Income Tax Appellate Tribunal Case Commentaries

ITA, New Delhi Establishes Stringent Criteria for Deductibility of Compensation in Property Sale Contracts

Date: Nov 28, 2012

ITA, New Delhi Establishes Stringent Criteria for Deductibility of Compensation in Property Sale Contracts Introduction The case of Sanjay Aggarwal, New Delhi v. DCIT, New Delhi adjudicated by the...

Jurisdiction of Section 153A Without Incriminating Material: Insights from Gurinder Singh Bawa v. Dy. CIT

Date: Nov 17, 2012

Jurisdiction of Section 153A Without Incriminating Material: Insights from Gurinder Singh Bawa v. Dy. Commissioner Of Income Tax Introduction The case of Gurinder Singh Bawa v. Deputy Commissioner Of...

Non-SLR Funds Interest Income in Cooperative Banks Qualifies for Section 80-P(2)(a)(i) Exemption: Analysis of Commissioner of Income-tax v. Gulshan Mercantile Urban Co-Operative Bank Ltd.

Date: Nov 8, 2012

Non-SLR Funds Interest Income in Cooperative Banks Qualifies for Section 80-P(2)(a)(i) Exemption Introduction The case of Commissioner of Income-tax v. Gulshan Mercantile Urban Co-Operative Bank Ltd....

Classification of Carbon Credits as Capital Receipts under the Income Tax Act: My Home Power Ltd. v. Deputy Commissioner of Income-tax

Date: Nov 3, 2012

Classification of Carbon Credits as Capital Receipts under the Income Tax Act: My Home Power Ltd. v. Deputy Commissioner of Income-tax Introduction The case of My Home Power Ltd. v. Deputy...

CIT(A) Clarifies Application of Section 272B: No Penalty When Reasonable Cause Exists in Non-Furnishing of PAN Numbers

Date: Nov 1, 2012

CIT(A) Clarifies Application of Section 272B: No Penalty When Reasonable Cause Exists in Non-Furnishing of PAN Numbers Introduction The case of The Branch Manager, Yamunanagar v. ITO (TDS), Panchkula...

Assessment Under Section 153C: Tribunal Validates Jurisdiction but Demands Robust Evidence

Date: Oct 26, 2012

Assessment Under Section 153C: Tribunal Validates Jurisdiction but Demands Robust Evidence Introduction In the landmark case of Piyush Infrastructure India Pvt. Ltd. v. ACIT, Central Circle 1,...

Affirmation of Mutuality as Basis for Tax Exemption: Belvedere Estates Tenants Association v. Income Tax Officer Ward-34(1)

Date: Oct 20, 2012

Affirmation of Mutuality as Basis for Tax Exemption: Belvedere Estates Tenants Association v. Income Tax Officer Ward-34(1) Introduction Belvedere Estates Tenants Association v. Income Tax Officer...

Arati Raman v. DCIT, Bangalore: Tribunal Sets Precedent on Reliance on Annual Information Returns

Date: Oct 6, 2012

Arati Raman v. DCIT, Bangalore: Tribunal Sets Precedent on Reliance on Annual Information Returns Introduction The case of Arati Raman v. DCIT, Bangalore adjudicated by the Income Tax Appellate...

Section 43B Non-Applicability under India-Mauritius DTA: In-Depth Commentary on State Bank of Mauritius Ltd v. Dy. Director Of Income-Tax (2012)

Date: Oct 4, 2012

Section 43B Non-Applicability under India-Mauritius DTA: In-Depth Commentary on State Bank of Mauritius Ltd v. Dy. Director Of Income-Tax (2012) Introduction In the landmark case of State Bank of...

Proper Application of Section 153A: Evidentiary Requirements and Treatment of Capital Gains – Acit v. Peety

Date: Sep 29, 2012

Proper Application of Section 153A: Evidentiary Requirements and Treatment of Capital Gains – Acit v. Peety Introduction The case of Acit, Central Circle-1, Aurangabad v. Shri Surendra Shantilal...

Determining the Year of Taxability of Capital Gains under Section 2(47)(v) – ITAT Cochin's Landmark Judgment

Date: Sep 29, 2012

Determining the Year of Taxability of Capital Gains under Section 2(47)(v) – ITAT Cochin's Landmark Judgment Introduction The case of Shri G. Sreenivasan, represented by L/H Dr. Jyothi Kamalam,...

Clarifying Built-Up Area Definitions and Section 80-IB(10) Deductions: Insights from M/s CHD Developers Ltd. vs Addl. CIT

Date: Sep 27, 2012

Clarifying Built-Up Area Definitions and Section 80-IB(10) Deductions: Insights from M/s CHD Developers Ltd. vs. Addl. CIT Introduction The case of M/s CHD Developers Ltd., New Delhi v. Addl. CIT,...

ITA Mumbai's Landmark Decision on Deductibility of Bad Debts and Business Losses: Shyam Ahuja Pvt. Ltd. vs. Income Tax Officer

Date: Sep 27, 2012

ITA Mumbai's Landmark Decision on Deductibility of Bad Debts and Business Losses: Shyam Ahuja Pvt. Ltd. vs. Income Tax Officer Introduction The case of M/S. Shyam Ahuja Pvt. Ltd. vs. Income Tax...

Director's Liability under Section 179 of the Income Tax Act: Insights from Maganbhai Hansrajbhai Patel v. Assistant Commissioner of Income-tax

Date: Sep 26, 2012

Director's Liability under Section 179 of the Income Tax Act: Insights from Maganbhai Hansrajbhai Patel v. Assistant Commissioner of Income-tax Introduction The case of Maganbhai Hansrajbhai Patel v....

Revised Allocation of Common Interest Expenses under Section 14A: Insights from Assistant Commissioner Of Income Tax Circle 10, Kolkata v. Champion Commercial Co. Ltd.

Date: Sep 22, 2012

Revised Allocation of Common Interest Expenses under Section 14A: Insights from Assistant Commissioner Of Income Tax Circle 10, Kolkata v. Champion Commercial Co. Ltd. Introduction The case of...

Reaffirming Transactional Net Margin Method: Establishing Appropriate Profit Level Indicators in Transfer Pricing

Date: Sep 19, 2012

Reaffirming Transactional Net Margin Method: Establishing Appropriate Profit Level Indicators in Transfer Pricing Introduction The case of Gap International Sourcing (India) Pvt. Ltd. v. Asstt....

ITAAT Agra's Ruling in Union Bank of India v. Additional CIT: Reasonable Cause Prevails Over Technical Defects in Penalty Imposition under Section 272A(2)

Date: Sep 15, 2012

ITAAT Agra's Ruling in Union Bank of India v. Additional CIT: Reasonable Cause Prevails Over Technical Defects in Penalty Imposition under Section 272A(2) Introduction The case of The Manager, Union...

Deletion of Penalties under Section 271(l)(c) in Response to Notices under Section 153A: Analysis of Smt. Pramila D. Ashtekar v. Income-tax Officer

Date: Sep 15, 2012

Deletion of Penalties under Section 271(l)(c) in Response to Notices under Section 153A: Analysis of Smt. Pramila D. Ashtekar v. Income-tax Officer Introduction The case of Smt. Pramila D. Ashtekar...

Ito-6(2)(3) v. Everest Home Construction: Landmark Decision on Section 80IB(10) Amendments

Date: Sep 13, 2012

Ito-6(2)(3) v. Everest Home Construction: Landmark Decision on Section 80IB(10) Amendments 1. Introduction The case of Ito-6(2)(3), Aayakar Bhavan, Mumbai-400020 v. Everest Home Construction (India)...

Exemption of Contra Entries under Section 40A(3) in Jewelry Transactions: Kirtilal Kalidas Jewellers Pvt Ltd v. DCIT, Coimbatore

Date: Sep 6, 2012

Exemption of Contra Entries under Section 40A(3) in Jewelry Transactions: Kirtilal Kalidas Jewellers Pvt Ltd v. DCIT, Coimbatore Introduction The case of Kirtilal Kalidas Jewellers Private Limited,...

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