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Rulings ( 13225 results )

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Income tax Appellate Tribunal

ITAT: Accumulated amount 'utilised' for main objects, Sec.11(3)(a) r.w. Sec.11(3)(i) applies; Directs AO to reduce addition

Jan 29, 2025
  • In Favour of Assessee
  • Citation Number : TS-59-ITAT-2025(Mum)
  • Tax Payer : Asia Society India Centre
Income tax Appellate Tribunal

ITAT: Enhanced compensation on land acquisition, interest taxable u/s 56(2)(viii) r.w.s 145B(1), upholds Sec.263 order

Jan 29, 2025
  • In Favour of Revenue
  • Citation Number : TS-58-ITAT-2025(DEL)
  • Tax Payer : Kanta Rani Yadav
High Court

HC: Sale consideration to Bangalore Devt. Auth., subject to TDS u/s 194IA; Upholds demand for interest & late fee

Jan 28, 2025
  • In Favour of Revenue
  • Citation Number : TS-57-HC-2025(KAR)
  • Tax Payer : Basavaraj Gurusiddappa Sindhur
High Court

HC: No interference warranted in Settlement Commission's order, Court not required to go in merits of order

Jan 28, 2025
  • In Favour of Assessee
  • Citation Number : TS-56-HC-2025(GUJ)
  • Tax Payer : Navinchandra Dalpatlal Mehta & Anr
Income tax Appellate Tribunal

ITAT: Upholds CIT(A) order levying penalty u/s 271B, affirms no ‘reasonable cause’ u/s 273B

Jan 27, 2025
  • In Favour of Revenue
  • Citation Number : TS-55-ITAT-2025(SUR)
  • Tax Payer : Pristine Jewellery
High Court

HC: Proceedings against deceased legal representatives null & void, statutory time limit expired

Jan 27, 2025
  • In Favour of Assessee
  • Citation Number : TS-54-HC-2025(KAR)
  • Tax Payer : Preethi V
Income tax Appellate Tribunal

ITAT: Disallowance u/s 36(1)(iii) unsustainable on interest free funds, proven commercial expediency

Jan 25, 2025
  • In Favour of Assessee
  • Citation Number : TS-53-ITAT-2025(Mum)
  • Tax Payer : T Bhimjyani Realty Private Ltd
Income tax Appellate Tribunal

ITAT: Allows MakeMyTrip’s appeal against revision order disallowing ESOP expenditure

Jan 25, 2025
  • In Favour of Assessee
  • Citation Number : TS-49-ITAT-2025(DEL)
  • Tax Payer : Make My Trip (India) Private Limited
Income tax Appellate Tribunal

ITAT: No addition u/s 2(24)(iv), credit card expenditure suo moto disallowed by Company u/s 37(1); Violates double taxation principle

Jan 25, 2025
  • In Favour of Assessee
  • Citation Number : TS-47-ITAT-2025(CHNY)
  • Tax Payer : Mecca Rafeeque Ahmed
Income tax Appellate Tribunal

ITAT: Directs CIT(E) to grant registration u/s 12AB, despite inadvertent procedural error in filing application

Jan 25, 2025
  • In Favour of Assessee
  • Citation Number : TS-51-ITAT-2025(CHNY)
  • Tax Payer : ARREDS Trust
High Court

HC: Interest u/s 234B & 234C not chargeable on tax liability determined under MAT; Follows Mangalore Refinery

Jan 25, 2025
  • In Favour of Assessee
  • Citation Number : TS-48-HC-2025(BOM)
  • Tax Payer : Reliance Industries Ltd
High Court

HC: Directs CBDT to modify utilities for filing return, for assessees to make Sec. 87A rebate claim

Jan 24, 2025
  • In Favour of Assessee
  • Citation Number : TS-50-HC-2025(BOM)
  • Tax Payer : The Chamber of Tax Consultants
Income tax Appellate Tribunal

ITAT: Rules on Mauritius DTAA eligibility vis-a-vis grandfathering, rejects Revenue’s chess move on loss set-off

Jan 24, 2025
  • In Favour of Assessee
  • Citation Number : TS-46-ITAT-2025(Mum)
  • Tax Payer : TVF Fund Ltd
Supreme Court

SC: Disposes Assessee's SLP against HC order, offense u/s 51(1) of BMA; Grants liberty to avail statutory remedy

Jan 23, 2025
  • In Favour of Assessee
  • Citation Number : TS-44-SC-2025
  • Tax Payer : Sanjay Bhandari
Income tax Appellate Tribunal

ITAT: Holds ‘reasonable cause’ for violation u/s 269T, deletes penalty u/s 271E

Jan 23, 2025
  • In Favour of Assessee
  • Citation Number : TS-45-ITAT-2025(PUN)
  • Tax Payer : Nilons Enterprises Pvt. Ltd
Income tax Appellate Tribunal

ITAT: Assessment order framed on incorrect assumption & lack of enquiry, upholds PCIT order u/s 263

Jan 23, 2025
  • In Favour of Revenue
  • Citation Number : TS-43-ITAT-2025(Ahd)
  • Tax Payer : Shreeji Associates
Income tax Appellate Tribunal

ITAT: Disagreement on income treatment, not tantamounts to furnishing inaccurate particulars; Deletes penalty

Jan 23, 2025
  • In Favour of Assessee
  • Citation Number : TS-42-ITAT-2025(Mum)
  • Tax Payer : Rothshield Insurance TPA Ltd
Income tax Appellate Tribunal

ITAT: Reassessment notice approved by CIT(IT) instead Pr. CCIT u/s 151(ii), invalid; Quashes reassessment

Jan 22, 2025
  • In Favour of Assessee
  • Citation Number : TS-41-ITAT-2025(Mum)
  • Tax Payer : Davos International Fund
Income tax Appellate Tribunal

ITAT: Income taxed in hands of beneficiaries, not assessable again in hands of Trust

Jan 22, 2025
  • In Favour of Assessee
  • Citation Number : TS-40-ITAT-2025(Mum)
  • Tax Payer : Punit Deora Trust
High Court

HC: Profits from sale of shares treated as business income, not STCG u/s 111A

Jan 21, 2025
  • In Favour of Revenue
  • Citation Number : TS-979-HC-2024(MAD)
  • Tax Payer : First Choice Professional Services Private Limited