Failure To Disclose Closure Of Business To Income Tax Dept. Amounts To Deliberate Malicious Act Of Concealment: ITAT

Case Title: Real Cargo Mumbai Versus ITO

The Ahmedabad Bench of Income Tax Appellate Tribunal (ITAT) has held that the failure to disclose closure of business to income tax department amounts to deliberate malicious act of concealment.

DTAA Benefit Can’t Be Denied Without Finding Assessee’s Residence: Delhi ITAT

Case Title: Tyco Electronics Singapore Versus DCIT

The Delhi Bench of Income Tax Appellate Tribunal (ITAT) has held that the benefit of Double Taxation Avoidance Agreement (DTAA) cannot be denied without finding the assessee’s residence.

Fiscally Transparent Partnership Liable To Tax Under India-US Tax Treaty, Income Tax Dept. Fell In Error: ITAT

Case Title: General Motors Company USA Versus ACIT

The Delhi Bench of Income Tax Appellate Tribunal (ITAT) has held that an exclusion provision can only exclude something if it was included at the outset. A fiscally transparent partnership was already regarded as ‘liable to tax’ for the purposes of India-US tax treaty and the provision determines the scope of eligibility of such fiscally transparent partnership by excluding income which is not ultimately ‘subject to tax’ in the US.

Identity, Creditworthiness, Genuineness Of Transaction By Shareholder Proved; ITAT Deletes Income Tax Addition

Case Title: M/s. Punyah Building Materials Pvt. Ltd. Versus ITO

The Delhi Bench of Income Tax Appellate Tribunal (ITAT) has held that the assessees have filed the document to prove the identity, creditworthiness and genuineness of the transaction of each shareholder and discharged their burden as requirement under section 68 of the Income Tax Act.

AO Failed To Investigate Instances Of Funds Misappropriation; ITAT Upholds Revision Challenging Income Tax Exemption

Case Title: Shri Shamlaji Aarogya Seva Trust v/s The Pr.CIT (Central)

The Ahmedabad Bench of Income Tax Appellate Tribunal (ITAT) has upheld the revision challenging income tax exemption on the grounds that the Assessing Officer (AO) has failed to investigate instances of funds misappropriation.

Income Tax Deduction Allowable On Expenditure Incurred On Brokerage Recovery From Builder: ITAT

Case Title: Deepak N Sippy v/s Assistant Commissioner of Income Tax

The bench of Kavitha Rajagopal (Judicial Member) and Girish Agrawal (Accountant Member) has observed that in order to recover not only the principal amount but also the interest thereon from the Builder, assessee took up the matter by availing the services of the brokers and their associates by agreeing to pay them a lump sum amount of Rs. 50 lakhs which ultimately resulted into the recovery of the entire amount including the principal and interest thereon.