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Rulings ( 13453 results )

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Income tax Appellate Tribunal

ITAT: Sec. 271(1)(c) penalty leviable on failure to disclose capital gain income by non-resident; Remits matter

Jan 04, 2025
  • In Favour of Revenue
  • Citation Number : TS-961-ITAT-2024(CHNY)
  • Tax Payer : Rohitkumar Nemchand Piparia
Income tax Appellate Tribunal

ITAT: Deletes penalty for delayed tax audit report submission; Accepts Assessee’s improper professional advice plea

Jan 04, 2025
  • In Favour of Assessee
  • Citation Number : TS-963-ITAT-2024(COCH)
  • Tax Payer : Kulasekharapuram Service Co-operative Bank Ltd.
Income tax Appellate Tribunal

ITAT: 'Fradulently' earned income taxable, its recovery non-deductible; IT Dept. an 'enforcer', can't work in silos

Jan 03, 2025
  • In Favour of Revenue
  • Citation Number : TS-962-ITAT-2024(Ahd)
  • Tax Payer : Mukesh Rasiklal Shah
Income tax Appellate Tribunal

ITAT: Accountant's Valuation report discharges assessee's onus; Rule 11 UA computation sacrosanct, can't adopt other methods

Jan 03, 2025
  • In Favour of Assessee
  • Citation Number : TS-01-ITAT-2025(JODH)
  • Tax Payer : Patel Minerals Pvt. Ltd
Income tax Appellate Tribunal

ITAT: Directs CPC to recompute tax liability as education cess not leviable on tax rates under DTAA

Jan 03, 2025
  • In Favour of Assessee
  • Citation Number : TS-959-ITAT-2024(CHNY)
  • Tax Payer : Sankaranarayanan Ramasubramanian
Income tax Appellate Tribunal

ITAT: Private Discretionary Trust's interest in partnership firm is 'share', calls out tax evasion

Jan 03, 2025
  • In Favour of Revenue
  • Citation Number : TS-958-ITAT-2024(Bang)
  • Tax Payer : Buckeye Trust
Income tax Appellate Tribunal

ITAT: Assessee’s failure to prove Deloitte is ‘accountant’, leads to Sec. 10A deduction rejection

Jan 02, 2025
  • In Favour of Revenue
  • Citation Number : TS-957-ITAT-2024(CHNY)
  • Tax Payer : Future Software Private Limited
Income tax Appellate Tribunal

ITAT: Assessee’s foreign dividend income not ‘undisclosed’ asset; Deletes BMA addition

Jan 02, 2025
  • In Favour of Assessee
  • Citation Number : TS-956-ITAT-2024(Kol)
  • Tax Payer : Vikash Marda
High Court

HC: Payment towards leave encashment fund deductible on satisfaction of conditions u/s 43B

Jan 02, 2025
  • In Favour of Revenue
  • Citation Number : TS-955-HC-2024(HP)
  • Tax Payer : H.P. State Civil Supplies Corporation Ltd
Income tax Appellate Tribunal

ITAT: Shares allotted basis HC-approved amalgamation scheme not ‘transfer’ u/s 47(vii), renders Sec. 56(2) inapplicable

Jan 02, 2025
  • In Favour of Assessee
  • Citation Number : TS-954-ITAT-2024(Rjt)
  • Tax Payer : Rajoo Engineers Ltd
Income tax Appellate Tribunal

ITAT: Compensation received for Compulsory Retirement Services taxable as Salary u/s 17(3)(i)

Dec 31, 2024
  • In Favour of Revenue
  • Citation Number : TS-952-ITAT-2024(Bang)
  • Tax Payer : Shivabasappa Kariyappanavar
Income tax Appellate Tribunal

ITAT: Receipts from cloud-native machine data analytics solution, not FTS; Refers Coursera Inc. ruling

Dec 30, 2024
  • In Favour of Assessee
  • Citation Number : TS-951-ITAT-2024(DEL)
  • Tax Payer : Sumo Logic, Inc.
High Court

HC: Pr.CCIT not required to provide opportunity of hearing to taxpayer on High Pitched Assessments

Dec 30, 2024
  • In Favour of Assessee
  • Citation Number : TS-950-HC-2024(MAD)
  • Tax Payer : Bee Cee Fireworks Industries
High Court

HC: Condones 55 days’ delay holding wrong advice by Assessee’s counsel sufficient cause

Dec 30, 2024
  • In Favour of Assessee
  • Citation Number : TS-949-HC-2024(CHAT)
  • Tax Payer : Navodit Samaj Sevi Sanstha, Charama
Income tax Appellate Tribunal

ITAT: Quashes revision against Sec. 57 deduction; Expln 2 to Sec. 263 does not confer unchecked power for revision

Dec 28, 2024
  • In Favour of Assessee
  • Citation Number : TS-948-ITAT-2024(JODH)
  • Tax Payer : Rakesh Kumar Doshi
Income tax Appellate Tribunal

ITAT: Allows Sec. 80P deduction on interest income of cooperative society; Distinguishes Totgars Judgments

Dec 28, 2024
  • In Favour of Assessee
  • Citation Number : TS-944-ITAT-2024(COCH)
  • Tax Payer : Palakkad Service Cooperative Bank Ltd
Income tax Appellate Tribunal

ITAT: Quashes reassessment, sans disposal of Assessee’s objection on reassessment; Violative of GKN Driveshaft judgment

Dec 28, 2024
  • In Favour of Assessee
  • Citation Number : TS-945-ITAT-2024(Mum)
  • Tax Payer : UTI Asset Management Company Limited
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