2023 Annual Digest Of Direct Tax Cases: ITAT

Bogus Long-Term Capital Gains From Transaction In Penny Stocks: ITAT Upholds AdditionCase Title: Hemil Subhashbhai Shah Versus DCIT The Ahmedabad Bench of the Income Tax Appellate Tribunal (ITAT) has upheld the addition of bogus long-term capital gains from transactions in penny stocks. Gift From Family Members Do Not Require Any Special Occasion: ITAT Deletes Addition Case Title: Shri Hemant Pandya Versus ITO The Indore Bench of the Income Tax Appellate Tribunal (ITAT) has deleted that addition and held that gifts from family members do not require any special occasion. Trust Created For Managing The Statutory Obligations Of Employees Of The Parent Trust: ITAT Grants Section 12AA Registration Case Title: ICRW Group Gratuity Trust Versus ICLEI South Asia Group Gratuity Trust The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) has held that any trust that has been created for the purpose of managing the statutory obligations of employees of the parent trust would certainly fall within the ambit of advancement of general public utility and, hence, be considered a charitable activity as defined under Section 2(15) of the Income Tax Act. AO Can't Sit On The Armchair Of Businessman Assessee To Replace His Business Strategy By His Own Whims And Fancies: ITAT Case Title: ACIT Versus Ashish Bansal The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) has held that the Assessing Officer cannot sit on the armchair of a businessman assessee to replace his business strategy with his own whims and fancies. Income Derived From Sale Of Agricultural Land Is Not A Capital Asset: ITAT Case Title: ACIT Versus Kamlesh Kumar Rathi The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) has held that income derived from the sale of agricultural land is not a capital asset. Deemed Dividend Cannot Be Taxed In The Hands Of Non-Shareholders: ITAT Case Title: DCIT Versus Aaryavart Infrastructure P. Ltd. The Ahmedabad Bench of the Income Tax Appellate Tribunal (ITAT) has held that deemed dividends cannot be taxed in the hands of non-shareholders. Provisions Of Section 44BB Not Applicable In Absence Of PE: ITAT Case Title: Baker Hughes Energy Technologies UK Ltd. Versus ACIT The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) has held that the provisions of Section 44BB of the Income Tax Act are not applicable in the absence of a permanent establishment (PE). Benefits Of India- Mauritius DTAA Available To Collective Investment Vehicles: ITAT Case Title: Sapein Funds Ltd. Versus CIT(International Taxation) The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) has held that the benefits of the Double Taxation Avoidance Agreement (DTAA) are available to collective investment vehicles. 200% Penalty Can't Be Levied Unless Dept. Specifies Misreporting: ITAT Case Title: Saltwater Studio LLP Versus NFAC The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has held that a 200% penalty can't be levied unless the department specifies misreporting. Interest Income Received On Temporary FDs Is Eligible For Exemption: ITAT Case Title: Allstate India Private Limited Versus Deputy Commissioner of Income-tax The Banglore Bench of the Income Tax Appellate Tribunal (ITAT) has held that interest income received on temporarily fixed deposits is eligible for exemption. Joint Ownership Of The Property Is No Bar In Claiming Exemption Under Section 54F Of The Income Tax Act: ITAT Case Title: Zainul Abedin Ghaswala Versus CIT(A), NFAC The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has allowed the deduction under Section 54F of the Income Tax Act on the grounds that the assessee is not the exclusive owner of multiple residential properties occupied by other family members. Income Tax Not Chargeable On Interest Subsidy Received Under Technology Upgradation Fund Scheme: ITAT Case Title: Dy. Commissioner of Income-tax Central Circle 1(4) Versus M/s Grasim Industries Ltd. The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has held that income tax is not payable on the interest subsidy received under the technology upgradation fund scheme. Expenses For Community Development, Environment Health & Safety : ITAT Allows CSR Expenditure Case Title: Dy. Commissioner of Income Tax Versus M/s. GMR Warora Energy Ltd. The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has held that once the expenditure has been accepted to be for community development and environmental health and safety expenses, the same cannot be held to have not been incurred wholly and exclusively for the purpose of business in the year under consideration. Income From The Sale Of RECs Is Capital In Nature, Is Not Subject To Taxation: ITAT Case Title: M/s Satia Industries Ltd. Versus NFAC The Amritsar Bench of the Income Tax Appellate Tribunal...

2023 Annual Digest Of Direct Tax Cases: ITAT

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2023 Annual Digest Of Direct Tax Cases: ITAT

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