Latest Income Tax News, Updates & Judgments

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NFAC Validates AO's Action without Examining Taxpayer’s Submissions: ITAT remands for fresh Consideration [Read Order]

In a recent ruling, the Hyderabad bench of the Income Tax Appellate Tribunal ( ITAT ) remands the income tax matter for denovo consideration as the...

ITAT declares Reopening u/s 147 Invalid due to Lack of Fresh Tangible Material [Read Order]

Filing of Turnover in a tender process would not exempt from furnishing the Income Tax Return:...

Income Tax Case Digest: Addition on Bogus Purchases under Income Tax Act

Hearing Opportunity not Provided by CIT(A) while Not Condoning Delay: ITAT restores Appeal for Fresh...

ITAT overturns ₹1.2 Crore Income Tax Additions from Penny Stock Sale, vitiates Presumption of ‘Human Probabilities’ [Read Order]

The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) recently deleted additions of Rs. 1.2 crore made by an Assessing Officer (AO) on the basis of alleged ‘human probabilities’ that the...

Issuance of Scrutiny Notice Despite Knowing of Amalgamation: Calcutta HC Declines to Apply S. 292B of Income Tax Act [Read Order]

In a significant case, the Calcutta High Court declined to apply Section 292B of the Income Tax Act, 1961 in the case where the scrutiny notice issued in an amalgamating company's name, despite the...

Factual Examination on 'Addition' of Unexplained Cash Credit under Income Tax Act Is Beyond Scope Of Appeal u/s 260A: Calcutta HC [Read Order]

In a significant ruling, the Calcutta High Court has held that it cannot interfere in factual examination of the material produced or not produced by an assessee-company to explain the share...

ITAT caps S.14A Disallowance at 1% of Dividend Income for Period prior to Rule 8D, Income Tax Rules [Read Order]

The Delhi Bench of the Income Tax Appellate Tribunal ( ITAT ) recently directed an Assessing Officer ( AO ) to disallow 1% of dividend income as expenditure under Section 14A of the Income Tax Act,...

Prior Period Expenses Integrable to Current Income Tax Assessment if Unclaimed: ITAT Remands HUDCO Matter [Read Order]

The Delhi Bench of the Income Tax Appellate Tribunal ( ITAT ) recently remanded an Income Tax Appeal filed by Housing and Urban Development Corporation ( HUDCO ), while maintaining that prior period...

ITAT upholds CIT(A) decision, Rejects Revenue's Claim of Rs.8.77 Crore Income Understatement, Confirms Booking Advances, Not Consultancy Fees [Read Order]

The Ahmedabad Bench of Income Tax Appellate Tribunal ( ITAT ) upheld the decision of the Commissioner of Income Tax(Appeals)[CIT(A)], rejecting the Revenue's claim of Rs. 8.77 Crore income...

ITAT dismisses Revenue Appeal on Ground of CBDT Circular on Low Tax Effect [Read Order]

The Ahmedabad Bench of the Income Tax Appellate Tribunal ( ITAT ) dismissed the appeal filed by the Revenue as the case is non-maintainable at the court of law, as mandated by CBDT Circular on low...

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