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₹25 Lakh Loan from Unverified Entity: Delhi HC Dismisses Income Tax Appeal for Lack of Genuineness and Creditworthiness [Read Order]

The High Court of Delhi, dismissed an income tax appeal involving a ₹25 lakh loan received from an unverified entity, M/s Oxygen Projects Pvt. Ltd.,...

Income Tax Dept has No Statutory Power to Cancel Sale Deeds : Madras HC Quashes Attachment Order...

CBI Nabs Assistant Director (IRS) of Income Tax Dept and Other Two Red Handed while Accepting ₹2...

Denial of Hearing Despite Prior Direction of Coordinate Bench: Calcutta HC Sets Aside Income Tax...

Religious Activity Struck Down in Trust Deed: ITAT Holds Charitable Nature for S. 80G Approval...

Mere Upload of Notice in Income Tax Portal Not a Valid Service: ITAT Quashes Assessment Order, Citing Lack of Real Time Alert [Read Order]

The Raipur Bench of the Income Tax Appellate Tribunal (ITAT) held that the Income Tax Department’s practice of merely uploading a notice on the e-filing portal, without issuing a real-time alert or ...

166 Years of Income Tax in India: A Look Back at History, Policy, and Progress

India’s income tax system has come a long way since it was first introduced in 1860. What began as a temporary tax to recover from the financial crisis after the 1857 revolt has now become a core...

Penalty u/s 271(1)(c) Imposed During Pendency of Quantum Appeal: ITAT Terms It Premature, Sets Aside Order [Read Order]

The Bangalore Bench of Income Tax Appellate Tribunal ( ITAT ) set aside the penalty order passed under Section 271(1)(c) of Income Tax Act,1961, noting that it was imposed while the quantum appeal...

Penalty u/s 271D Imposed for Cash Transaction in Wrong AY: ITAT Directs AO to Delete Penalty [Read Order]

The Cuttack Bench of Income Tax Appellate Tribunal ( ITAT ) directed the deletion of penalty imposed under Section 271D of Income Tax Act,1961, holding that the cash transaction in question...

Income Addition Based on Third-Party Disclosure Without Evidence Not Sustainable: ITAT [Read Order]

The Ahmedabad Bench of Income Tax Appellate Tribunal ( ITAT ) held that an income addition based solely on third-party disclosure without supporting evidence is not sustainable. Sandipkumar...

Income Estimation Invalid Without Invoking S.145 and Rejecting Books of Account: ITAT [Read Order]

The Cuttack Bench of Income Tax Appellate Tribunal ( ITAT ) held that income estimation is invalid without invoking Section 145 under the Income Tax Act,1961,and rejecting the books of account. ...

ITAT Denies Immunity from Penalty as Application u/s 270AA Not Filed in Prescribed Format [Read Order]

The Cuttack Bench of Income Tax Appellate Tribunal (ITAT) dismissed the appeal of the appellant-assessee, who had sought immunity from penalty under Section 270AA of Income Tax Act,1961,without...

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