ITAT
A major PAN card misuse scam likely unfolding across India; many cases already reported
PAN numbers of deceased people, illiterate people, people who do not frequently use the number, etc., are being misused to carry out property transactions. The cases only come to light after I-T department notices.
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'.
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.
Joint-ownership in existing flat will not bar tax benefit on investments in another house: ITAT
When a taxpayer earns long-term capital gains from sale of any asset (other than a house property), the tax arising on the gains can be saved by investing the net sale proceeds in a residential property. The quantum of exemption depends on the amount invested in the new house. If the amount invested is less than the net sale consideration then the exemption is proportional.
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.
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.
LTCG tax saving from sale of property: Builder’s error in allotting flat will not impact tax benefit claim, says ITAT
The tax tribunal ruled that this assertion cannot be refuted due to an error made by the builder in assigning the apartment. The builder mistakenly allocated the apartment purchased by the claimant to another buyer.
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.
I-T recovers ₹50 cr From Cong as HC denies ITAT tax demand stay
The Delhi High Court denied the Congress Party's appeal against the ITAT's order, leading to the recovery of ₹116 crore from their bank accounts by the I-T department. Congress lawyer Vivek Tankha accused the state of unjustifiably and undemocratically financially ruining the main opposition party during election preparation.
Delhi HC upholds ITAT order in tax demand case involving Congress party
The Delhi High Court upheld the Income Tax Appellate Tribunal's order refusing to stay the notice issued by the Income Tax department to the Congress party for recovery of outstanding tax of more than Rs 100 crore. The tax demand stood at Rs 102 crore and together with interest it rose to Rs 135.06 crore.
Congress moves Delhi HC against ITAT order in relation to imposition of penalty for discrepancies in tax returns
The Congress party has filed a petition in the Delhi High Court challenging the ITAT's decision to dismiss their request for a stay on the recovery of outstanding tax for the assessment year 2018-19. The court has scheduled an urgent hearing today for this matter.
Congress to challenge ITAT order on tax demand in Delhi HC
The Congress party plans to move the Delhi High Court early next week to challenge the Income Tax Appellate Tribunal's dismissal of its plea for a stay on the Income Tax Department's lien on its bank accounts. Congress sought a stay on the department's demand of ₹210 crore for alleged tax liabilities and penalties for 2018-19, arguing that it hindered its financial requirements for the upcoming Lok Sabha elections. Congress lawyer Vivek Tankha expressed disappointment over the dismissal and stated that they would appeal to the high court.
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.
Some tax clarity for non-profits
A tax officer has the power to call for any documents/information of the entity to conduct an inquiry 'as he thinks necessary to satisfy himself about the occurrence of a 'specified violation'', and pass an order to cancel the registration of such entity, even for previous years (and all subsequent years after that), in cases where the officer notices any 'specified violations', or if a case is selected by 'risk management strategy' formulated by CBDT.
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