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New Income Tax Act to be Introduced in Six Months, declares FM

Navasree A.M

The New Income Tax Act replacing the old will be introduced soon, declared FM on the celebration of the 165th year of income tax on 21st August 2024....

Non-Appearance due to Income Tax Notice issued to Ex-Employee: ITAT sets aside Ex Parte Order [Read...

CIT(A) has no Power to dismiss Income Tax Appeals on Non-Prosecution Grounds without Addressing...

PCIT fails to Assume Jurisdiction u/s 263 as Assessment order issued in Name of Non-Existent Entity:...

Trust withdraws Income Tax Appeal Following Successful Registration u/s 12A: ITAT Dismisses Appeal...

Title Defects u/s 50C(2) of Income Tax Act: ITAT upholds CIT(A) Decision to Refer LTCG Valuation to DVO [Read Order]

The Ahmedabad Bench of Income Tax Appellate Tribunal ( ITAT ) upheld the Commissioner Of Income Tax (Appeals)[CIT(A)]'s decision to refer Long Term Capital Gain ( LTCG ) valuation to the Departmental...

Restriction of Addition to Rs. 1.45 Crore Despite Shell Company Involvement: ITAT upholds CIT(A)'s Order [Read Order]

The Ahmedabad Bench of Income Tax Appellate Tribunal ( ITAT ) confirmed the Commissioner of Income Tax (Appeals) [CIT(A)]'s decision to limit the addition to Rs. 1,45,10,000, acknowledging that...

Lack of Evidence in proving Unexplained Investment u/s 69 of IT Act: ITAT deletes Addition [Read Order]

The Raipur bench of Income Tax Appellate Tribunal (ITAT) directed for the deletion of the additional amount charged by the Assessing Officer (AO). An addition of Rs.2.10 crore was made by the AO, but...

Non-Filing of Form 10B with ITR does not bar Exemption u/s 11 of Income Tax Act: ITAT [Read Order]

The Delhi Bench Of Income Tax Appellate Tribunal ( ITAT ) ruled that non-filing of Form No. 10B with Income Tax Return ( ITR ) is a procedural omission and cannot be a hindrance in claiming exemption...

No Material Found during Search: ITAT deletes Addition made by AO u/s 41(1) [Read Order]

The Bangalore bench of the Income Tax Appellate Tribunal (ITAT) in a recent ruling deleted the addition that was made by the Assessing Officer (AO) under Section 41(1) of the Income Tax Act, 1961, in...

Income Tax Orders Violating Natural Justice Deemed Non-Est in Law: Madras HC Remands Matter to PCIT [Read Order]

In a recent ruling, the Madras High Court remanded the matter to the Principal Commissioner of Income Tax ( PCIT ) as the income tax order passed violated natural justice and was deemed non-est in...

ITAT directs AO to deletes addition of 3.92 Lakhs if Market Value difference is within 10% Tolerance limit [Read Order]

In the case of Tarun Mohan Jani vs ACIT, the Income Tax Appellate Tribunal ( ITAT ) Mumbai ruled in favor of the appellant, granting him relief from an addition of ₹3, 92,000 made under Section 56(2)...

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