IT Exemption To Defence Personnel Invalidated From Service Due To Disability: ITAT Rejects Revenue's Contention

The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) has held that income tax exemption shall be available to Defence Forces personnel who have been invalidated from service on account of bodily disability while in service.The two-member bench of Chandra Mohan Garg (Judicial Member) has deleted the addition made by the A.O. on account of disability pension not exempt from tax as...

Tax Cases Weekly Round-Up: 9 October To 15 October, 2022

Supreme court Supreme Court Directs Andhra Pradesh To Transfer To Jharkhand CST Collected From Tata Motors In Respect To Sale To APSRTC Case Title: Tata Motors Limited Versus Central Sales Tax Appellate Authority & Others Citation: 2022 LiveLaw (SC) 847 The Supreme Court has directed the state of Andhra Pradesh to transfer to Jharkhand the amount of central...

Cess Received By Trust From Milk Societies, Against Sales Made , Not Voluntary; Can't Be " Corpus Donation": ITAT

The Ahmedabad Bench of the Income Tax Appellate Tribunal (ITAT) has ruled that the Cess received by a trust from the milk supplying societies, against the sales made by them to the Cooperative Milk Producers Union, cannot qualify as a "Corpus Donation" under the Income Tax Act, 1961, since they are not voluntary in nature. The Bench of Siddhartha Nautiyal (Judicial Member) and...

Advertisers And Target Audience Are Outside India - Equalisation Levy Not Applicable On Google Ads: ITAT

The Jaipur Bench of the Income Tax Appellate Tribunal (ITAT) has held that an equalisation levy is not payable on advertising payments where advertisers or the target audience are located outside India.The two-member bench of Dr. S. Seethalakshmi (Judicial Member) and Rathod Kamlesh Jayantbhai (Accountant Member) have observed that when the intention of the levy is related to the...

ITAT Allows Deduction On Credit Facilities Given By Co-operative Society To Its Members

The Ahmedabad Bench of the Income Tax Appellate Tribunal (ITAT) has allowed the deduction under Section 80P of the Income Tax Act on the credit facilities given by the co-operative society to its members as they were directly related to the business while deriving interest.According to the two-member bench of Suchitra Kamble (Judicial Member) and Waseem Ahmed (Accountant Member),...

TDS Provisions Not Applicable To Commission Paid To Bank: ITAT

The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) has held that TDS provisions are not applicable to commissions paid to banks.The two-member bench of Saktijit Dey (Judicial Member) and Dr B.R.R. Kumar (Accountant Member) has observed that commission paid to partners is not covered under Section 194H of the Income Tax Act as there is no employer and employee or...

Extracts of Land Revenue Records, Not Sufficient Evidence To Prove Agricultural Activity: ITAT

The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has upheld that the assessee is against the addition made on account of short-term capital gains by treating the land as a capital asset.The two-member bench headed by Pramod Kumar (Vice President) and Sandeep Singh Karhail (Judicial Member) has observed that apart from the purchase and sale deeds of conveyance and 7/12 extracts...

ITAT Allows 60% Depreciation On ATM machines As Applicable To Computer Software

The Chennai Bench of the Income Tax Appellate Tribunal (ITAT) has allowed the 60% depreciation on ATM machines as applicable to computer software.The two-member bench of Sonjoy Sharma (Judicial Member) and G. Manjunatha (Accountant Member) has observed that once the assessee is entitled to 60% of depreciation on ATM machines, the Assessing Officer has to work out the depreciation right from...

Self-Certified Copies Of Documents Are Sufficient For Claiming Exemption Under Section 12AA of the Income Tax Act: ITAT

The Jaipur Bench of the Income Tax Appellate Tribunal (ITAT) has held that the self-certified copies of documents are sufficient for the purpose of claiming exemption under section 12AA of the Income Tax Act.The two-member bench of Dr.S. Seethalakshmi (Judicial Member) and Rathod Kamlesh Jayantbhai (Accountant Member) have observed that CIT(E) has erroneously passed the order without...

ITAT Disallows Cost of improvement As Assessee Did Not Produce Supporting Bills, Vouchers, Source Of Funds

The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has disallowed the cost of improvement as the assessee failed to produce supporting bills, vouchers, sources of funds, etc.The two-member bench of Sandeep Singh Karhail (Judicial Member) and Om Prakash Kant (Accountant Member) noted that the claim of the assessee was denied by the lower authorities in the absence of proof with regard...

ITAT Allows Deduction To ICICI Bank On Interest Expense On Perpetual Bonds

The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has allowed ICICI Bank the deduction on interest expense on perpetual bonds.The two-member bench of Kavitha Rajagopal (Judicial Member) and Amarjit Singh (Accountant Member) has observed that merely that RBI recognises treating the said debt instruments as additional tier/capital would not change the nature of Innovative Perpetual...

Income From Operating And Maintaining IT Park To Be Assessed Under "Income from Business": ITAT

The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has held that the income from operating and maintaining an IT park is to be assessed under the head "Income from Business".The two-member bench of Vikas Awasthy (Judicial Member) and M. Balaganesh (Accountant Member) has observed that the income from letting out the premises/developing space along with other facilities in an...