ITAT
Capital Gain Exemption Can Be Availed Only When The New Asset Is Purchased In The Name Of The Assessee: ITAT
The Pune Bench of the Income Tax Appellate Tribunal (ITAT) has held that for availing the benefit of deduction under section 54F, the new asset shall be purchased in the name of the assessee.The two-member bench of S.S.Godara (Judicial Member) and Dipak P. Ripote (Accountant Member) has observed that section 54F does not say that the assessee shall invest in the new house, but it says...
ITAT Quashes Order Holding Air India An Assesssee In Default For Shortfall In Deduction Of TDS On Payments Made To Its Subsidiary
The Mumbai Bench of ITAT has ruled that Air India must be given the benefit of the Proviso to Section 201 (1) of the Income Tax Act, 1961 and hence, it cannot be considered as an assessee in default for shortfall in deduction of TDS on the payments made by it to its subsidiary - Air India Engineering Services Ltd. The Bench, consisting of Kavitha Rajagopal (Judicial Member)...
TPO Not Justified In Treating The Value Of International Transaction Of "Payment of Corporate IT Support Services" To Be Nil: ITAT
The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has observed that the TPO was not justified in treating the value of international transactions "Payment of Corporate IT Support Services" as NIL.The two-member bench headed by Pramod Kumar (Vice President) and Sandeep Singh Karhail (Judicial Member) has observed that no search was conducted to find out the independent entity in...
Loan Given To Shareholder For Consideration Beneficial To The Company Is Not A Deemed Dividend: ITAT
The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) has held that if a loan or advance is given to a shareholder as a consequence of any consideration which is beneficial to the company, in such a case, the advance or loan cannot be said to be a deemed dividend.The two-member bench of Astha Chandra (Judicial Member) and Anil Chaturvedi (Accountant Member) has observed that...
ITAT Holds Revisionary Order Passed Without Mentioning DIN As Invalid
The Kolkata Bench of the ITAT has quashed the revisionary order passed by the Income Tax Authority without quoting the Document Identification No. (DIN) in the said order, as required by the CBDT Circular No.19/2019, dated 14.08.2019. The Bench, consisting of Mr. Sanjay Garg (Judicial Member) and Mr. Girish Agrawal (Accountant Member), held that since the order passed by the...
Inland Haulage Charges Received By Shipping Companies Not Taxable As Business Profit: ITAT Mumbai
The Mumbai Bench of ITAT has reiterated that the activity of Inland Haulage is directly connected with the transportation of goods in international traffic and thus, Inland Haulage Charges are not taxable as business profit in India in view of Article 8 of the India-UAE DTAA (Double Taxation Avoidance Agreement). The Bench, consisting of Vikas Awasthy (Judicial Member) and...
Inland Haulage Charges Received By Shipping Companies Not Taxable As Business Profit: ITAT Mumbai
The Mumbai Bench of ITAT has reiterated that the activity of Inland Haulage is directly connected with the transportation of goods in international traffic and thus, Inland Haulage Charges are not taxable as business profit in India in view of Article 8 of the India-UAE DTAA (Double Taxation Avoidance Agreement). The Bench, consisting of Vikas Awasthy (Judicial Member) and...
Cash Deposit Of Firm Can't Be Added To Personal Income Of Partner Without Investigation: ITAT
The Amritsar Bench of the Income Tax Appellate Tribunal (ITAT), consisting of Anikesh Banerjee (Judicial Member) and Dr. M. L. Meena (Accountant Member), has held that the cash deposit of a firm can not be added to the personal income of the partner without investigation. The notice under section 148 of Income Tax Act was issued against the assessee on 15.03.2013. The assessee filed...
No Capital Gain Exemption On The Agriculture Land Purchased In The Name Of Assessee's Wife: ITAT
The Delhi Bench of the Income Tax Appellate Tribunal (ITAT)consisting of Saktijit Dey (Judicial Member) and B.R.R. Kumar (Accountant Member) has held that the agricultural land purchased by the assessee in the name of his wife is not eligible for deduction under section 54B of the Income Tax Act. The assessee filed a return declaring an income. The case was assessed by computing...
Completed Assessments Can Be Interfered With Only On The Basis Of Incriminating Material Unearthed During Course Of Search: ITAT
The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) has held that completed assessments could be interfered with by the AO while making an assessment under section 153A only on the basis of some incriminating material unearthed during the course of search. If in relation to any assessment year, no incriminating material was found, no addition or disallowance could be made in...
SBI Cannot Escape Tax Implication On Grounds Of Change Of Branch Manager: ITAT Refuses To Condone The Delay In Filing Appeal
The Bangalore Bench of the Income Tax Appellate Tribunal (ITAT)has refused to condone the delay in filing the appeal on the grounds that even during the period of COVID-19, the ITAT was functioning and banking facilities were provided by the State Bank of India (SBI).The two-member bench of George George K. (Judicial Member) and Laxmi Prasad Sahu (Accountant Member) has observed that...
Usage Of Telephone/Internet Is Done For Official Purposes : ITAT Deletes Disallowance
The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) has deleted the disallowance on the grounds that the usage of telephone/internet is done for official purposes only. The two-member bench of Astha Chandra (Judicial Member) and Anil Chaturvedi (Accountant Member) held that all telephones are either installed at office premises or used by officers and employees of...