Judgement:- The Income Tax Appellate Tribunal (ITAT) deleted the addition confirmed by the Lower Authorities without pointing any defect in the bank transfer and bank statement of the moneylender. Facts of the case:- The Assessee, M/s. Aarya Organic Foods & Ayurvedic Industries Pvt. Ltd. is a …
Judgement:- The Income Tax Appellate Tribunal (ITAT) Bangalore, held that the gain on sale of land is to be regarded as income under the head “capital gain” and is therefore entitled to all the deductions permissible while computing income under the head “Capital Gain”. Facts of …
The Income Tax Appellate Tribunal (ITAT), Mumbai Bench in a major relief to the Tata Trusts quashed the revised assessment order passed by the tax department. Facts of the case:- The Commissioner of Income Tax had taken a view that the Trusts may have violated the …
Judgement: The Delhi High Court held that the Assessing Officer (AO) wrongfully assumed the jurisdiction and passed the final assessment order without passing a draft assessment order. Facts of the case:- The respondent-assessee, Headstrong Services India Pvt. Ltd. a wholly-owned subsidiary of Headstrong Services LLC, USA, …
Judgement:- The Income Tax Appellate Tribunal (ITAT), Bangalore Bench held that the capital deduction is allowable for purchase of house property abroad. The assessee, Joseph K. Zachariah earned long term capital gain at Rs.10.18 Crores. Facts of the case:- The assessee has invested in the construction …
Judgement:- The Delhi High Court while ruling in favour of the assessee held that the ITAT is ought to set aside ex-parte order, irrespective of final order decided the appeal on merits. Facts of the case:- The Petitioner, M/s Kalra Papers Private Limited filed its Return …
Facts of the case:- The Income Tax Appellate Tribunal (ITAT), Delhi Bench held that CIT(A) cannot reject Appeal on technical grounds without giving an opportunity for Correction. The AO passed the ex-parte assessment order under section 147 or 144 of the Income Tax Act, 1961 and …
Judgement:- The Income Tax Appellate Tribunal (ITAT), Mumbai Bench held that no Tax is applicable on Compensation received for loss of Trees. Facts of the case: The assessee, M/s. Flower valley Agro Tech Pvt. Ltd. being resident corporate assessee is stated to be engaged in the …
Judgement:- The Income Tax Appellate Tribunal (ITAT), Mumbai Bench allowed the foreign tax credit to Amarchand & Mangaldas & Suresh A Shroff & Co. under Indo-Japanese tax treaty. Facts of the case:- The assessee, Amarchand & Mangaldas & Suresh A Shroff & Co. is one of …
The Income Tax Appellate Tribunal (ITAT) disallowed the depreciation on Non-Competition Fee. Facts of the case: The assessee, Fortis Hospitals Ltd. during the year under consideration acquired the Wockhardt Group of hospitals pursuant to an agreement entered into. The said agreement included payment of a non-compete …