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Rulings ( 15452 results )

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Income tax Appellate Tribunal

ITAT: Deletes addition u/s 56(2)(viib), holds Revenue not entitled to change share valuation method adopted by Assessee

  • In Favour of Assessee
  • Citation Number : TS-55-ITAT-2022(Bang)
  • Tax Payer : M/s. Fortigo Network Logistics Pvt. Ltd.
Foreign Court

FC: Korean Supreme Court holds profits attributable to PE should be assessed under functional analysis

  • In Favour of Assessee
  • Citation Number : TS-764-FC-2020(KOR)
  • Tax Payer : Holiday Leisure and Resorts Promotions Inc.
Income tax Appellate Tribunal

ITAT: Striking-off of lender company in later AY does not render loan taxable u/s 56(2)(vi)

  • In Favour of Assessee
  • Citation Number : TS-50-ITAT-2022(HYD)
  • Tax Payer : Hajeebu Venkata Seeta
Income tax Appellate Tribunal

ITAT: Alternative differential addition u/s 68 not tenable once addition made u/s 56(2)(viib) stands deleted

  • In Favour of Assessee
  • Citation Number : TS-39-ITAT-2022(HYD)
  • Tax Payer : Autozilla Solutions Pvt. Ltd
Income tax Appellate Tribunal

ITAT: Quashes revision where limited scrutiny broadly covered all aspects of assessment

  • In Favour of Assessee
  • Citation Number : TS-49-ITAT-2022(Mum)
  • Tax Payer : Concern India Foundation
Income tax Appellate Tribunal

ITAT: Quashes revisionary order for taxing cash deposits in super senior citizens' account for meeting routine personal expenses

  • In Favour of Assessee
  • Citation Number : TS-42-ITAT-2022(PUN)
  • Tax Payer : Shergil Harjit
Income tax Appellate Tribunal

ITAT: Rejects CIT(A)'s order holding Mumbai-based Co-operative Housing Society ineligible for deduction u/s 80P

  • In Favour of Assessee
  • Citation Number : TS-40-ITAT-2022(Mum)
  • Tax Payer : Walkeshwar Chandanbala Co Operative Housing Society Ltd
Income tax Appellate Tribunal

ITAT: Holds TDS proceedings against Mphasis time barred; Relies on Delhi HC NHK Japan ruling

  • In Favour of Assessee
  • Citation Number : TS-37-ITAT-2022(Bang)
  • Tax Payer : Mphasis Ltd
High Court

HC: Quashes notice u/s 148 issued to Lintas since based on material already available on record

  • In Favour of Assessee
  • Citation Number : TS-44-HC-2022(BOM)
  • Tax Payer : Lintas India Private Limited
High Court

HC: Upholds Single Judge's ruling on reassessment controversy; Holds Explanation under TOLA Notifications, unconstitutional

  • In Favour of Assessee
  • Citation Number : TS-48-HC-2022(RAJ)
  • Tax Payer : Sudesh Taneja
High Court

HC: Disapproves overlooking of Smif Securities & prior year's ITAT ruling in draft order for Mylan Labs

  • In Favour of Assessee
  • Citation Number : TS-46-HC-2022(TEL)
  • Tax Payer : Mylan Laboratories Limited
Income tax Appellate Tribunal

ITAT: Undertaking acquired under Slump Sale from sister concern not SDT; Deletes Sec 271AA penalty

  • In Favour of Assessee
  • Citation Number : TS-47-ITAT-2022(Ind)
  • Tax Payer : Ruchi J. Oil Pvt. Ltd
Supreme Court

SC: Dismisses Revenue's SLP; Upholds eligibility for benefit u/s 10B basis tests laid down in Textile Machinery SC ruling

  • In Favour of Assessee
  • Citation Number : TS-45-SC-2022
  • Tax Payer : Sociedade De Fomento Industrial Pvt. Ltd
Income tax Appellate Tribunal

ITAT: Holds reassessment proceedings against Tata Group's Trust, alleging escapement of over Rs.1000 Cr. income, devoid of tangible material

  • In Favour of Assessee
  • Citation Number : TS-38-ITAT-2022(Mum)
  • Tax Payer : Navajbhai Ratan Tata Trust
High Court

HC: Upholds remand in DIAL's case over deductibility of collection charges on Passenger Service Fee u/s 40(a)(ia)

  • In Favour of Revenue
  • Citation Number : TS-1197-HC-2021(KAR)
  • Tax Payer : Delhi International Airport Pvt. Ltd.
High Court

HC: Property acquired in spouse’s name, allowed for exemption u/s 54, cannot be construed as ‘own’ for barring exemption u/s 54F

  • In Favour of Assessee
  • Citation Number : TS-1196-HC-2021(KAR)
  • Tax Payer : Antony Parakal Kurian
Income tax Appellate Tribunal

ITAT: Deletes Rs.311 Cr addition u/s 68; Non-response to notices/summons, no ground to hold share application money as bogus

  • In Favour of Assessee
  • Citation Number : TS-33-ITAT-2022(HYD)
  • Tax Payer : Bramhani Industries Limited
Income tax Appellate Tribunal

ITAT: Reassessment beyond four years sans tangible material invalid; Finds computation of deduction u/s 10AA incorrect

  • In Favour of Assessee
  • Citation Number : TS-35-ITAT-2022(Mum)
  • Tax Payer : Advanced Enzyme Technologies Ltd
Income tax Appellate Tribunal

ITAT: Allows carry forward of earlier year’s deficit, holds Explanation 2 to Sec.10(23C) applicable from AY 2022-23

  • In Favour of Assessee
  • Citation Number : TS-34-ITAT-2022(Mum)
  • Tax Payer : UTI Institute of Capital Markets
Income tax Appellate Tribunal

ITAT: Deletes addition u/s 68 for cash deposits linked to sale of properties, unsubstantiated by sale deed

  • In Favour of Assessee
  • Citation Number : TS-1192-ITAT-2021(DEL)
  • Tax Payer : Fakruddin Ali Ahmed