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Income Tax

Treatment of Interest on Noida Land Acquisition Compensation under Dispute: ITAT directs AO to Consider Matter Afresh [Read Order]

Saagarika Gopinath

In a recent ruling, the Delhi Bench of the Income Tax Appellate Tribunal ( ITAT ) remanded the income tax matter as the source of creation of fixed...

CIT(A) Notices unserved, issued during Covid: ITAT remands Capital Gains Exemption Claim

ITAT Upholds CIT(A) Decision, Confirms Rs.2.47 Crore Deduction u/s 80IB(10) of Income Tax Act [Read...

ITAT Deletes Rs. 52.4 Lakh Addition, Confirms Legitimacy of Cash Deposits from Land Sale [Read...

Trust's Activities Governed by Charitable Purposes, CIT(E) incorrectly denied Registration u/s 12AA:...

What if Income Tax was abolished in India? A Perspective

Introduction We encounter tахes in different forms in our dау-tо-dау livеs. Simрly рut, tаx is thе аmount оf monеy we givе thе gоvernment. Why do we do it? Оften, we аre not surе. Tаx is а...

ITAT Cancels 30% Ad-Hoc Disallowance of Expenses due to Lack of Justification [Read Order]

The Ahmedabad Bench of Income Tax Appellate Tribunal ( ITAT ) canceled the 30% ad-hoc disallowance of expenses amounting to Rs.78,030, made by the Assessing Officer ( AO ), due to lack of...

‘No person will derive any Undue Benefit by not preferring Appeal against any Assessment order passed under Act’: ITAT condones 2564-day delay [Read Order]

In a recent ruling, the Lucknow bench of the Income Tax Appellate Tribunal ( ITAT ) allowed the appeal filed by the assessee and condoned the 2564-day delay in filing the appeal, as no undue benefit...

Jewellery Owner's Late ITR Filing Rejected: ITAT Upholds Addition of Demonetization Period Deposits Due to Lack of Justification [Read Order]

The Chandigarh Bench of the Income Tax Appellate Tribunal (ITAT) upheld the addition of cash deposits made by a jewellery business owner during the demonetization period citing the rejection of the...

Section 80 P under Income Tax Act,1961: Case Digest on Recent Decisions

Section 80P of the Income Tax Act, 1961, provides tax deductions to cooperative societies, allowing them to claim exemptions on their income. This section aims to promote and support the growth of...

ITAT orders Reconsideration of 80G Application Rejection by CIT(E), citing CBDT Circular on Extended Deadlines [Read Order]

In a recent ruling, the Jaipur bench of the Income Tax Appellate Tribunal ( ITAT ) ordered reconsideration of the rejection of the application filed under 80 G of the Income Tax Act, 1961 by the...

No Concealment of Income Found: ITAT Sets Aside Penalty u/s 271(1)(c) of Income Tax Act [Read Order]

The Kolkata bench of the Income Tax Appellate Tribunal (ITAT) deleted the penalty under Section 271(1)(c) of the Income Tax Act, 1961 concluding there was no furnishing of inaccurate particulars of...

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