Bench His Statement Assessee Diary
Taxpayer Is Entitled To Deduction On Capital Gains U/s 54 Once It Satisfies Conditions Prescribed By Said Provision: Mumbai ITAT
9 months, 1 week ago

Taxpayer Is Entitled To Deduction On Capital Gains U/s 54 Once It Satisfies Conditions Prescribed By Said Provision: Mumbai ITAT

Live Law  

While overturning the findings of CIT that the assessee does not satisfy the condition laid down u/s 54 of the Income tax Act, 1961 for claiming deduction, the Mumbai ITAT directed the AO to re-compute the capital gains, if any, after allowing deduction u/s 54 as claimed by the assessee. In view of the aforesaid, we overturn the findings returned …

Tax Sale Capital Payment Flat Bench Purchase
Cash Deposits By Members Of Society During Demonetization Not Verified In Absence Of PAN & KYC: Bangalore ITAT Asks To Reconsider Relief U/s 80P(2)(A)
9 months, 1 week ago

Cash Deposits By Members Of Society During Demonetization Not Verified In Absence Of PAN & KYC: Bangalore ITAT Asks To Reconsider Relief U/s 80P(2)(A)

Live Law  

The Bangalore ITAT set aside the order passed by CIT for providing relief u/s 80P and 115BBE of Income Tax Act, 1961 and redirect the case back to the file of AO for reconsideration of the genuineness of the deposit during demonetization by the assessee. The Bench of the ITAT comprising Madhumita Roy and Chandra Poojari observed that, “the PAN …

Bench Deposit Itat Assessee Reconsider Relief
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
CIT(A) Merely Upholding AO's Action Without Considering Merits Of Case, Amounts To Non-Compliance Of Sec 250(6): Mumbai ITAT
10 months, 2 weeks ago

CIT(A) Merely Upholding AO's Action Without Considering Merits Of Case, Amounts To Non-Compliance Of Sec 250(6): Mumbai ITAT

Live Law  

In the interest of natural justice, the Mumbai ITAT restored the appeal of assessee back to the CIT with a direction to the assessee that as soon as the window is available for submission of details by the CIT, assessee must submit the detail within the prescribed time which is to be decided on merits of addition under section 56 …

Appeal Property Value Sec Bench Itat Assessee
Sec 68 Can Be Invoked Only If Taxpayer Fails To Explain Amount Found Credited In Its Books: Mumbai ITAT
10 months, 2 weeks ago

Sec 68 Can Be Invoked Only If Taxpayer Fails To Explain Amount Found Credited In Its Books: Mumbai ITAT

Live Law  

The Mumbai ITAT upheld the CIT's order to delete the addition made u/s 68 of the Income Tax Act, 1961 finding no unexplained cash credit in the books of assessee. The Bench of Pavan Kumar Gadale and Prashant Maharishi observed that, “It is not disputed that the assessee has not received any share application money in the financial year 2011-12 …

Credit Money Application Share Received Bench Itat
No Question Of Invoking Sec 201(1)/201(1A) if Taxpayer Has Deducted TDS At Appropriate Rates: Rajkot ITAT
10 months, 2 weeks ago

No Question Of Invoking Sec 201(1)/201(1A) if Taxpayer Has Deducted TDS At Appropriate Rates: Rajkot ITAT

Live Law  

Noting that assessee has also furnished tabular chart along with supporting documents to demonstrate that TDS at appropriate rates has been deducted on such trade discount / commission given to it's agents, the Rajkot ITAT held that assessee cannot be held as in default for not deducting TDS. The Division Bench of Waseem Ahmed & Siddhartha Nautiyal observed that “the …

Held Rates Bench Tds Itat Assessee Ita