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Date of Sale/Transfer of Shares included in Holding Period Calculation for Capital Gain: ITAT upholds CIT(A) Decision [Read Order]

Kavi Priya

The Mumbai Bench of the Income Tax Appellate Tribunal ( ITAT ) upheld the Commissioner of Income Tax (Appeals) [CIT(A)] decision regarding...

Non-Prosecution at ITAT and High Court Levels: Karnataka HC dismisses Income Tax Appeal [Read Order]

Gift From NRI Relative Not Taxable as Income if Genuineness is Proved: ITAT [Read Order]

New Income Tax Act Expectations: Income Tax Notices to be Issued in Common Speaking Language

Land Sale Value to be Determined as on Date of Agreement for Income Tax Deduction u/s 50C: Karnataka...

Reassessment of Income u/s 153A impermissible without Incriminating Evidence: Karnataka HC upholds Deletion of Assessed Income [Read Order]

The Karnataka High Court recently held in an Income Tax Appeal that the provisions under Section 153A of the Income Tax Act, 1961 does not permit an Assessing Officer ( AO ) to reassess the income of...

Negligence of Assessee throughout Assessment Proceedings: ITAT rejects Appeal [Read Order]

The Income Tax Appellate Tribunal ( ITAT ) Raipur Bench rejects the appeal of the assessee to restore the matter back to the file of Commissioner of Income Tax (Appeals) (CIT(A)) as the assessee was...

No Incriminating Material found during Search for Unabated AY: ITAT upholds Deletion of Additions [Read Order]

The Income Tax Appellate Tribunal (ITAT) Raipur Bench upheld the decision of Commissioner of Income Tax (Appeals) (CIT(A)) which deleted an Addition of 2.19 crore for the Assessment Year (AY)...

Karnataka HC sets aside Income Tax Order Passed u/s 201(1) & 201(1A), exceeding reasonable period of 4 years [Read Order]

The Karnataka High Court, in a recent ruling, set aside the order passed under Sections 201(1) and 201(1A) of the Income Tax Act, 1961, as being beyond the reasonable period of 4 years. In this...

Interest Income from Fixed Deposits Can be Set Off against Property Maintenance Expenses: ITAT [Read Order]

The Ahmedabad bench of Income Tax Appellate Tribunal (ITAT) recently held in a case that interest income from fixed deposits can be set off against property maintenance expenses. The assessee/...

CIT(E) Condones Delay in Filing Form 10B and 9A: ITAT Remands Matter To JAO for Reconsideration [Read Order]

The Ahmedabad Bench of Income Tax Appellate Tribunal( ITAT ) remanded the matter to the Jurisdictional Assessing Officer( JAO ) for reconsideration, taking into account the delay condonation orders...

Income Tax Exemption Claimed by Public Charitable Trust should not be denied merely on Bar of limitation: Kerala HC [Read Order]

The Kerala High Court has held that income tax exemption claimed by public charitable trusts should not be denied merely on the bar of limitations. The court was of view to consider the applications...

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