Latest Income Tax News, Updates & Judgments

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Repayment of Director’s own Deposit Not Deemed Dividend: ITAT Deletes ₹25L addition u/s 2(22)(e) [Read Order]

The Income Tax Appellate Tribunal ( ITAT ), Ahmedabad Bench held that repayment or withdrawal of a director’s own deposit maintained with a company...

Corpus Donation of ₹48.38 Lakh Received by Educational Trust from Multiple Donors Exempted...

ITAT Directs Deletion of ₹70L Unexplained Cash Deposit on Education Society after finding Records in...

Supreme Court set to examine whether Income Tax Dept. can condone ITR filed with 30-Month Delay...

Urban Local Body Assessed as Partnership Firm: ITAT Considers Exemption, PAN Mix-up and Deletes...

Income Tax Section 153C Notices Time-Barred When Computed From Satisfaction Note Date: Delhi HC Quashes Reassessment [Read Order]

The Delhi High Court has held that Income Tax notices issued under Section 153C become time-barred when limitation is computed from the date of the satisfaction note of the Assessing Officer of the...

Various Appeals Filed by Aditya Birla Sun Life on Addition, Deduction and Disallowance Allowed: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Mumbai Bench, heard various appeals for Assessment Year(s) [AY] 2017-18, 2018-19, 2022-23, 2023-24 on issues such as addition, deductions and disallowance...

ITAT Grants Deduction under Section 54F to NRI: Residential Houses Outside and Inside India Considered [Read Order]

The Income Tax Appellate Tribunal (ITAT), Hyderabad Bench, granted deductions under Section 54F of the Income Tax Act (the Act) holding that the assessment by the Assessing Officer (AO) was correct...

AO's Independent Inquiry Cannot be Biased Towards SEBI Restrictions: ITAT Upholds Deletion of Addition in Income [Read Order]

The Income Tax Appellate Tribunal (ITAT), Mumbai Bench, upheld the deletion of addition as had been done by the Commissioner of Income Tax (Appeals) [CIT(A)]. ITAT gave the rationale that AO’s...

Do Income Tax Officials get Unlimited power to Digital Space using AI? Finance Ministry answers [Read Lok Sabha Document]

With regards to the issue of access to digital space by the income tax officials, the Finance Ministry has clarified in the Lok Sabha that the newly introduced Section 247 of the Income-tax Act,...

₹5.39 Lakh Excise Duty Demand on Handling Charges Set Aside as SCN Held Time-Barred: CESTAT Allows Appeal on Limitation [Read Order]

In a recent ruling, the Customs, Excise and Service Tax Appellate Tribunal (CESTAT), Chandigarh Bench, set aside a demand of ₹5.39 lakh in excise duty, along with interest and penalty. after...

Resident of India, Pensioner of UK Cannot be Denied Benefit of Foreign Tax Credit: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Indore Bench, held that if an individual is a resident of India but a pensioner of the United Kingdom (UK) even then they cannot be denied the benefit of ...

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