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S.153D Approval Granted Without Application of Mind Voids Income Tax Assessment: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Delhi bench held that an assessment framed under Section 144 of the Income Tax Act, 1961, was invalid as...

Income Tax Deduction claim of Employees Contribution to PF or ESI is allowable only if deposited on...

Disclosure of Additional Income in S. 153C Proceedings Does Not Automatically Prove Guilty of...

S. 54F Exemption cannot Be Denied for Non-Deposit in Capital Gain Account if Entire Sale...

Application of S. 115BBE without Linking to Proper Charging Provision u/s 68-69D is Not Valid: ITAT...

Income Tax Penalty cannot be levied on Addition based on Estimation: “Unsustainable”, says ITAT [Read Order]

The Delhi Bench of the Income Tax Appellate Tribunal ( ITAT ) has held that the penalty under Section 270A of the Income Tax Act, 1961, cannot be levied when the underlying addition is based purely...

Income Tax Dept Sends Rs 46 Crore Tax Notice to Madhya Pradesh

The Income Tax Department Office in Madhya Pradesh has issued a stunning tax notice of ₹46 crore to Ravindra Singh Chauhan, a cook at a dhaba (roadside eatery). Reports state that Chauhan,...

Karnataka HC upholds ITAT ruling Classifying Toyota Tsusho India Pvt ltd as Not a Wholesale Trader [Read Order]

The Karnataka High Court upheld the Income Tax Appellate Tribunal (ITAT) ruling, classifying Toyota Tsusho India Pvt Ltd as not a wholesale trader. It observed that there is no cavil that the...

Belated Return Not a Bar on Carry Forward of Depreciation: ITAT Confirms Rs. 2.38 Crore as Unabsorbed Depreciation [Read Order]

The Income Tax Appellate Tribunal (ITAT), Ahmedabad, has held that a belated return does not restrict the carry forward of unabsorbed depreciation. In a case involving a disputed loss of Rs....

Deduction u/s 80P(2)(d) Confined to Co-operative Bank Deposits, RRB Interest Treated Separately with Expense Adjustment u/s 57(iii): ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Ahmedabad has ruled on the eligibility of deductions claimed by a co-operative credit society in respect of interest earned from deposits with co-operative...

Supreme Court Defers Verdict on Vodafone’s ₹191 Crore Income Tax Deduction Claim u/s 80IA [Read Order]

The Supreme Court recently deferred the final disposal of a dispute between theIncome Tax Department and Vodafone Essar Gujarat Limited (now known as Vodafone Idea Ltd.) over a deduction of...

Once Corporate Debtor is Sold as Going Concern, Only Claims Filed before Liquidator Survive: ITAT directs AO Re-examine Matter in Light of SC Ruling [Read Order]

The Hyderabad bench of Income Tax Appellate Tribunal ( ITAT ) has directed the Assessing Officer to re-examine the issue of outstanding tax claims of the income tax department against a corporate...

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