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Capital Gain Exemption can’t be disallowed If Assessee invoked Wrong Provision due to Ignorance of Law: ITAT [Read Order]

The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has held that the capital gain exemption under Section 54 of the Income Tax Act, 1961...

Govt introduces 'e-filing vault’ to secure Income Tax Accounts

Calcutta HC upholds Prosecution Under Black Money Act during Pendency of Income Tax Proceedings...

ITAT deletes Addition for Cash Payment as Capitation Fee for MBBS Admission [Read Order]

Company Director’s Bank A/c can’t be attached for Recovery of GST: Gujarat High Court [Read Order]

Additional Depreciation allowable for Generation of Electricity: Delhi High Court [Read Judgment]

A two-judge bench of the Delhi High Court has held that additional depreciation under section 32(1)(iia) of the Income Tax Act, 1961 is allowable to Company engaged in generation of electricity. The...

Making Wrong Claim u/s 54 instead of 54F wouldn’t attract Penalty: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Jaipur bench has held that making a wrong claim under section 54 of the Income Tax Act, 1961 instead of 54F would not render penal liability under section...

Roaming Charges paid by Bharti Airtel to Other Telecom Companies not attract TDS: ITAT [Read Order]

In a major relief to Bharti Airtel, the Income Tax Appellate Tribunal (ITAT), Ahmedabad bench has held that the roaming charges paid by the Bharati Airtel to other telecom companies does not attract...

Spice Jet not liable to deduct TDS on Tickets Booked through Debit/ Credit Cards: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Delhi bench has held that the Airlines Company, Spice Jet is not liable to deduct TDS on the sale consideration of tickets booked through debit/ credit cards....

Past Savings kept in Locker not Unexplained Investment If Source is Explained: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Indore bench has held that the past savings kept in the bank locker cannot be treated as Unexplained Investment merely for the reason that the amount was not...

Addition by Adopting Carbon Credit Receipt of Earlier Years is Baseless against Cannons of Taxation: ITAT [Read Order]

In a significant ruling regarding taxation of receipts of carbon credit, the Income Tax Appellate Tribunal (ITAT), Bangalore has held that the addition made by adopting receipt from carbon credit of...

Income Tax Exemption available for New House purchased in Foreign Countries: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Mumbai bench has held that the income tax exemption under Section 54 of the Income Tax Act, 1961 is available to properties purchased in foreign countries as...

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