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Assessee’s Income should be Chargeable under Head “Income from Other Sources” for Depreciation Claims: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Mumbai recently ruled that the depreciation claimed by the concerned Assesee under Section 32 of the Income...

Failure of CA and Advocate not Attributable to Delay of 2655 Days in Appeal Filing: ITAT holds...

CIT(A) Must Decide on Merits Even in Ex Parte Cases: ITAT Remands Income Addition Dispute Matter...

Big Breaking: CIT(A) Allows 87A Rebate on Special Rate Incomes in Income Tax Appeal [Read Order]

S. 153C Reassessment Invalid without Incriminating Evidence, Two-Tier AO Satisfaction Required Even...

Verified Share Transactions with DEMAT Statements cannot be Treated as Bogus Income without Concrete Proof: ITAT [Read Order]

The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) ruled that share transactions backed by DEMAT statements and executed through stock exchanges cannot be treated as bogus income without...

Income Tax Amendment of Section 80AC Not Retrospective: ITAT Allows 80P Deduction [Read Order]

In a recent ruling, the Pune Bench of the Income Tax Appellate Tribunal (ITAT) allowed a cooperative society's claim for deduction under Section 80P of the Income Tax Act, 1961. The assessee,...

Rental Income from Business Assets to be Taxed Under 'Income from House Property', Not as Business Income: ITAT [Read Order]

The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) ruled that rental income from business assets should be treated as "Income from House Property" and not business income. Janak...

ICMAI Issues Advisory Against Illegal Agitation by Members on Income Tax Bill Inclusion [Read Notification]

The Institute of Cost Accountants of India (ICMAI) has issued a strict advisory warning its members against engaging in unauthorized activities concerning their inclusion in the definition of...

Invalid Bank Account in ITR Filed: Rajasthan HC Sets aside Proceedings u/s 148A of Income Tax Act due to Procedural Violation [Read Order]

In a recent case related to the validity of the bank account mentioned in the Income Tax Return (ITR) filed, the Rajasthan High Court set aside the proceedings initiated under 148A of the Income Tax...

TDS Demand on consultant doctors of Muthoot Health Care: Kerala HC Stays Recovery Proceedings under Income Tax Act [Read Order]

In a recent case in favour of Muthoot Health Care, the Kerala High Court stayed the recovery proceedings under Income Tax Act, 1961 on Tax Deduct Service(TDS) demand over consultant doctors. The...

ITAT quashes Final Assessment order as it was passed beyond the period of Limitation [Read Order]

The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) quashed the final assessment order as it was passed beyond the period of limitation. In this case, the assessee had appealed against...

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