INCOME TAX TRIBUNAL
Network 18, arms get NCLT approval to proceed with merger scheme
Network18 owns 51.17% of TV18 and 91.89% of E18. TV18 also owns a 13.54% stake in Viacom18, which is in the process of merging with Walt Disney's Star India.
Pakistan and IMF disagree over new income tax rates that will burden salaried class
Pakistan's talks with the IMF ended inconclusively over disagreements on new income tax rates for salaried and non-salaried individuals and the income tax threshold, as reported by the media.
Brett Lee granted tax relief by ITAT due to invalid notice service
The Delhi bench of the Income Tax Appellate Tribunal (ITAT) provided relief to former Australian cricketer Brett Lee in a tax case, ruling that the notice served to him under the Income Tax Act was beyond the limitation period. The case involved a ₹3 crore endorsement fee received by Lee for the assessment year 2013-14 from three Indian entities. The tribunal found that the notice, sent a day before the deadline and to the wrong email address, was invalid. As a result, the assessment order was quashed.
Date of house possession key for tax benefit under section 54 says ITAT; all you need to know
Section 54 tax benefit: The Mumbai bench of the Income-tax Appellate Tribunal (ITAT) clarified that the date of possession is crucial for claiming a tax benefit under section 54 of the Income-tax Act. This ruling highlights the importance of timely investment in a new house to reduce tax liability on profits from selling an old property.
Taxpayer is entitled to claim benefit of exempted income in revised ITR if it is filed within the deadline
Income tax return: The Supreme Court of India has refused to accept a petition wherein the tax department's assessing officer (AO) contested that a individual be denied the benefit of exempted income which he claimed by filing a revised ITR. The reason behind this denial was that the AO received information from 'entry operators'.
Pakistan telecom operators block 3,500 SIMs of non-filers after-tax body order
The FBR also sent messages to about 5,000 individuals, warning them that their mobile phone SIMs would be blocked if they did not file their returns. It has further sought details of the blocked SIMs from the telecom operators.
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HSBC Geneva leak: ITAT says data is old, bank balance can't be taxed
In a decision that could have a bearing on other `HSBC account’ cases, a tax tribunal last week has ruled that the I-T department cannot go back 16 years to reopen old matters to tax the ‘peak balance’ lying in such bank accounts. Why? Because, according to the Mumbai bench of the Income Tax Appellate Tribunal --- a quasi judicial authority --- a bank balance reflects 'assets' and not ‘income’, and, under the law, only income can be taxed.
DLF Urban gets ITAT relief in ₹328cr dispute
Delhi ITAT grants DLF Urban relief, rejecting ₹328 crore addition. Property valued via Cushman and Wakefield for Moti Nagar land development rights. TPO's adjustment upheld by Commissioner regarding transfer pricing.
SC to examine validity of Rs 33,000 crore I-T claim on Jaypee Infra
The Supreme Court will review the validity of the Income-Tax commissioner's assessment of Jaypee Infratech Ltd (JIL), which raised a claim of ₹33,000 crore. The court has requested the Central Board of Direct Taxes to examine the order and file an affidavit within four weeks. The National Company Law Tribunal (NCLT) approved the resolution plan of Suraksha Realty and Lakshdeep Investments and Finance, allowing them to take over JIL for ₹20,363 crore.
Indiabulls RE, Embassy merger delay unsettling stakeholders: Jitendra Virwani
IBREL recently raised more than Rs 3,911 crore through a preferential allotment to a diverse group of investors, including Embassy Group and Blackstone. Embassy Group will be the largest shareholder in IBREL, with 18.7% ownership on a fully diluted basis.
Penny stocks linked tax evasion: Tax dept may take you to court and tribunal for bogus transactions
Penny stocks: The income tax department can now file appeal in tribunals and court if you are found to be using penny stocks or accommodation entries or both to evade taxes. Earlier the tax department could file such appeals only if the tax effect crossed certain thresholds, however now these cases are to be taken on merit irrespective of the tax effect amount.
No coercive steps to recover Rs 3,567 cr from Congress during Lok Sabha elections: I-T dept tells SC
The department urged the court to reschedule the hearing for June and emphasized its commitment to avoiding disruptions for any political party during the electoral process.
Recovery of Rs 135 cr from Congress as per provisions of Income Tax Act: Sources
The Congress party lost its income tax exemption for the 2018-19 fiscal year due to extensive cash usage in the electoral process, resulting in a Rs 135 crore tax recovery, in accordance with the Income Tax Act. Seized material during search operations in April 2019 indicated significant cash usage, prompting assessments to be reopened for seven years.
"We are fighting against hatred-filled Asura-shakti," says Rahul Gandhi as he takes on PM Modi
Rahul Gandhi reiterates 'Shakti' remark, BJP criticizes him. Congress leaders back him. Gandhi emphasizes fight against 'Asura-shakti,' referring to EVM, ED, CBI, and IT Department. He criticizes Centre, alleges no democracy in India, claims BJP damaging Indian democracy. Congress' bank accounts frozen, party unable to campaign or support workers, says Gandhi. Election Commission and institutions criticized for inaction. ITAT dismisses Congress Party's plea against IT Department proceedings.
Now a VIP or PMO can help you to expedite pending tax appeals; Know how to file request for expedition
CBDT has revised the situations when a individual or income tax assessing officer (AO) can file a request for expedition of tax appeal cases. "Cases where a VIP/PMO reference is received for expeditious disposal," said the Central Board of Direct Taxes (CBDT) in a order dated March 7, 2024. This order is not in public domain.
After being imposed income tax on Rs 1.48 cr payout from surrendered pension policy, NRI filed appeal in ITAT and wins
Income tax appeal: A non-resident Indian (NRI) has won a appeal in the Mumbai bench of Income Tax Appellate Tribunal (ITAT). What happened was the NRI surrendered a pension policy purchased from ICICI Prudential Life Insurance Company and got Rs 1.48 crore. Income tax assessing officer however imposed tax on this income of Rs 1.48 crore.
Congress approaches Delhi HC against tax re-assessment proceedings
The Congress party has taken legal action against tax reassessment proceedings by authorities, filing a case in the Delhi High Court. The matter was presented before a bench led by Acting Chief Justice Manmohan, who agreed to hear it the following day.
ITAT dismisses Congress plea for stay against Income Tax proceedings over unpaid dues; Freezes bank accounts
The Income Tax Appellate Tribunal has dismissed the Congress party's plea to stay proceedings for the recovery and freezing of their bank accounts, aiming to recover Rs 115 crore in income tax dues. Congress plans to challenge the tribunal's decision, citing bias and timing ahead of national elections, and vows to fight back, calling it an attack on democracy.
ITAT grants partial relief to ICICI Bank
The Mumbai bench of Income Tax Appellate Tribunal allowed ICICI Bank to avail ₹1,855 crore bad debt write-off as deduction. It dismissed the bank's appeal seeking ₹502-crore worth long-term capital loss allowance for 2015-16. The tribunal upheld PCIT's decision to declare an excess deduction of ₹159 crore as erroneous.
Congress questions I-T taking away Rs 65 crore from its bank accounts when tribunal hears case
Congress objects to ₹65 crore recovery by I-T department against ₹115 crore claim. Party questions enforcement of lien before ITAT hearing. BJP's move threatens democracy. Congress hints at legal recourse against ₹210 crore demand. Grassroots efforts questioned. Judiciary holds hope for Congress.
I-T has withdrawn Rs 65 crore from banks 'undemocratically', alleges Congress
"The Income Tax department had written to various banks to withdraw a sum of Rs 65 crore from different bank accounts of the Congress and Indian Youth Congress in view of the demand raised by the Income Tax authorities earlier, despite the appellate authorities hearing the case," Maken told PTI.
LIC expects income tax refund of Rs 25,464 cr in Q4
Life Insurance Corporation of India has received an income tax refund order of Rs 25,464 crore, and it is likely to be realised during the current quarter, its chairman Siddhartha Mohanty said. Last month, the Income Tax Appellate Tribunal (ITAT), Income Tax Department, issued intimation for a refund of Rs 25,464.46 crore. The refund is related to interim bonuses to policyholders in the past seven assessment years.
Salary earned by a 'non-resident' overseas cannot be taxed in India, tribunal rules
The Income Tax Appellate Tribunal (ITAT) ruled in favor of a salaried individual working abroad, stating that his overseas income should not be taxed in India. The case involved a non-resident employee who was deputed by an Indian company to work in Austria. The ITAT's decision emphasizes that income earned by non-residents for services performed outside India should not be subject to taxation.
‘Non-resident’ gets tax relief on overseas income
In this case, which was heard by the ITAT Delhi bench, Devi Dayal was deputed by his employer — an Indian company engaged in digital technologies — to work on a project in Austria. The salary and compensatory allowance were both paid to him overseas by the Indian company. The allowance could be utilised by Dayal through a credit card that was valid only in Austria.
NRI home buyer gets a relief from paying income tax on imposed income of Rs 40.45 lakh, due to delayed registry
Income tax appellate tribunal (ITAT): In an order dated January 8, 2024 ITAT has granted relief to a non-resident Indian (NRI) upon whom the income tax assessing officer (AO) imposed an income of Rs 40.45 lakh. The NRI individual purchased a flat in West Mumbai for Rs 1.82 crore in 2010 when the stamp duty of such flat was Rs 1.4 crore. The stamp duty value was Rs 2.2245 crore when the flat was registered in 2013.
Toyota Kirloskar gets ITAT relief over royalty payments
The appellate body approved the company's royalty payment of ₹646 crore at 6% of local value addition and rejected the transfer pricing officer's estimate of ₹437 crore at 2.62% of net sales.
SC slams IT department for filing cases after time limit
The Supreme Court criticized the income-tax department for filing petitions belatedly, highlighting a delay of over four years in an appeal against Bharti Airtel Ltd. The court urged the department to establish a proper litigation policy, noting its status as the "biggest litigant" in India. Rejecting the appeal, the court cited the department's tendency to reopen cases after sporadic successes, emphasizing the need for more judicious litigation practices.
Relief to SBI Life: CESTAT dismisses revenue dept's ₹387 cr demand
The Mumbai Bench of CESTAT (Customs Excise & Service Tax Appellate Tribunal) has set aside the revenue department's tax demand of ₹387 crore against SBI Life Insurance. The revenue department claimed the demand was due to a difference in the Income Tax Return and Service Tax return amounts for SBI Life Insurance for October 2013-March 2014. CESTAT noted that service tax is based on the consideration received for services provided and not the difference between income tax and service tax returns.
LIC gets income tax refund of Rs 25,464 cr
In the first half of the current financial year, LIC's new business premium income (individual) segment registered a 2.65 per cent growth to Rs 25,184 crore as against Rs 24,535 crore in the year-ago period, as per the filing. New business premium is the premium due in the first policy year of a life insurance contract.
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