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Rulings ( 12936 results )

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Income tax Appellate Tribunal

ITAT: Loss on forex loan repayment for business expansion allowable u/s 37(1); Rejects Sec. 43A plea

Dec 28, 2024
  • In Favour of Assessee
  • Citation Number : TS-947-ITAT-2024(CHNY)
  • Tax Payer : Sundram Fasteners Ltd
Income tax Appellate Tribunal

ITAT: Allows transfer expenses for computation of capital gains on slump sale u/s 48 r.w.s 50B

Dec 27, 2024
  • In Favour of Assessee
  • Citation Number : TS-946-ITAT-2024(Mum)
  • Tax Payer : Larsen and Toubro Ltd
Income tax Appellate Tribunal

ITAT: Upholds claim of Sec. 36(1)(vii) deduction, reserve bears no connection to Sec. 36(1)(viia)

Dec 26, 2024
  • In Favour of Assessee
  • Citation Number : TS-943-ITAT-2024(Rjt)
  • Tax Payer : Jivan Commercial Co-operative Bank Ltd
High Court

HC: Assessee entitled to Sec. 10(38) exemption, although LTCG not considered u/s 115JB

Dec 26, 2024
  • In Favour of Assessee
  • Citation Number : TS-942-HC-2024(DEL)
  • Tax Payer : Hespera Reality Pvt. Ltd
Income tax Appellate Tribunal

ITAT: Quashes reassessment order passed u/s 147 r.w.s 144 &144B, invalid sanction u/s 151

Dec 26, 2024
  • In Favour of Assessee
  • Citation Number : TS-941-ITAT-2024(RAI)
  • Tax Payer : Keshri Rice Industries
Income tax Appellate Tribunal

ITAT: Deletes disallowance u/s 40(a)(ia), e-commerce & Assessee relationship on principal-to-principal basis

Dec 24, 2024
  • In Favour of Assessee
  • Citation Number : TS-940-ITAT-2024(JPR)
  • Tax Payer : Nikhil Sharma
Income tax Appellate Tribunal

ITAT: Washout charges is business income, not speculative income, not exigible to tax sans existence of PE

Dec 24, 2024
  • In Favour of Assessee
  • Citation Number : TS-939-ITAT-2024(DEL)
  • Tax Payer : Cargill International Trading Pte Ltd
High Court

HC: Allows broken period interest; Deprecates Revenue, directs AOs to follow judicial discipline

Dec 24, 2024
  • In Favour of Assessee
  • Citation Number : TS-938-HC-2024(BOM)
  • Tax Payer : Bank of India
High Court

HC: Quashes assessment; Limitation u/s 147 expired as per first proviso below Explanation 1 u/s 153

Dec 24, 2024
  • In Favour of Assessee
  • Citation Number : TS-937-HC-2024(BOM)
  • Tax Payer : Wavy Construction LLP
High Court

HC: Sets aside Form No.3 under DTVSV Act 2020, no authority to reopen concluded settlement

Dec 23, 2024
  • In Favour of Assessee
  • Citation Number : TS-936-HC-2024(DEL)
  • Tax Payer : S A N Garments Manufacturing Private Limited
High Court

HC: Commissioner required to condone application for delay in filing Form 9A u/s 119(2)(b)

Dec 23, 2024
  • In Favour of Assessee
  • Citation Number : TS-935-HC-2024(BOM)
  • Tax Payer : Nav Chetna Charitable Trust
High Court

HC: Funds earmarked for specific purpose, not surplus; Interest earned hence not IoS

Dec 23, 2024
  • In Favour of Assessee
  • Citation Number : TS-934-HC-2024(DEL)
  • Tax Payer : International Coal Ventures Pvt. Ltd
High Court

HC: Madras HC holds JAO, FAO have concurrent jurisdiction; Procedural, 'curable' error won't vitiate proceedings

Dec 21, 2024
  • In Favour of Revenue
  • Citation Number : TS-933-HC-2024(MAD)
  • Tax Payer : Mark Studio India Private Limited
Income tax Appellate Tribunal

ITAT: Allows Sec. 80IA deduction on ‘market value’ of rail system development; Follows Jindal Steel & Power

Dec 21, 2024
  • In Favour of Assessee
  • Citation Number : TS-932-ITAT-2024(Mum)
  • Tax Payer : Prism Johnson Limited
Income tax Appellate Tribunal

ITAT: Denies Sec. 11 exemption, delay in filing return u/s 139(4) deadline; Remits back for denovo adjudication

Dec 21, 2024
  • In Favour of Revenue
  • Citation Number : TS-931-ITAT-2024(DEL)
  • Tax Payer : Army Wives Welfare Association
Income tax Appellate Tribunal

ITAT: Deletes addition on capital advance refund; Assessee discharged primary onus, despite disparity in receiver & payer

Dec 21, 2024
  • In Favour of Assessee
  • Citation Number : TS-930-ITAT-2024(Ahd)
  • Tax Payer : Flourish Purefoods Pvt. Ltd.
Income tax Appellate Tribunal

ITAT: Dismisses Revenue’s appeal having low tax effect, in view of CBDT’s revised monitory limit of Rs. 60 Lacs

Dec 21, 2024
  • In Favour of Assessee
  • Citation Number : TS-915-ITAT-2024(Mum)
  • Tax Payer : Bennett Property Holdings Company Limited
High Court

HC: Sec. 150 invocation not tenable, no finding or direction by Courts, initiation of reassessment unwarranted

Dec 20, 2024
  • In Favour of Assessee
  • Citation Number : TS-929-HC-2024(DEL)
  • Tax Payer : CAPITAL POWER SYSTEMS LTD
Income tax Appellate Tribunal

ITAT: Valuation by DCF method acceptable, deletes addition u/s 56(2)(viib)

Dec 20, 2024
  • In Favour of Assessee
  • Citation Number : TS-927-ITAT-2024(Mum)
  • Tax Payer : Shaha Finlease Private Limited
Income tax Appellate Tribunal

ITAT: Advertisement space purchased from third party not taxable under Article 12(3) of India-Singapore DTAA

Dec 20, 2024
  • In Favour of Assessee
  • Citation Number : TS-926-ITAT-2024(DEL)
  • Tax Payer : Criteo Singapore Pte. Ltd