Latest Income Tax News, Updates & Judgments

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ITAT upholds invocation of revisional jurisdiction u/s 263 by PCIT: Twin Conditions of “Error” and “Prejudice to the Interest of Revenue” Satisfied [Read Order]

The Mumbai bench of Income Tax Appellate Tribunal (ITAT) recently upheld the invocation of revisional jurisdiction under Section 263 of the Income...

Cash Deposits During Demonetization from Amul Parlour Sales: ITAT Accepts Source, Deletes Rs. 27.37...

Cash Deposits during Demonetization: ITAT directs Normal 30 % Tax Rate citing S. 115BBE not...

Capital Gains arising on Mutual Fund Investments of Non Residents not Taxable in India: ITAT [Read...

Income Tax, GST Depts Join Forces: Reopening Old I-T Assessments Over GST Invoice Mismatches and...

Patna HC Holds Income Tax Reassessment Notice Valid as Initial Notice Falls Within Limitation Period [Read Order]

The Patna High Court reassessment notice issued under Section 148A(b) of the Income Tax Act,1961 was valid, as the initial notice dated 28.03.2024 fell within the three-year limitation period under...

ITAT Allows Rs. 6.47 Crore Lease Rent Expense as Deduction Citing Lessee’s Right to Claim Depreciation [Read Order]

The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) upheld the order of the Commissioner of Income Tax (Appeals) [CIT(A)], which allowed depreciation as an alternative claim on finance lease...

ITAT quashes CIT(A)’s Ex Parte Penalty Orders Due to Wrong Email Service [Read Order]

In a recent decision, the Rajkot Bench of the Income Tax Appellate Tribunal (ITAT) condoned delay and set aside the Chief Commissioner of Income Tax (Appeals) (CIT(A)) ex parte order in penalty...

Delhi HC Quashes Notice u/s 148 of Income Tax Act for Improper Service on Foreign Entity [Read Order]

The High Court of Delhi, quashed the reassessment notice issued under Section 148 of the Income Tax Act,1961 against the petitioner, a Singapore-based entity, due to improper service. St...

Calcutta HC upholds Transfer Order Passed u/s 127 of Income Tax Act 8 years Ago [Read Order]

The Calcutta High Court upheld the transfer order passed under section 127 of the Income Tax Act, 1961, which was passed 8 years ago. The bench held that the jurisdiction be retained within Kolkata...

Taxpayer Not Property Owner, Only POA Holder: ITAT Remands Rs. 4.73 Crore LTCG Addition Matter [Read Order]

The Hyderabad Bench of the Income Tax Appellate Tribunal (ITAT) remanded a matter involving Long-Term Capital Gain (LTCG) addition of Rs. 4.73 crore after the assessee claimed that he was not the...

ITAT Orders Reconsidering Trusts' Registration, Imposes ₹10,000 Cost [Read Order]

In a recent case, the Surat Bench of Income Tax Appellate Tribunal (ITAT), has remanded the trust registration cases of three charitable institutions to the Commissioner of Income Tax (Exemption)...

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