Income Tax Appellate Tribunal Case Commentaries

Interest on Delayed Receivables as Separate International Transaction: A New Precedent in Transfer Pricing

Date: Jun 25, 2022

Interest on Delayed Receivables as Separate International Transaction: A New Precedent in Transfer Pricing Introduction The case of M/s. Outsourcepartners International Private Limited, Bangalore v....

ITAT Amritsar Establishes Jurisdictional Precedent Under Section 12A for Charitable Trusts

Date: Jun 23, 2022

ITAT Amritsar Establishes Jurisdictional Precedent Under Section 12A for Charitable Trusts Introduction The case of Dera Baba Bhai Gurdas Ji Udasin Trust (Regd), Mansa v. Income Tax Officer...

Assessment of Outstanding Receivables in Transfer Pricing: ITAT Delhi's Ruling in DCIT v. Iqor India Services Pvt. Ltd.

Date: Jun 23, 2022

Assessment of Outstanding Receivables in Transfer Pricing: ITAT Delhi's Ruling in DCIT v. Iqor India Services Pvt. Ltd. Introduction The case of Deputy Commissioner Of Income Tax, Circle 12(2) New...

Exclusion of Excise Duty Exemption from Book Profit under Section 115JB Established

Date: Jun 22, 2022

Exclusion of Excise Duty Exemption from Book Profit under Section 115JB Established Introduction The case of Greenply Industries Limited, Tinsukia v. Assistant Commissioner of Income Tax,...

Limitation on Addition of Bogus Purchases Based on Gross Profit Margin in Trader Businesses

Date: Jun 21, 2022

Limitation on Addition of Bogus Purchases Based on Gross Profit Margin in Trader Businesses Introduction The case of M/s. Shivam Construction Co., Panvel v. Deputy Commissioner of Income Tax...

Strict Enforcement of Time Limits for Appeal Filing under Section 263 of the Income Tax Act: ITAT's Stance in Prerti Madhok v. ITO, Chennai

Date: Jun 18, 2022

Strict Enforcement of Time Limits for Appeal Filing under Section 263 of the Income Tax Act: ITAT's Stance in Prerti Madhok v. ITO, Chennai Introduction The case of Prerti Madhok v. Income Tax...

Chemicon Engineering Consultant Pvt Ltd v. Assistant Commissioner of Income Tax: A Landmark Decision on Section 68 and 56(2)(viib)

Date: Jun 18, 2022

Chemicon Engineering Consultant Pvt Ltd v. Assistant Commissioner of Income Tax: A Landmark Decision on Section 68 and 56(2)(viib) Introduction The case of Chemicon Engineering Consultant Pvt Ltd.,...

ITAT Mumbai Upholds Reliance on Retraction of Section 132(4) Statements and Limits Disallowance Under Section 14A to Exempt Income

Date: Jun 18, 2022

ITAT Mumbai Upholds Reliance on Retraction of Section 132(4) Statements and Limits Disallowance Under Section 14A to Exempt Income Introduction The case of Asstt. Commissioner of Income-tax, Central...

Mandatory Jurisdictional Compliance for Notices Under Section 143(2): Insights from ITAT Patna's Decision in Mateshwari Construction vs. ACIT

Date: Jun 17, 2022

Mandatory Jurisdictional Compliance for Notices Under Section 143(2): Insights from ITAT Patna's Decision in Mateshwari Construction vs. ACIT Introduction The judgment in Mateshwari Construction,...

ITAT Chennai Establishes Strict Criteria for Deductions under Section 36(1)(viii) and Disallowances under Section 14A in Sundaram BNP Paribas Home Finance Ltd. Vs. DCIT

Date: Jun 16, 2022

ITAT Chennai Establishes Strict Criteria for Deductions under Section 36(1)(viii) and Disallowances under Section 14A in Sundaram BNP Paribas Home Finance Ltd. Vs. DCIT Introduction The case of...

ITA Ahmedabad Upholds Legitimacy of LTCG Claims in Penny Stock Transactions - A Landmark Judgment

Date: Jun 16, 2022

ITA Ahmedabad Upholds Legitimacy of LTCG Claims in Penny Stock Transactions - A Landmark Judgment Introduction In the landmark case of The Income Tax Appellate Tribunal (ITA) Ahmedabad Bench, the...

Income Tax Appellate Tribunal's Landmark Ruling on Section 80-IC Deductions: Classic Binding Industries v. DCIT

Date: Jun 15, 2022

Income Tax Appellate Tribunal's Landmark Ruling on Section 80-IC Deductions: Classic Binding Industries v. DCIT, Circle, Parwanoo Introduction The appellate case of M/s Classic Binding Industries,...

ITA Chandigarh Upholds Assessee's Rights: Deletion of Bogus Long Term Capital Gains under Section 68

Date: Jun 15, 2022

ITA Chandigarh Upholds Assessee's Rights: Deletion of Bogus Long Term Capital Gains under Section 68 Introduction The case of Sh. Jatinder Kumar Jain v. Income Tax Officer, Ward 2(4), Ludhiana,...

ITAT Mumbai Rules Brokers Not Liable for TDS under Section 195 in Reinsurance Transactions

Date: Jun 14, 2022

ITAT Mumbai Rules Brokers Not Liable for TDS under Section 195 in Reinsurance Transactions Introduction The case of M/s International Reinsurance and Insurance Consultancy & Broking Services Pvt....

Tribunal Sets Precedent on Cash Deposits During Demonetization: Reversal of Section 69A Additions

Date: Jun 11, 2022

Tribunal Sets Precedent on Cash Deposits During Demonetization: Reversal of Section 69A Additions Introduction The case of Lateef Abdul Mohammed v. Income Tax Officers, Ward 7(1), Hyderabad...

Tribunal Deletes Protective and Substantive Additions in Sonam Gems Pvt. Ltd. vs. Assistant Commissioner of Income Tax: Implications for Double Taxation and Consistency in Commission Income Assessment

Date: Jun 10, 2022

Tribunal Deletes Protective and Substantive Additions in Sonam Gems Pvt. Ltd. vs. Assistant Commissioner of Income Tax: Implications for Double Taxation and Consistency in Commission Income...

Zeta Interactive Systems v. Income Tax Officer: Insights into Transfer Pricing and Comparable Selection

Date: Jun 8, 2022

Zeta Interactive Systems v. Income Tax Officer: Insights into Transfer Pricing and Comparable Selection Introduction The case of Zeta Interactive Systems (India) Private Limited, Hyderabad v. Income...

Substantial Justice Over Technicalities: Condonation of Delay in Income Tax Appeals – IMAM SYED ABDUL KAMAL NAZAR vs ITO, Chennai

Date: Jun 3, 2022

Substantial Justice Over Technicalities: Condonation of Delay in Income Tax Appeals – IMAM SYED ABDUL KAMAL NAZAR vs ITO, Chennai Introduction The case of IMAM SYED ABDUL KAMAL NAZAR vs. ITO,...

Factiva Limited v. DCIT: Redefining Royalty under India-UK DTAA

Date: Jun 1, 2022

Factiva Limited v. DCIT: Redefining Royalty under India-UK DTAA Introduction The case of Factiva Limited, Mumbai v. DCIT (IT) - 2(3)(1), Mumbai adjudicated by the Income Tax Appellate Tribunal on May...

Eligibility of Interest Income from Co-operative Bank Fixed Deposits under Section 80P: Insights from Shree Keshav Co-Operative Credit Society Ltd. v. The Principal Commissioner of Income Tax

Date: Jun 1, 2022

Eligibility of Interest Income from Co-operative Bank Fixed Deposits under Section 80P: Insights from Shree Keshav Co-Operative Credit Society Ltd. v. The Principal Commissioner of Income Tax...

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