Wednesday, August 5, 2020

Income Tax

Submission of Audit Report along with Income Tax Return is not Mandatory: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Cochin bench has held that the provision regarding the filing of audit report along with the return of income is only directory and not mandatory under...

Withholding of Refund on ground of Non-Completion of Assessment is Invalid: Delhi High Court [Read Order]

The Delhi High Court directed the Income Tax Authority to release the refund withheld without valid reasons and based on flawed assumptions. The petitioner, Cooner Institute of Health Care And Research Centre Pvt....

Market Value of Property reduced due to Litigation and Defect in Title, Section 50C can’t be applied: ITAT [Read Order]

The Hyderabad bench of the Income Tax Appellate Tribunal (ITAT) has held that the provisions of section 50C of the Income Tax Act, 1961 cannot be applied in cases where the market...

ITAT grants Fresh Opportunity to a House Wife to Produce Documents [Read Order]

The Income Tax Appellate Tribunal (ITAT), Hyderabad bench has passed a women-friendly ruling wherein the assessee, a housewife, is not so familiar to the tax proceedings, was granted a fresh opportunity to...

Possessing Ration Card of low Economic Strata is not sufficient to prove Financial Status: ITAT [Read Order]

The Hyderabad bench of the Income Tax Appellate Tribunal (ITAT) has held that the fact that the assessee possesses a ration card of low economic strata cannot be a sole basis to...

Statement of College Authorities that Capitation Fee was paid in Cash can’t be used against Assessee: ITAT deletes Addition

The Income Tax Appellate Tribunal (ITAT), Delhi bench has recently deleted an addition against the assessee by observing that the addition cannot be made against the assessee solely on the basis of...

Default in Home Loan can’t be a reason to deny Capital Gain Deduction: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Hyderabad bench has held that the default in home loan by the owner of the property cannot be a reason to disallow the capital gain deduction...

No Penalty for ‘Escapement of Income’ if Assessee disclosed All Material Facts Fully and Truly: ITAT [Read Order]

The Delhi bench of the Income Tax Appellate Tribunal (ITAT) has held that the penalty cannot be imposed if the assessee has disclosed full and true material facts for assessment. The income tax...

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