It is Mandatory For AO To Determine The Arm’s Length Price (ALP): ITAT Mumbai
In the case of CLSA India Private Limited vs DCIT, ITAT Mumbai has held that: Section 92C(1) of the Act, contemplates that the arms length price in relation to an...
Only Presenting Of Documents & Making Payment Through Bank Does Not Justify The Genuineness Of Transaction: ITAT Delhi
In the case of ITO vs Synergy Finlease Pvt. Ltd, ITAT Delhi has held that: It is against the human probability that anyone will invest and pay share premium of...
Adoption Of Stamp Valuation As Sale consideration is Not Justified Without Any Evidence: ITAT Mumbai
In the case of Sir Mohd. Yusuf Trust vs ACIT, ITAT Mumbai has held that: The value adopted for the purpose of payment of stamp duty is not disputed by...
Tax Authorities Are Not Required To Put On Blinkers While Looking At Documents: ITAT Ahmedabad
In the case of Ashish Tandon vs ACIT, ITAT Ahmedabad has held that: “Coining of” the concept was in the course of the employment of the assessee, and, therefore, the...
Revaluation Of Asset Held By Partnership Firm Does Not Result in Capital Gain in The Hands Of Retiring Partner: ITAT Mumbai
In the case of D.S. Corporation vs ITO, ITAT Mumbai has held that: The partnership firm continued to exist even after the retirement of Smt. Hemlata Shetty and Shri Sudhakar...
Supreme Court’s Judgement On Recalling Of Order By ITAT Under The Income Tax Act
In the case of CIT vs Reliance Telecom Ltd., Supreme Court has held that: 1.) Feeling aggrieved and dissatisfied with the impugned common judgment and order dated 08.08.2017 passed by...
Time Limit Specified in Section 201(3) & (4) Of IT Act Does Not Apply To These Cases: ITAT Pune
In the case of Atlas Copco (India) Limited vs DCIT, ITAT Pune has held that: In our considered opinion, where the payments are made to the entities/persons other than the...
The Fact That Company is Loss-Making Does Not Mean That Shares Cannot Be Allotted At Premium: ITAT Delhi
In the case of India Today Online Pvt. Ltd vs ITO, ITAT Delhi has held that: Rule 11UA will apply only if option is exercised in sub-clause (i), but if...
Assessee is Entitled To Challenge The Correctness Of DVO’s Valuation Before CIT And Tribunal: ITAT Ahmedabad
In the case of Lovy Ranka vs DCIT, ITAT Ahmedabad has held that: It is sufficient, for our purposes, to take note of the fact that the provisions of Section...
Section 54F is A Beneficial Provision And Should Be Liberally Interpreted: ITAT Delhi
Kapil Kumar Agarwal vs DCIT, ITAT Delhi has held that: In J. R. Suhramanya Bhat (supra). Karnataka High Court noticed language of Section 54 which stipulated that the assessee should...
The Assessee Cannot Be Kept in Dark: ITAT Kolkata
In the case of Rashmi Metaliks Ltd vs DCIT, ITAT Kolkata has held that: It has to be kept in mind that the AO is empowered to collect materials behind...
ITAT Mumbai’s Judgement On Royalty When Payment is Made For Bandwith Services
In the case of DCIT vs Reliance Jio Infocomm Ltd, ITAT Mumbai has held that: The assessee pursuant to the terms of the “agreement‟ had only received standard facilities i.e...
Must Read: ITAT Mumbai’s Judgement On Disallowance of Bogus Purchases
In the case of V.R.Enterprises vs ITO, ITAT Mumbai has held that: The assessee was in possession of primary purchase documents and the payments to the suppliers was through banking...
Unusual & Sudden Spurt In Client Code Modifications Undertaken By Brokers Was With An Intention To Evade Taxes: ITAT Mumbai
In the case of Time Media & Entertainment LLP vs ITO, ITAT Mumbai has held that: It came to notice of the Revenue that in FY 2009-10 many brokers had...
There Is A Difference Between “Issue” Of Notice And “Service” Of Notice: ITAT Pune
In the case of Anil Kisanlal Marda vs ITO, ITAT Pune has held that: Section 27 provides that service by post shall be deemed to be effected by properly addressing,...
Damages Received For Breach Of Development Agreement Are Capital In Nature & Not Chargeable To Tax: ITAT Mumbai
In the case of Chheda Housing Development Corporation vs ACIT, ITAT Mumbai has held that: Despite the definition of the expression capital asset in the widest possible terms in section...
Bogus Share Capital Premium- The Test Of Human Probabilities Cannot Be Applied To Business Transactions: ITAT Bangalore
In the case of Janani Infrastructure Pvt. Ltd vs ACIT, ITAT Bangalore has held that: The share premium has been collected as per the understanding reached between both the parties....
The Fact That “Long-Term Capital Gains” On Listed Shares Are Exempt From Tax Does Not Mean That “Long-Term Capital Loss” On Such Shares Is Not Available For Set-Off Against Taxable Income: ITAT Kolkata
In the case of United Investments vs ACIT, ITAT Kolkata has held that: If one carefully analyzes various sub-sections of Section 10 then it is evident that each sub-section enlists...
Violations Of Tax Laws By New Assessees Occur Because Of Lack Of Proper Advice: ITAT Chandigarh
In the case of Asha Gandhi vs ITO, ITAT Chandigarh has held that: In my experience as a dispenser of Justice, I have noticed that generally the violations of tax...
If The Case Is Selected For Limited Scrutiny Of A Specific Issue, The AO Has No jurisdiction To Make Additions Or Disallowances On Other Issues: ITAT Chandigarh
In the case of Vijay Kumar vs ITO, ITAT Chandigarh has held that: The impugned additions have been made by the Assessing Officer on certain other issues, whereas, the case...
The Assessee Has The Option To Determine The Fair Market Value Of Shares Either Under The DCF Method Or The NAV Method: ITAT Mumbai
In the case of Narang Access Pvt. Ltd vs DCIT, ITAT Mumbai has held that: While valuing the share premium and to determine the fair market value of shares in...
The Valuation Of Shares Should Be Made On The Basis Of Various Factors And Not Merely On The Basis Of Financials: ITAT Delhi
In the case of India Convention and Culture Centre Pvt. Ltd vs ITO, ITAT Delhi has held that: As per the circle rate prescribed by the competent authority, the value...
The Fact That A Scam Has Taken Place In Some Penny Stocks Does Not Mean That All Transactions In Penny Stocks Can Be Regarded As Bogus: ITAT Mumbai
In the case of Vijayrattan Balkrishan Mittal vs DCIT, ITAT Mumbai has held that: In deciding whether the claim is genuine or not, the authorities have to be guided by...
The AO Cannot, After Conclusion of Proceedings u/s 147, Take Aid of Explanation 3 to Section 147 to Make Any Addition u/s 154
In the case of JDC Traders Pvt. Ltd vs. DCIT, ITAT Delhi has held that: If we accept the argument of the learned DR that u/s 154 of the Act,...
Mistake of Counsel May Be Taken Into Account in Condoning Delay: ITAT Amritsar
In the case of Bhagwati Colonizers Pvt. Ltd vs ITO, ITAT Amritsar has held that: When an assessee authorizes a counsel to appear on his behalf, such authorization is given...
The Legislative Intent is to Apply Section 56(2)(viib) Where Unaccounted Money Received in Garb of Share Premium
In the case of Clearview Healthcare P. Ltd vs ITO, ITAT Delhi has held that: Keeping in view of the facts and circumstances of the case and by applying the...
The Words “In India” Cannot be Read Into Section 54F When Parliament in Its Legislative Wisdom Has Deliberately Not Used the Words: ITAT Bangalore
In the case of Rajasugumar Subramani vs ITO, ITAT Bangalore has held that: Since the Tribunal has taken a view in similar set of facts, we find no justification to...
Amendment w.e.f. AY 2014-15 Will Not Apply to A Purchase Transaction of Immovable Property For Which Full Consideration is Paid Pre-Amendment: ITAT Ranchi
In the case of Bajrang Lal Naredi vs ITO, ITAT Ranchi has held that: It is not in dispute that purchase transactions of immovable property were carried out in FY...
HOW TO FILE AN APPEAL WITH INCOME TAX APPELLATE TRIBUNAL (ITAT) ??
How to File an Appeal with ITAT ?? Introduction ITAT i.e. Income Tax Appellate Tribunal is a quasi-judicial authority. It looks into litigation cases for the Direct Taxation Regime (i.e....
The Tendency to Perceive Delay As A Non-Serious Matter Should be Discouraged: ITAT Delhi
In the case of Boutique Hotels India (P) Ltd vs ACIT, ITAT Delhi has held that: It is not as if mistake of a legal advisor, however, gross and inexcusable,...