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Income Tax Case Digest: Addition on Bogus Purchases under Income Tax Act ( PART 2 )

This is the Second part of the Case Digest on ‘Addition on bogus purchases’ under Income Tax Act. Revision u/s 263 on Ground of Failure to Collect...

Purchases Treated as Bogus in Another Year Cannot Solely Justify Similar Treatment for Year Under...

ITAT deletes Addition on Alleged Bogus LTCG due to Procedural Lapses and Denial of Cross-Examination...

Incomplete Disclosure of Seized Material and Statements: Karnataka HC quashes Income Tax Assessment...

Outstanding Income Tax Dues Cannot Be Recovered from Directors of Public Company u/s 179: Rajasthan...

Provisions u/s 14A of Income Tax Act not Applicable in Computing Book Profit u/s. 115JB: ITAT [Read Order]

Recently, the Ahmedabad Bench of the Income Tax Appellate Tribunal ( ITAT ) held that the provisions of Section 14A of the Income Tax Act, 1961, are not applicable in computing book profit under...

Goodwill Depreciation: ITAT allows Depreciation Claims for AYs 2016- 18 Despite 2021 Finance Bill Exclusion [Read Order]

In a recent ruling, the Ahmedabad Bench of the Income Tax Appellate Tribunal ( ITAT ) allowed claims for goodwill depreciation from the amalgamation for the assessment years ( AY ) 2016-18 despite...

Delay may be condoned when Bona Fide 'Sufficient Cause' is Proven, Negligence not a valid Excuse: ITAT Visakhapatnam [Read Order]

The Visakhapatnam bench of Income Tax Appellate Tribunal ( ITAT ) has ruled that the delay shall be condoned if there is sufficient bonafide cause and not due to the negligence of the assessee. ...

Duty Drawback and License Sale Income should be included in Gross Receipts u/s 44AD for Presumptive Taxation: ITAT [Read Order]

The Kolkata Bench of Income Tax Appellate Tribunal ( ITAT ) ruled that duty drawback and license sale income should be included in the gross receipts for the purpose of presumptive taxation under...

Punjab & Haryana HC sets aside Income Tax Notice Issued and Proceedings Initiated without Conducting Faceless Assessment u/s 144 B [Read Order]

In a recent case, the High Court of Punjab & Haryana set aside Income Tax Notice issued and proceedings initiated without conducting faceless assessment under section 144 B of the Income Tax Act,...

ITAT Gives Trust Another Opportunity, Remits Registration Application to CIT(E) [Read Order]

The Jaipur Bench of the Income Tax Appellate Tribunal (ITAT) held that the rejection of registration of Trust under Section 12 AB of Income Tax Act, 1961 due to alleged non-genuineness of activities...

Relief to Revenue: Delhi HC Affirms AO’s Reassessment u/s 147 on basis of Third-Party search Findings [Read Order]

The Delhi High Court recently remitted matter back to the file of the Income Tax Appellate Tribunal (ITAT) observing that a jurisdictional Assessing Officer (AO) may initiate reassessment...

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