ITAT
Indian Chamber Of Commerce Entitled To Claim Exemption In Respect Of Receipts From Seminars And Conferences: ITAT
The Kolkata Bench of the Income Tax Appellate Tribunal (ITAT) has held that the Indian Chamber of Commerce (ICC) is entitled to claim exemption in respect of its entire receipts.The bench of Rajesh Kumar (Accountant Member) 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...
ITAT Deletes Addition Of Unexplained Investment In Stock Valuation Difference
The Chennai Bench of Income Tax Appellate Tribunal (ITAT) has deleted the addition of unexplained investment in stock as a difference in the valuation of stock.The bench of Mahavir Singh (Vice President) and Manjunatha. G. (Accountant Member) has observed that the assessee has declared additional income towards excess stock found during the course of the survey, and the assessee has explained...
Information Found In Pen Drive/Laptop Of Employees Can't Be Considered As Credible Evidence Without Corroborative Evidence: ITAT
The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) has held that the information found in the pen drive or laptop of employees cannot be considered credible evidence unless it has been corroborated with any other evidence.The bench of Pavan Kumar Gadale (Judicial Member) and B.R. Baskaran (Accountant Member) has rejected the capitation fee addition against the appellant/assessee made on...
2023 Annual Digest Of Direct Tax Cases: ITAT
Bogus Long-Term Capital Gains From Transaction In Penny Stocks: ITAT Upholds AdditionCase Title: Hemil Subhashbhai Shah Versus DCIT The Ahmedabad Bench of the Income Tax Appellate Tribunal (ITAT) has upheld the addition of bogus long-term capital gains from transactions in penny stocks. Gift From Family Members Do Not Require Any Special Occasion: ITAT Deletes...
There Cannot Be Sale Without Purchase: ITAT Deletes Addition
The Delhi Bench of Income Tax Appellate Tribunal (ITAT) has deleted the addition made by the AO as there cannot be a sale without a purchase.The bench of Saktijit Dey (Vice President) and Pradip Kumar Kedia (Accountant Member) has observed that the exclusion of purchases from the trading results is not permissible without corresponding exclusion of the sales in such trading activity for...
Tax Cases Monthly Round Up: December 2023
Delhi High Court High-End KPO Services Provider Can't Be Compared With ITeS, Which Is BPO Services Provider: Delhi High Court Case Title: PCIT Versus Future First Info. Services Pvt. Ltd. Citation: 2023 LiveLaw (Del) 1301 The Delhi High Court has held that the high-end knowledge process outsourcing (KPO) services provider cannot be compared with the information...
Tax Cases Weekly Round-Up: 24 To 30 December, 2023
Delhi High Court Refund Application Could Not Be Uploaded Due To Technical Glitches, Refund Can't Be Denied: Delhi High Court Citation: 2023 LiveLaw (Del) 1351 Case Title: M/S Sethi Sons (India) Versus Assistant Commissioner And Ors. The Delhi High Court has held that the refund application was filed twice on the GST portal but could not be uploaded due to...
ITAT Deletes Additions Against Unsuspecting Investor In A 'Penny Stock' To Make Quick Profit
The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) has held that the assessee was an unsuspecting investor who transacted in a 'penny stock' with a view to earning a quick profit, and since his involvement in any dubious transaction relating to price rigging or connection with exit providers could not be shown, the transaction could not be treated as a 'pre-arranged' one even if there...
ITAT Deletes S. 68 Addition Towards Cash Receipts Subsequently Converted Into Sale Of Jewellery
The Chennai Bench of Income Tax Appellate Tribunal (ITAT) has deleted the addition under Section 68 of the Income Tax Act towards cash receipts, which were subsequently converted into the sale of jewellery.The bench of Mahavir Singh (Vice President) and Manjunatha. G (Accountant Member) has observed that there cannot be any reason for uniform sales on all days, months, or years. There may...
Sponsorship Amount Made By IOCL To Global Cricket Corporation Is Not Royalty: ITAT
The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) has held that the sponsorship amount made by Indian Oil Corporation Limited (IOCL) to Global Cricket Corporation (GCC) is not royalty.The bench of Vikas Awasthy (Judicial Member) and Gagan Goyal (Accountant Member) has observed that since the payments made to GCC and Nimbus Sports International are not taxable in India, there is no need...
Non-Mentioning Of DIN On Body Of Assessment Order Is Non-Est: ITAT
The Chandigarh Bench of Income Tax Appellate Tribunal (ITAT) has held that the non-mentioning of the Director Identification Number (DIN) on the body of the assessment order is non-est.The bench of Aakash Deep Jain (Vice President) and Vikram Singh Yadav (Accountant Member) has observed that there is no mention of DIN in the body of the assessment order, and even there is no mention of...
Tax Cases Weekly Round-Up: 17 To 23 December, 2023
Delhi High Court High-End KPO Services Provider Can't Be Compared With ITeS, Which Is BPO Services Provider: Delhi High Court Case Title: PCIT Versus Future First Info. Services Pvt. Ltd. Citation: 2023 LiveLaw (Del) 1301 The Delhi High Court has held that the high-end knowledge process outsourcing (KPO) services provider cannot be compared with...