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Income Tax Final Assessment Passed While DRP Objections Still Pending: Gujarat HC Quashes Order for S. 144C Violation [Read Order]

In a recent ruling, the Gujarat High Court held that a final income tax assessment cannot be passed while objections filed before the Dispute...

No Exclusion of DEPB from Gross Profit while Calculating Business Income: ITAT strikes down ₹2.55 Cr...

Trade Advances for Gold Purchase Not ‘Unexplained Credit’: ITAT Rules Creditworthiness Test Not...

ITAT Holds PLR Applicable for Benchmarking Interest on Rupee-Denominated CCDs, Deletes ₹9.35 Crore...

ITAT Restricts Commission Income to 0.15% for Accommodation Entry Provider, Deletes S. 68 Additions...

Penalty for ‘Inaccurate Particulars’ Sustained: ITAT upholds ₹12.45 Lakh Levy on Stock Broker [Read Order]

The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has upheld the levy of penalty under Section 271(1)(c) of the Income Tax Act, 1961, holding that the charge of furnishing inaccurate...

Interest-Free Advances from Share Capital Don not Attract Notional Tax: ITAT [Read Order]

The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) ruled that notional interest cannot be brought to tax where an assessee advances interest-free funds to its director out of its own...

Satisfaction Note without Date Supplied to Petitioner after 2 years : Gujarat HC Quashes Notice u/s 153C of Income Tax Act [Read Order]

The Gujarat high court has quashed notices and associated proceedings under section153c of the Income Tax Act citing that the satisfaction note supplied by the jurisdictional officer doesn’t bear a...

Income Tax Assistant Took ₹600 Bribe in 2011: Patna HC Upholds 1-Year Imprisonment in 2025 [Read Order]

The Patna HighCourt recently upheld an imprisonment conviction and sentence of an Income Tax Assistant who was found guilty of demanding and accepting a bribe of ₹600 in 2011 for processing an...

PCIT found to have Erred in Exercising Revisionary Powers u/s 263: ITAT sets aside Revisionary Order [Read Order]

The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) has set aside the revisionary order under Section 263 of theIncome-tax Act, 1961, holding that the Principal Commissioner of Income Tax ...

ITAT Restores Rectification Appeal u/s 154 to CIT(A) to Avoid Multiplicity, Orders Re-evaluation of Capital Gain Addition [Read Order]

The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) has restored an appeal to the Commissioner of Income Tax (Appeals) after holding that issues arising from a rectification order under ...

Approval for S. 148 Notice by Incompetent Authority renders Re-assessment Void ab initio: ITAT Quashes Assessment [Read Order]

The Delhi Bench of the Income Tax AppellateTribunal (ITAT) has quashed reassessment proceedings for two assessment years after holding the notices under Section 148 invalid in law. The Bench regarded...

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