Income Tax Appellate Tribunal

The Supreme Court on Tuesday sought response from the Centre on a plea regarding staff and member vacancies across the Income Tax Appellate Tribunal and asked the high courts to send judicial officers on deputation to meet the requirements. A bench of Chief Justice of India Surya Kant and Justice Joymalya Bagchi issued notice to the Centre and sought assistance from Attorney General R Venkataramani on the issue. "Petition to be supplied to the office of Attorney General to ensure that the unfilled posts are filled at the earliest in the Income Tax Appellate Tribunal. As a stop gap measure tribunals may request HC to send judicial officers on deputation where such officers can be spared," the bench said. The top court was hearing a PIL filed by a ex-vice president of the ITAT Parveen Kumar Bansal concerning vacancies in Income Tax Appellate Tribunal. Senior advocate Mukul Rohatgi, appearing for the petitioner, submitted that all posts of officers, including registrars, are lying vac

A Mumbai ITAT ruling allows full indexed cost of acquisition and Section 54 exemption on multiple floors received after redevelopment, offering significant relief to homeowners facing LTCG disputes

The Bar association claimed that Delhi has the "highest pendency" of cases among ITAT Benches, many involving complex legal issues and high revenue stakes

The Income Tax Appellate Tribunal bench held that reassessment of Bollywood actor Shah Rukh Khan's case by the income-tax department was not legally justified

Automaker Maruti Suzuki India Ltd on Friday said it has received a demand of Rs 779.2 crore, including interest from the Income Tax authority. The company has received a final assessment order for the financial year 2019-20 from the Income Tax authority, Maruti Suzuki India Ltd (MSIL) said in a regulatory filing. The order has a total demand, including interest, of Rs 779.2 crore, it said, adding that it has also received a showcause notice for initiation of penalty proceedings with respect to the order. MSIL said it will file an appeal before the Income Tax Appellate Tribunal. There is no impact on financial, operation or other activities of the company due to this order.

Tax authorities had earlier argued that since CSR expenditures were mandated by law, they were not voluntary and therefore, did not qualify as donations for tax deductions

In India, no tax has to be paid on inheriting gold, but its sale triggers capital gains tax

The ruling by the Bangalore-based Income Tax Appellate Tribunal (ITAT) may have repercussions on similar transactions by multinationals, feel experts

The Income Tax Appellate Tribunal on Friday dismissed the Congress party's appeal against imposition of penalty for discrepancies in tax returns for previous years and said it was exploring all legal options and will move the high court against it very soon. Sources said the tribunal had dismissed the appeal of the Congress for imposition of penalties of Rs 210 crore by the Income Tax department here on Friday. Congress treasurer Ajay Maken said the party is exploring all legal options and would move the high court "very soon". "The BJP government has deliberately chosen the timing of this to coincide with national elections," Maken told PTI. He said the I-T tribunal order freezing Congress's funds is "an attack on democracy" as it has come just ahead of national elections. "How can one expect fair elections in such a situation when funds to the tune of Rs 270 crore have been freezed or taken away by the Income Tax authorities from Congress party's accounts," he asked. Confirming

Understanding tax residency rules and maintaining proper documentation is imperative to ensure smooth tax compliance

Sources said that it was not the accounts that were frozen, but an amount of around Rs 115 crore, which remains attached

OYO Rooms assures minimum benchmarks, occupancy of hotels and in case such benchmark is exceeded, the service fee is payable by the hotel and in case of shortfall

The Income Tax Appellate Tribunal (ITAT) has dismissed the revenue department's appeal in a transfer pricing case related to BBC World (India) Pvt Ltd for AY 2004-05. The Delhi bench of ITAT upheld the CIT(A)'s ruling that advertisement expenses between group entities should be treated as pass-through costs for AY 2004-05. "The expenses relating to advertisement were on buying of advertisement space in the newspapers; that in such activities, the cost involved is too high and the effort required to buy such space is not much. On these reasonings, ld. CIT (A) held that they should be treated as a pass-through cost," the ITAT said in its order while dismissing the revenue department's appeal. Nangia Andersen India Partner - Transfer Pricing - Nitin Narang said the Delhi Tribunal, in a recent ruling in the case of BBC World (India) Pvt Ltd for AY 2004-05, agreed to consider expenses relating to the advertisement as pass-through cost and not to be considered as part of the cost base for

In the regulatory filing, the company said that it has received the copy of the order along with relevant details on November 9, 2023

Earlier, serving judges of the High Court or the Supreme Court were appointed as chairperson or a member while staying in their existing service, and were entitled to pension and other benefits

No reason for tax authorities to disbelieve why cash balance was needed, says tribunal

Assessee appealed it was denied benefit of treaty on capital gains from share transfer

Hospital's appeal against income tax department rejected; it is a private company that turned into a non-profit

You can claim only if the payout is voluntary and you have documentary proof to this effect

Simplifies ITR filing, but can be taxing if actual income is below 8% of turnover