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Rulings ( 12939 results )

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Income tax Appellate Tribunal

ITAT: Absence of explanation for charging excess share premium, taxable u/s 56(2)(viib)

Nov 26, 2024
  • In Favour of Revenue
  • Citation Number : TS-863-ITAT-2024(Ahd)
  • Tax Payer : Parasmani Gems Pvt Ltd
High Court

HC: Pending review petition with SC, partakes character of pending proceedings under DTVSV Act

Nov 26, 2024
  • In Favour of Assessee
  • Citation Number : TS-862-HC-2024(DEL)
  • Tax Payer : NRA Iron and Steel Pvt. Ltd.
Income tax Appellate Tribunal

ITAT: No tangible material or failure on part of taxpayer, mere change of opinion, reassessment u/s 147 invalid

Nov 25, 2024
  • In Favour of Assessee
  • Citation Number : TS-861-ITAT-2024(Mum)
  • Tax Payer : The Hongkong and Shangai Banking Corporation Limited
Income tax Appellate Tribunal

ITAT: No make available clause satisfied under Article 12(4), India-US DTAA on sale of copyrighted article

Nov 23, 2024
  • In Favour of Assessee
  • Citation Number : TS-851-ITAT-2024(DEL)
  • Tax Payer : DigiCert Inc
Income tax Appellate Tribunal

ITAT: Arbitration award for breach of contractual obligation, business income; Not taxable sans PE

Nov 23, 2024
  • In Favour of Assessee
  • Citation Number : TS-857-ITAT-2024(DEL)
  • Tax Payer : Fujitsu Ltd
High Court

HC: Quashes reassessment, investor not in sham transaction, no intelligible nexus between reasons & belief

Nov 23, 2024
  • In Favour of Assessee
  • Citation Number : TS-859-HC-2024(MAD)
  • Tax Payer : Spencer and Company Limited
Income tax Appellate Tribunal

ITAT: Denial of FTC unsustainable, procedural compliance stands satisfied by submission of Form 67

Nov 23, 2024
  • In Favour of Assessee
  • Citation Number : TS-860-ITAT-2024(Kol)
  • Tax Payer : Neetu Agarwal
High Court

HC: Reassessment initiated u/s 147 valid even if jurisdictional condition u/s 153C unsatisfied

Nov 22, 2024
  • In Favour of Revenue
  • Citation Number : TS-856-HC-2024(DEL)
  • Tax Payer : NAVEEN KUMAR GUPTA
High Court

HC: Allows business loss holding the same to be genuine and not a sham transaction

Nov 22, 2024
  • In Favour of Assessee
  • Citation Number : TS-855-HC-2024(DEL)
  • Tax Payer : G-TEKT INDIA PVT. LTD.
Income tax Appellate Tribunal

ITAT: No penalty u/s 271D leviable as no violation of provisions of Section 269SS

Nov 21, 2024
  • In Favour of Assessee
  • Citation Number : TS-854-ITAT-2024(DDN)
  • Tax Payer : Uttarakhand Enterprises Ltd
Supreme Court

SC: Dismisses Revenue’s SLP on the issue of validity of jurisdiction u/s 153C

Nov 20, 2024
  • In Favour of Assessee
  • Citation Number : TS-834-SC-2024
  • Tax Payer : Himalaya Drug Company
Income tax Appellate Tribunal

ITAT: Repairs & maintenance services of aircraft equipment not FTS, make available not satisfied

Nov 20, 2024
  • In Favour of Assessee
  • Citation Number : TS-853-ITAT-2024(DEL)
  • Tax Payer : Rockwell Collins Southeast Asia Pte Ltd
Income tax Appellate Tribunal

ITAT: Eligible for TDS credit in AY 2008-09 although corresponding income offered in previous AY

Nov 20, 2024
  • In Favour of Assessee
  • Citation Number : TS-852-ITAT-2024(Ahd)
  • Tax Payer : Suzlon Energy Ltd
Supreme Court

SC: Dismisses Revenue’s SLP on invocation of penalty against SBI; Affirms Karnataka HC in Manjunatha Cotton

Nov 20, 2024
  • In Favour of Assessee
  • Citation Number : TS-850-SC-2024
  • Tax Payer : State Bank of India
High Court

HC: Receipts towards co-marketing agreement resulting in surrender of patent & trademark, capital receipts

Nov 19, 2024
  • In Favour of Assessee
  • Citation Number : TS-848-HC-2024(TEL)
  • Tax Payer : Satiofi Healthcare
Income tax Appellate Tribunal

ITAT: Broker not counter party, an intermediary between clients & NSEL, TDS u/s 194A not applicable

Nov 19, 2024
  • In Favour of Assessee
  • Citation Number : TS-847-ITAT-2024(Mum)
  • Tax Payer : Anand Rathi Commodities Limited
Income tax Appellate Tribunal

ITAT: Receipts earned from incidental activity not business income, entitled Sec. 11 exemption

Nov 18, 2024
  • In Favour of Assessee
  • Citation Number : TS-846-ITAT-2024(Mum)
  • Tax Payer : St. Joseph’s Education and Medical Relief Society
Supreme Court

SC: Quashes reassessment proceedings stemming from sale-cum-gift between mother & son; Sec. 50C inapplicable

Nov 18, 2024
  • In Favour of Assessee
  • Citation Number : TS-845-SC-2024
  • Tax Payer : MAHENDRA GALA
Income tax Appellate Tribunal

ITAT: Reassessment u/s 148 sans proper reasons, invalid; Independent investigation of unsecured loans by AO mandatory.

Nov 16, 2024
  • In Favour of Assessee
  • Citation Number : TS-844-ITAT-2024(DEL)
  • Tax Payer : R.N. Khemka Enterprises Private Ltd.
Income tax Appellate Tribunal

ITAT: Allows Sec.80P deduction on interest income of cooperative society; Follows Mavilayi Service Co-op Bank ruling

Nov 16, 2024
  • In Favour of Assessee
  • Citation Number : TS-843-ITAT-2024(PAN)
  • Tax Payer : Shri Arihant Credit Souhard Sahakari Ltd.