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Rulings ( 13402 results )

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Income tax Appellate Tribunal

ITAT: Allows simultaneous deduction u/Sec.54 & 54F, no bar in law for deduction on same asset

Aug 26, 2024
  • In Favour of Assessee
  • Citation Number : TS-618-ITAT-2024(PUN)
  • Tax Payer : Ramdas Sitaram Patil
High Court

HC: Re-iterates re-assessment ingredients, rejects Revenue's 'reformulation' of Sec. 147; Discusses stock market client-code modification

Aug 26, 2024
  • In Favour of Assessee
  • Citation Number : TS-616-HC-2024(BOM)
  • Tax Payer : Aashish Niranjan Shah
Income tax Appellate Tribunal

ITAT: Interest u/Sec.234B & 234C not leviable on payee for failure to deduct TDS by payer

Aug 26, 2024
  • In Favour of Assessee
  • Citation Number : TS-615-ITAT-2024(Mum)
  • Tax Payer : Standard Chartered Bank (Singapore) Limited
Supreme Court

SC: Dismisses Revenue’s SLP against Karnataka HC judgment quashing post search assessment basis loose sheets

Aug 26, 2024
  • In Favour of Assessee
  • Citation Number : TS-614-SC-2024
  • Tax Payer : Sunil Kumar Sharma
High Court

HC: Quashes reassessment proceedings being contrary to notified mandatory procedure u/s 151A; Follows Hexaware

Aug 24, 2024
  • In Favour of Assessee
  • Citation Number : TS-600-HC-2024(BOM)
  • Tax Payer : Tilak Ventures Ltd
High Court

HC: Summoning order passed contrary to law, no prima facie reason for cognizance recorded by lower court

Aug 24, 2024
  • In Favour of Assessee
  • Citation Number : TS-606-HC-2024(ALL)
  • Tax Payer : Keshav Lal
High Court

HC: Group company not taxable under Sec.68, undisclosed income ‘taxed’ in hands of investor company

Aug 24, 2024
  • In Favour of Assessee
  • Citation Number : TS-608-HC-2024(DEL)
  • Tax Payer : Heritage Beverages Pvt. Ltd
High Court

HC: Directors prosecution u/Sec.276B untenable for delayed payment of taxes sans notice u/Sec.2(35) treating as ‘principal officers’

Aug 24, 2024
  • In Favour of Assessee
  • Citation Number : TS-612-HC-2024(BOM)
  • Tax Payer : Hemant Mahipatray Shah and another
High Court

HC: Deduction u/Sec.33AC to be factored prior to computing deduction u/Sec.80-I, disregards proportionate allocation

Aug 23, 2024
  • In Favour of Revenue
  • Citation Number : TS-611-HC-2024(BOM)
  • Tax Payer : Tolani Ltd
Foreign Court

FC: Islamabad Tribunal rules 'may be taxed' does not take away Resident State's taxing right

Aug 23, 2024
  • In Favour of Revenue
  • Citation Number : TS-1065-FC-2022
  • Tax Payer : Mr. Naseer Ali Khan
Income tax Appellate Tribunal

ITAT: Coursera’s aggregation of course contents not FTS Receipts; AO ignoring DRP directions highly objectionable

Aug 23, 2024
  • In Favour of Assessee
  • Citation Number : TS-610-ITAT-2024(DEL)
  • Tax Payer : Coursera Inc.
Income tax Appellate Tribunal

ITAT: Confirms addition of share premium u/Sec. 68 sans proof of identity, creditworthiness and genuineness

Aug 23, 2024
  • In Favour of Revenue
  • Citation Number : TS-609-ITAT-2024(PUN)
  • Tax Payer : Prasanna Purple Mobility Solutions Private Limited
High Court

HC: AO to accord TDS credit as directed by ITAT, cannot restrict to claim in return

Aug 22, 2024
  • In Favour of Assessee
  • Citation Number : TS-607-HC-2024(DEL)
  • Tax Payer : ESS Singapore Branch
Income tax Appellate Tribunal

ITAT: MMR applies to resident company share as AOP share determinate, higher rate for foreign company

Aug 22, 2024
  • In Favour of Assessee
  • Citation Number : TS-605-ITAT-2024(DEL)
  • Tax Payer : JV of TATA Projects Limited and Chint Electric Company Ltd
Prohibition of Benami Property Transactions Appellate Tribunal

PBPTAT: Holds property not benami since held in fiduciary capacity; Refuses to confirm provisional attachment

Aug 22, 2024
  • In Favour of Assessee
  • Citation Number : TS-604-PBPTAT-2024(DEL)
  • Tax Payer : Sivashankari & Anr
Income tax Appellate Tribunal

ITAT: Payments to CDB eligible for benefits u/Article 11(3) of China DTAA, Tata not 'Assessee in default'

Aug 21, 2024
  • In Favour of Assessee
  • Citation Number : TS-603-ITAT-2024(DEL)
  • Tax Payer : Tata Teleservices Ltd
Income tax Appellate Tribunal

ITAT: Penalty u/sec.271(1)(c) untenable, AO accepted income declared through revised return

Aug 21, 2024
  • In Favour of Assessee
  • Citation Number : TS-602-ITAT-2024(Mum)
  • Tax Payer : Rohit Chatterji
High Court

HC: Quashes DRP order directing addition u/Sec. 56(2)(viib), remits matter for fresh adjudication

Aug 21, 2024
  • In Favour of Assessee
  • Citation Number : TS-601-HC-2024(DEL)
  • Tax Payer : FIS Payment Solutions And Services India Private Limited
Income tax Appellate Tribunal

ITAT: Only trust comprising of all individual beneficiaries, not liable to tax at maximum marginal rate

Aug 20, 2024
  • In Favour of Assessee
  • Citation Number : TS-599-ITAT-2024(Ahd)
  • Tax Payer : Pashiben Prajapati Family Trust(DISC)
Prohibition of Benami Property Transactions Appellate Tribunal

PBPTAT: Acquisition of property from illicit income considered as 'Benami transaction'; Allows department's appeal

Aug 20, 2024
  • In Favour of Revenue
  • Citation Number : TS-598-PBPTAT-2024(DEL)
  • Tax Payer : Domendra Dhariwal & Anr