Latest Income Tax News, Updates & Judgments

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Interest Income received from Co-Op Society/Banks entitled to Deduction u/s 80P(2)(d): ITAT [Read Order]

The Income Tax Appellate Tribunal ( ITAT ), Bangalore recently affirmed that deductions under Section 80P(2)(d) of the Income Tax Act, 1961 may be...

ITAT Restores Case to CIT(A) for Reconsideration of Rs. 13.35 Lakh Unexplained Cash Deposits due to...

ITAT Restores Appeal to CIT(A) for De Novo Adjudication, Upholding Timely Filing of the Appeal [Read...

10% Tolerance Band u/s 43CA Applies Retrospectively to Address Stamp Valuation Discrepancies: ITAT...

Relief to Toyota: ITAT upholds quashing of Separate Benchmarking of Royalty after Margin accepted to...

ITAT Restores Trust's Corpus Donations Case for Fresh Hearing Over Notice and Email ID Issues [Read Order]

The Kolkata Bench of the Income Tax Appellate Tribunal ( ITAT ) restored the trust’s corpus donation matter for a fresh hearing due to the trust’s non-compliance caused by the lack of awareness of...

Failure to Consider Income Tax Assessee's Request for Personal Hearing Amounts to Violation of Natural Justice: Kerala HC Rules in favour of Federal Bank [Read Judgment]

In a ruling in favour of Federal Bank Ltd, the Kerala High Court held that failure of income tax authorities, by not considering a request for personal hearing of assessee has...

Karnataka HC quashes Income Tax Notice u/s 148, Grants Chance to Submit Replies before Department [Read Order]

In a recent ruling, the Karnataka High Court quashed the Income Tax notice under Section 148 of the Income Tax Act, 1961 and granted the petitioner a chance to submit replies before the income tax...

Taxability of Interest Income Depends on the Investor, Not the Name on the Deposit: ITAT [Read Order]

The Ahmedabad Bench of Income Tax Appellate Tribunal ( ITAT ) ruled that the taxability of interest income depends on the person who made the investment, not on whose name the deposit is held. ...

ITAT upholds Staff Welfare Addition made by AO due to No Evidence Submitted by Assessee [Read Order]

In a recent ruling, the Kolkata bench of the Income Tax Appellate Tribunal ( ITAT ) found adequate allowed salary and rent claims made by the assessee due to adequate proof and upheld the addition of...

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 TCS Invalid during Pendency of First Appeal: ITAT...

Purchases Treated as Bogus in Another Year Cannot Solely Justify Similar Treatment for Year Under Consideration: ITAT [Read Order]

The Kolkata Bench of the Income Tax Appellate Tribunal ( ITAT ) ruled that purchases treated as bogus in one financial year cannot automatically be presumed bogus in another year without sufficient...

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