Reopening Of Income Tax Assessments : Supreme Court Refuses To Interfere With Delhi High Court's Guidelines To Tax Dept.

Case Title: Asst. Commissioner Of Income Tax Versus Sabh Infrastructure Ltd.

The Supreme Court has refused to interfere with a 2017 Delhi High Court judgment which issued a set of guidelines to the Income Tax Department regarding the reopening of assessments.

TDS Under S.194-H Income Tax Act Won't Apply To Business Transactions Where Assessee Is Not Responsible For Paying Income : Supreme Court

In a significant development, the Supreme Court recently held that under Section 194-H of the Income Tax Act, 1961, cellular mobile service providers are not liable to deduct tax at source on income/profit component in payments received by their franchisees/distributors from third parties/customers.

Delhi High Court

AO Lacks Jurisdiction To Pass Draft Assessment Order In Absence Of " Any Variation In Income Or Loss ": Delhi High Court

The Delhi High Court has held that the AO, under Section 144C of the Income Tax Act, would have no jurisdiction to pass a draft assessment order in the absence of "any variation in the income or loss returned," which is prejudicial to the interest of the assessee.

Subscription To Legal Database Can't Be Construed Transfer Of Copyright, Subscription Fee Is Not Royalty: Delhi High Court

The Delhi High Court has held that subscription to legal databases cannot be construed as a transfer of copyright.

Bombay High Court

HSBC Bank Carrying On Bona Fide Banking Business In Mauritius Exempt From Tax In India: Bombay High Court

The Bombay High Court has held that HSBC Bank carrying on bona fide banking business in Mauritius is exempt from tax in India.

Income Tax Deduction Available On Excise Duty Claim As It Does Not Amount To Double Deduction: Bombay High Court

Case Title: M/s. Johnson and Johnson Ltd. Versus The Deputy Commissioner of Income Tax

The Bombay High Court has held that excise duty paid and included in the closing stock has to be claimed separately as a deduction; otherwise, the appellant would not be claiming the entire excise duty paid in the year of its payment.

AO Can't Take Recourse To Re-open Assessment To Remedy Error Resulting From His Oversight In Assessment Proceeding: Bombay High Court

The Bombay High Court has held that the assessing officer cannot take recourse to reopen the assessment to remedy the error resulting from his oversight in the assessment proceeding.

Legal Services Provided By Individual Advocate, Partnership Firm Of Advocates Exempted From Service Tax: Bombay High Court

The Bombay High Court has held that the service provided by an individual advocate, a partnership firm of advocates, by way of legal services is exempt from levy of service tax.

Share Premium Received By Issuance Of Shares Is On Capital Account And Gives Rise To No Income: Bombay High Court

Storage Tanks Does Not Qualify Either As Land Or As Building, TDS Deductible On Storage Charges: Bombay High Court

Case Title: The Commissioner of Income Tax (TDS) Versus M/s. B. Arunkumar Trading Ltd.

The Bombay High Court has held that the respondent (assessee) ought to have deducted tax under Section 194I of the Income Tax Act, 1961, from the storage charges paid by the assessee.

Bombay High Court Quashes Reassessment Notices Issued Against Godrej For Beyond Limitation Period

The Bombay High Court has quashed the reassessment notices issued against Godrej because the notice was issued beyond the limitation period.

Madras High Court

Madras High Court Quashes Assessment Proceedings Initiated In Violation Of Procedure Prescribed As Per Sec 144B

While holding that the draft assessment order suffers from non-application of mind, the Madras High Court sets aside the proceedings initiated in violation of procedure prescribed as per Section 144B(1)(vii) read with (xiv) and (xvi)(b) of the Income tax Act, 1961.

Allahabad High Court

Burden To Prove Escaped Assessment Lies On Assessing Authority: Allahabad High Court Quashes Reassessment Order Against Flipkart

Case Title: M/S Flipkart India Pvt. Ltd. Versus State Of U P And 4 Others

The Allahabad High Court has quashed the reassessment order against Flipkart and held that the burden to prove escaped assessment lies on assessing authority.

Provisions Of Section 148 Under Old Regime Including TOLA Can't Be Applied To New Regime: Calcutta High Court

Case Title: M/s Arati Marketing Pvt. Ltd. Vs Union of India & Ors.

The Calcutta High Court has held that if the provisions of the old regime of Section 148 of the Income Tax Act, including Taxation and other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020 (TOLA), are read into or applied to the new regime applicable from 01.04.2021, it would also necessarily mean that a provision repealed by the Parliament without any savings and exception clause is applied by the department even after its life has come to an end, which is clearly not permissible in law.

Jharkhand High Court

Jharkhand High Court Upholds Income Tax Addition On Failure To Prove Genuineness Of Creditors Who Gave Cash Loan

The Jharkhand High Court has upheld the income tax addition as the assessees have failed to prove the identity, creditworthiness, or genuineness of the creditors, who have given cash loans.

Gujarat High Court

Gujarat High Court Upholds Income Tax Department's Search and Seizure, Condemns Misconduct

The Gujarat High Court on Tuesday, upheld the search and seizures conducted by the Income Tax (I-T) department at a lawyer's residence and office last year over alleged income tax evasion as valid.

Karnataka High Court

After Amendment Mere Reason To Believe Can't Be Ground For Carrying Out Reassessment: Karnataka High Court

Case Title: Smt. Vasanthi Ramdas Pai Versus Income Tax Officer

The Karnataka High Court has held that the Assessing Officer has to be prima facie satisfied that there is “escapement of income”, unlike earlier law which permitted action based on mere reason to believe. Now mere reason to believe, cannot be a ground for carrying out assessment under section 147 of the Income Tax Act.

Jharkhand High Court

Three-Years Limitation Period For Tax Reassessment Assessment Notice on Concealed Income Below Rs. 50 Lakh: Jharkhand High Court

The Jharkhand High Court has held that any notice under Section 148 of the Income Tax Act, 1961, is normally three years from the end of the relevant assessment year and extendable beyond three years to 10 years, provided the income that has escaped assessment is Rs. 50,00,000 or more.

Rajasthan High Court

Time Of Accrual For Taxing Income Gets Postponed Till Adjudication Of Dispute By Civil Court: Rajasthan High Court Stays Demand Order

The Rajasthan High Court has stayed the penalty order and consequential demand notices passed under Section 270-A and Section 156 of the Income Tax Act, respectively.

ITAT

Discrepancies In Maintaining KYC Documentation Does Not Constitute Incriminating Material: ITAT Deletes Income Tax Addition

Case Title: Shri Renukamata Multi–State Co-operative Versus Asstt. Commissioner of Income Tax

The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) has held that income tax addition cannot be made for discrepancies in maintaining KYC documentation, account opening forms, and violation of society bye-laws.

Consequent Generation Of DIN Subsequently & Handwritten In Body Of Order, Will Not Satisfy Conditions Of CBDT Circular No.19/2019: Chennai ITAT

Case Title: Sutherland Global Services Inc verses ACIT

The Chennai ITAT held that the orders passed by the DRP in violation of CBDT Circular No.19/2019 dated Aug 14, 2019, and without allotment of a valid computer-generated Document Identification Number (DIN) in the body of such order is invalid, non-est and shall be deemed to have never been issued.

Depreciation Of Goodwill Acquired Pursuant To Slump Sale Under Business Transfer Agreement Is Allowable U/s 32(1): Mumbai ITAT

Case Title: Vodafone India Services Pvt Ltd verses DCIT

Emphasizing that although Section 32 of Income tax Act, 1961 was amended by the Finance Act, 2021 wherein it was stated that 'goodwill' is not an intangible asset eligible for depreciation was applicable prospectively with effect from AY 2021-22, the Mumbai ITAT held that claim of depreciation of goodwill acquired pursuant to slump sale under a Business transfer agreement is allowable under Section 32(1).

Comparable Need Selection As Per Correct Market Segment: Delhi ITAT Remits Matter Following Earlier Order

Relying on Co-ordinate bench ruling in assessee's own case for AY 2004-05 wherein assessee's additional evidences were admitted and matter was remanded back to TPO for fresh adjudication, the Delhi ITAT admitted the assessee's additional evidence application qua comparables selection for AY 2005-06 and 2006-07.

No Addition Permitted In Respect Of Sundry Creditors, Once Purchases & Payments By Taxpayer Not Disputed: Mumbai ITAT

On finding that payment and purchase made by the assessee is not disputed by AO, the Mumbai ITAT directed the AO to delete the addition on sundry creditors.

Receipts For Sale Distribution Of Cinematographic Films Is Not Royalty, Hence Not Liable For TDS Deduction U/S 194J: Mumbai ITAT

While clarifying that amount received for sale distribution or exhibition of cinematographic films would not fall under the domain of 'Royalty', the Mumbai ITAT deleted the demand/addition for non-deduction of TDS u/s 194J of the Income Tax Act, 1961.

Furnishing Inaccurate Claim Of Expenditure Would Not Amount To Giving Inaccurate Particulars Of Income: Mumbai ITAT Quashes Penalty

While quashing the appeal filed by Revenue against the order passed u/s 250 by the National Faceless Appeal Centre, the Mumbai ITAT upheld the order passed by Commissioner of Income Tax (A) to delete the order of penalty issued under section 270A of the Income Tax Act, 1961.

Creditworthiness Of Share Subscribers To Make Investment In Capital Of Taxpayer Company Not Disputed: Kolkata ITAT Deletes Addition U/s 68

Case Title: Ravindra K. Reshamwala verses Income Tax Officer

Case Title: Income-tax Officer verses M/s Aashna Developers Pvt Ltd.

On finding that expenses were incurred for the business purposes during the course of business, for which the assessee has submitted all basic details which was not cross verified by the AO, the Kolkata ITAT deleted the addition made by AO.

LTCG Not Eligible For Exemption U/s 10(38) If Claimed On Bogus Scrips: Ahmedabad ITAT

On finding the scrips as non-genuine and bogus, the Ahmedabad ITAT confirms the Assessing Officer's and CIT(A)'s decision for denying the LTCG exemption under Section 10(38) of the Income Tax Act, 1961.

No Adjustment If Margin Falls Within Tolerance Range Of (+/-) 5% As Per Sec 92CA: Mumbai ITAT

Finding that the margins of assessee company fell within the tolerance limit of +/-5% for AY 2005-06, the Mumbai ITAT deleted the ALP adjustments proposed by the TPO in ITEs as well as IT segments.

No Prima Facie Evidence To Prove Escapement: Delhi ITAT Quashes Reassessment Of Mauritian Entity

Noting that the case has been reopened just because the assessee, i.e., a Mauritian investment company had made foreign remittance which arose from the sale of investments and there is no prima facie evidence to prove escapement of income, which is a pre-requisite for initiating reopening, the Delhi ITAT quashes reassessment proceedings initiated against the assessee.

No Taxability Arises During Current Year If Taxpayer Has Only Repatriated Amounts Invested In Earlier Years: Delhi ITAT

Observing that the assessee has only repatriated the amounts invested in the earlier years and hence, no taxability arises during the year, the Delhi ITAT held that there is no escapement of income in the hands of assessee i.e., a Singaporean entity on repatriating Rs.203.56 Cr. arising from redemption of NCDs where Assessee did not file the ITR.

Capital Gains Tax Can Be Computed Separately Even In Case Of Consolidated Sale Of Land And Building, Confirms Rajkot ITAT

The Rajkot ITAT held that Assessing Officer has not erred in computing separate capital gains tax in respect of sale of land (being Long Term Capital Gains) and sale of building / super structure (being Short Term Capital Gains), even if the assessee had made a consolidated sale of both land and building, as part of the same agreement.

Interest Income Earned From Co-Operative/ Scheduled Bank Eligible For Deduction U/s 80P(2): Pune ITAT

Case Title: Kolhapur District Central Co-op Bank Kanista Sevakanchi Sahakar Pat Sanstha Ltd. verses ITO

Relying on decisions of Supreme Court and High Court, the Pune ITAT directed the AO to allow the deduction u/s 80P(2)(a)(i) and 80P(2)(d) of Income Tax Act, 1961 in respect of interest income earned from co-operative bank/scheduled bank.

Genuineness Of Company Is Not Dependent On Magnitude Of Profit: Kolkata ITAT Upholds Disallowance Of LTCG

The Kolkata ITAT confirmed the CIT(A)'s order upholding disallowance of claim of long-term capital gain exemption u/s 10(38) of Income tax Act, 1961 by stating that genuineness of the company is not dependent on the magnitude of profit.

Meagre Control Over Companies Transacting In Penny Stock Is No Basis To Question Source Of Source Of Income: Delhi ITAT

On not finding any substance in the conclusion of AO that the source of source of income is tainted, the Delhi ITAT confirms the deletion of addition made u/s 68 of Income Tax Act.

Sec 50C(1) Is Anti-Avoidance Provision To Prevent Evasion Of Tax By Showing Lesser Consideration, Reiterates Mumbai ITAT

While setting aside the order passed by CIT(A) and emphasizing on the safe harbour limit, the Mumbai ITAT held that the assessee is entitled to the benefit of Section 50C of Income Tax Act, 1961.

On finding that none of requirements of section 69 regarding source of investment stands fulfilled, the Mumbai ITAT upheld the order of CIT(A) deleting the addition made by AO under said provision.

Discrepancy In Stock Sufficient Enough For Addition U/s 69B: Rajkot ITAT Confirms Estimation Of Gross Profit

On finding that the AO has rightly estimated the gross profit after finding discrepancy in stock, the Rajkot ITAT confirmed the addition made u/s 69B of Income tax Act, 1961.

Taxpayer Deserves Opportunity To Furnish Additional Evidence If Critical To Issue, Before Completing Assessment U/s 144: Chandigarh ITAT

On finding lack of opportunities provided to Assessee and in interest of substantial justice, the Chandigarh ITAT remanded the matter to the file of CIT(A) to examine the matter of exemption u/s 10(23C) of the Income tax Act, 1961 afresh.

'On-Money' No Basis To Make Addition On Sale Of House Property Sans Absence Of Reference To DVO U/s 55A: Ahmedabad ITAT

On finding that the AO has failed to refer the case to District Valuation Officer u/s 55A of Income Tax Act 1961, the Ahmedabad ITAT deleted the addition made by AO on account of on-money received by the assessee on the sale of duplex pent house.

Charging Nominal Sum For Functioning Educational Institution Not Commercial Activity: Indore ITAT Directs For Registration U/s 12AB

While allowing the Assessee's appeal for registration u/s 12AB, the Indore ITAT held that mere charging a nominal amount for smooth functioning of educational institution and trust cannot called to be a part of commercial activity, and therefore, directed the CIT(E) to grant registration u/s 12AB of Income Tax Act, 1961.

Voluntary Disallowance Of Expense U/s 40(A)(ia) Is No Basis To Treat Taxpayer As 'Assessee In Default' U/s 201(1): Delhi ITAT

Case Title: ACIT verses Artemis Medicares Services Ltd

On finding that voluntary disallowance of expense u/s 40(a)(ia) of the Income Tax Act is not a ground to treat the assessee as 'assessee in default' u/s 201(1), the Delhi ITAT deleted the addition of chargeable interest u/s 201(1A) as well as the treatment of 'assessee in default' u/s 201(1).

Investment Expenditure In Subsidiary Was Incurred For Business Expediency: Delhi ITAT Deletes Addition U/s 37 Of I-T Act

On finding sufficient evidence for establishing that expenditure was incurred for business expediency, the Delhi ITAT deleted the addition made by AO u/s 36(1)(iii) and u/s 37 of the Income Tax Act, 1961.

Taxpayer Should Not Suffer For Non-Filing Of Material Evidences: Mumbai ITAT Admits Additional Evidence

Relying upon the decisions of the Co-ordinate Bench, the Mumbai ITAT upheld the decision of CIT(A) in deleting the addition made u/s 68 read with section 147 of the Income Tax Act, 1961.

Statutory Scheme Permits Allowance Of Deduction U/s 80P Only If It Is Made In Return Filed Within Time Prescribed U/s 139(1): Bangalore ITAT

On finding that failure on the part of assessee to comply with the pre-condition for obtaining the deduction cannot be condoned either by the statutory authorities or by the courts, the Bangalore ITAT ruled that the assessee is not eligible for deduction u/s. 80P of the Income Tax Act, 1961.

Loans Given By Co-Operative Banks To Their Nominal Members Qualify For Deduction U/s 80P(2)(A)(I), Reiterates Bangalore ITAT

While considering the definition of 'member' under the Kerala Act, as per which loans given to nominal members would qualify for purpose of deduction u/s 80P(2)(a)(i) of the Income Tax Act, 1961, the Bangalore ITAT directed the AO to grant relief to the assessee by allowing the claim of deduction under said provision.

Revisionary Authority Could Not Exercise Jurisdiction U/s 263 When Larger Issue Was Pending Before CIT(A): Chennai ITAT

The Chennai ITAT held that the impugned revision u/s 263 of the Income Tax Act, 1961, was bad-in-law and liable to be quashed, while pointing that when larger issue was pending before CIT(A), the revisionary authority could not exercise jurisdiction u/s 263.

Failure To Furnish Segmental Information U/s 92D By Diamond Trader Is No Basis To Levy Penalty U/s 271G: Mumbai ITAT

On finding that transfer pricing adjustment made in the Arm's Length Price to be erroneous, the Mumbai ITAT deleted the penalty u/s 271G of Income Tax Act, 1961 for non-furnishing of requisite information u/s 92D.

For Computing Presumptive Income U/s 44BB, Service Tax Collected For Rendering Services Does Not Form Part Of Gross Receipts: Kolkata ITAT

The Kolkata ITAT recently ruled that service tax is not an amount paid or received for the services rendered by it, when the assessee is only collecting the service tax for passing it on to the Government account.

Management Fee On ECB Partakes Character Of 'Interest' U/s 2(28A), Hence Exempt Under Art.11 Of Indo Germany DTAA: Delhi ITAT

Reassessment Proceedings Initiated On Account Of Change Of Opinion Merits To Be Quashed: Mumbai ITAT

Case Title: Deputy Commissioner of Income Tax Verses East West Pipeline Private Limited

While confirming the CIT(A)'s order quashing the reassessment order, the Mumbai ITAT held that the reassessment proceedings were initiated on account of change of opinion formed on re-appraisal of the facts already on record and examined during the regular assessment proceedings.

Mumbai ITAT Upholds Exemption Granted On LTCG Upon Sale Of Equity Shares Of Indian Entity Holding Valid TRC

The Mumbai ITAT upheld the exemption of long-term capital gain granted to the Assessee, holding a valid Tax Residency Certificate (TRC), under Article 13 of India-Mauritius DTAA, on sale of equity shares of an Indian company, acquired prior to April 01, 2017.

Taxpayer Cannot Be Denied Benefit Of Sec 80IB If Audit Report & Form 3CB Was Not Uploaded Due To Technical Glitch In E-Filing: Mumbai ITAT

While remanding the matter for fresh disposal of assessee's claim u/s 80IB of Income Tax Act, 1961 in the wake of new admissible evidence, the Mumbai ITAT directed the AO to consider the audit report u/s 44AB along with Form 3CB.

ITR Dues Claims Shall Stand Extinguished Upon Approval Of Resolution Plan If They Were Not Part Of RP, Reiterates Nagpur ITAT

Referring to the decision of Apex Court in the case of Ghanashyam Mishra And Sons vs. Edelweiss Asset Reconstruction (2021) 126 taxmann.com 132 (SC), the Nagpur ITAT found that all the claims are not part of the Resolution Plan and hence dismissed the appeal filed against the orders of National Faceless Appeal Centre.

Method Of Revenue Recognition Adopted By Taxpayer And ITO In Earlier & Later Years Cannot Be Disturbed Sans Any Modification: Ahmedabad ITAT

The Ahmedabad ITAT held that once a method of recognizing the revenue adopted by the assessee and accepted by the revenue in the earlier and later years, the same cannot be disturbed for the intervening year i.e. the year in dispute until and unless initial year is made subject to the modification.

Only Obvious & Patent Mistake Can Be Subjected To Rectification Proceedings U/s 154: Bangalore ITAT

Cash Deposit During Demonetization Can't Be Taxed As Unexplained U/S 69A If Source Is Explained: Ahmedabad ITAT

The Ahmedabad ITAT held that the AO as well as the CIT(A) was not right in making the addition of cash deposits amounting to Rs. 49,80,000/- in bank account during the demonetization period by invoking section 69A of the Income tax Act, as the assessee has fully explained the cash deposits and thus the same cannot be treated as unexplained money.

No Question Of Invoking Sec 201(1)/201(1A) if Taxpayer Has Deducted TDS At Appropriate Rates: Rajkot ITAT

Noting that assessee has also furnished tabular chart along with supporting documents to demonstrate that TDS at appropriate rates has been deducted on such trade discount / commission given to it's agents, the Rajkot ITAT held that assessee cannot be held as in default for not deducting TDS.

ITR Reflecting PAN, Bank Statement & Confirmation Of Creditors Duly Adduced: Delhi ITAT Deletes Addition Based On Unsecured Loan

On finding that AO has rejected the evidences furnished by the assessee relating to bank statement and confirmation of the creditors, without establishing any falsity in the same, the Delhi ITAT deleted the addition made by AO u/s 68 of the Income Tax Act, 1961.

Sec 68 Can Be Invoked Only If Taxpayer Fails To Explain Amount Found Credited In Its Books: Mumbai ITAT

Case Title: ITO verses M/s. WinstarEComPvt. Ltd

The Mumbai ITAT upheld the CIT(A)'s order to delete the addition made u/s 68 of the Income Tax Act, 1961 finding no unexplained cash credit in the books of assessee.

CIT(A) Merely Upholding AO's Action Without Considering Merits Of Case, Amounts To Non-Compliance Of Sec 250(6): Mumbai ITAT

In the interest of natural justice, the Mumbai ITAT restored the appeal of assessee back to the CIT with a direction to the assessee that as soon as the window is available for submission of details by the CIT(A), assessee must submit the detail within the prescribed time which is to be decided on merits of addition under section 56 (2) (x) (b) of the Income tax Act, 1961.

Nature Of Business Alone Is No Justification For Disallowance On Ad Hoc Basis, Without Pointing Any Deficiency In Books: New Delhi ITAT

On finding that without pointing out anything specific defect on wholesome basis, certain part of the expenses has been discarded on estimate basis, the New Delhi ITAT deleted the addition made by AO.

Merely Making Incorrect Claim Does Not Tantamount To Furnishing Inaccurate Particulars: Mumbai ITAT Deletes Penalty U/s 271(1)(C)

Referring to the decision of Apex Court in the case of CIT vs. Reliance Petro Products Pvt Ltd, the Mumbai ITAT reiterated that for the purpose of levying penalty, the provisions of the Income tax Act to be strictly covered and that merely making an incorrect claim does not tantamount to furnishing of inaccurate particulars.

A Trust Is Not Barred From Getting Approval U/S 80G In Future Because It Has Not Opted For It Previously: Kolkata ITAT

The Kolkata ITAT ruled that simply because a trust/charitable institution has not opted for getting benefits under the Income-tax Act, then such institution is not barred in future from applying from registration/approval under the relevant provisions.

Funds Received By Charitable Trust Under Swachh Bharat Abhiyan In Fiduciary Capacity Is Not Their Income: New Delhi ITAT

On finding that the assessee society is not the owner of the funds but holding the same in fiduciary capacity, the New Delhi ITAT upheld the CIT(A)'s decision in deleting the addition made by AO of the funds received by assessee under “Swach Bharat Abhiyan”.

Proviso To Sec 80IA(12) Applies Only In Case Of Transfer Of Operation & Maintenance Of Industrial Park, Clarifies Chennai ITAT

Referring to CBDT Circular no. 10/2014, the Chennai ITAT emphasized that if an undertaking is transferred to another undertaking other than by way of amalgamation and demerger and in other cases, the transferee undertaking shall be eligible for deduction for remaining unexpired period u/s 80IA(4)(iii) of the Income Tax Act.

Requirement Of 'Commencement Of Activity' Does Not Apply To Trusts Already Started Charitable Activity Before Obtaining Provisional Registration: Pune ITAT

Finding that the Assessee Trust had applied for registration within the time allowed under the Income Tax Act, the Pune ITAT directed the CIT(E) to treat the application being filed within statutory time after verifying assessee's eligibility for deduction u/s 80IA(4) as per act.

Profit Element Embedded In Unexplained Sales Can Only Be Treated As Undisclosed: Rajkot ITAT

While rejecting the estimation of profit at 12.5% deduced by AO on account of undisclosed sales, the Rajkot ITAT held that there has to be a reasonable basis for applying a particular net profit rate in each case.

Income Tax Not Payable On Services Rendered Abroad By Non-Resident Deputed By Indian Employer: ITAT

Case Title: Devi Dayal Versus The DCIT/ACIT

The Delhi Bench of Income Tax Appellate Tribunal (ITAT) has held that the income tax is not payable on services rendered abroad by non-residents deputed by Indian employers.

OYO Not Liable To Deduct TDS On Minimum Guarantee Payments Made To Hotels: ITAT

Case Title: M/s Oravel Stays Pvt Ltd. Versus The A.C.I.T

The Delhi Bench of Income Tax Appellate Tribunal (ITAT) has held that the assessee OYO is not liable for TDS under Section 194C of the Income Tax Act on the minimum guarantee payments made to hotels.

Stamp Value As On Date Of Agreement Of Sale Of Property Has To Be Considered For Applicability Of Section 56(2)(vii)(b): ITAT

Case Title: Shyamkumar Madhavdas Chugh Versus The ACIT

The Delhi Bench of Income Tax Appellate Tribunal (ITAT) has held that stamp value as on the date of agreement of sale of the property, in the year 2010 (i.e., Rs. 1.4 Cr), has to be considered for the applicability of Section 56(2)(vii)(b) of the Income Tax Act.

TDS Can't Be Isolatedly Taken In Any Assessment Year Without Offering Corresponding Income For Taxation: ITAT

Case Title: DCIT Versus Cicon Engineers Private Limited

The Bangalore Bench of the Income Tax Appellate Tribunal (ITAT) has held that the TDS cannot be isolatedly taken in any assessment year without offering the corresponding income for taxation.

Possession Of Transport Vehicles Is Sufficient Than Legal Ownership For S. 194C-TDS Exception: ITAT

The Jodhpur Bench of Income Tax Appellate Tribunal (ITAT) has held that the assessee, the legal owner, is not required to TDS under Section 194C, where a declaration under Section 194C(6) along with a PAN is obtained from the payees who are in possession of the vehicle, though they are not registered owners.

Notion Of Earning 90% Profit Is Unimaginable, Is Contractual Loot Under Guise Of Alleged Development Activities: ITAT

The Hyderabad Bench of Income Tax Appellate Tribunal (ITAT) has held that the notion of earning 90% profit is unimaginable and is contractual loot under the guise of alleged development activities.

Delivery Cost And Warranty Expenses Are Post Sales Activities Doesn't Form The Part Of AMP Expenditure For Amazon India: ITAT

The Bangalore Bench of Income Tax Appellate Tribunal (ITAT) has held that delivery costs and warranty expenses are not part of advertising, marketing, and promotion (AMP) expenditures.