Latest Income Tax News, Updates & Judgments

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Relief to IDBI: ITAT Rules Bank Entitled to Full Refund Interest u/s 244A of Income Tax Act [Read Order]

In a significant relief for IDBI Bank, the Income Tax Appellate Tribunal ( ITAT ) of Mumbai ruled that the bank is entitled to the full amount of...

ITAT deletes Disallowance of Rs.26.25 Lakh u/s 36(1)(iii) based on Records of Sufficient...

Reopening of Assessment and Work-in-Progress Disallowance Unjustified Due to Change of Opinion by...

Income Tax Department issues Refund Failure Notices for the reason "PAN not linked with Bank...

AO passes Ex Parte Assessment Order without considering ITR Filed in response to S. 148: ITAT...

CIT(A) Erroneous in dismissing Appeal for Non-Compliance w/o Addressing Merits: ITAT [Read Order]

In a recent ruling, the Ahmedabad bench of the Income Tax Appellate Tribunal ( ITAT ) held that the Commissioner of Income Tax (Appeals) [CIT(A)] erred in dismissing an appeal for non-compliance...

80C Deduction cannot be denied Solely due to Incorrect Filing of ITR-5 Instead of ITR-2: ITAT [Read Order]

The Ahmedabad Bench of the Income Tax Appellate Tribunal ( ITAT ) has ruled that the deduction under Section 80C of Income Tax Act, 1961 cannot be denied solely due to incorrect filing in ITR Form-5...

Sale of Agricultural Land Does Not Attract Capital Gain Tax u/s 45 until Official Conversion of Land, Regardless of Purchaser's Intended Use: ITAT [Read Order]

The Ahmedabad Bench of the Income Tax Appellate Tribunal ( ITAT ) ruled that the sale of agricultural land is exempt from capital gain tax under Section 45 of the Income Tax Act, 1961 until the land...

AO Erred by Not Examining Delayed Payment of Employer's PF/ESIC Contributions During Scrutiny: ITAT Upheld PCIT's Invocation of S.263 [Read Order]

The Bangalore Bench of the Income Tax Appellate Tribunal ( ITAT ) upheld the Principal Commissioner of Income Tax's invocation of Section 263 of the Income Tax Act, 1961, concerning the assessing...

AO Fails to Apply CBDT Instructions regarding Cash Deposits During Demonetization: ITAT Remands for Re-Examination [Read Order]

The Ahmedabad Bench of Income Tax Appellate Tribunal (ITAT) remanded the matter for re-examination due to the assessing officer's failure to apply CBDT’s (Central Board of direct taxes) instructions...

S.263 of Income Tax Act Not to be invoked without Justifiable Reasons: ITAT [Read Order]

The Ahmedabad bench of the Income Tax Appellate Tribunal ( ITAT ) recently held that Section 263 of the Income Tax Act 1961 is not to be invoked without justifiable reasons for the same. The...

Income Tax Notices Sent via Email against Assessee's Request: ITAT Sets aside CIT(A)’s Ex Parte Order [Read Order]

The Ahmedabad “B” bench of Income Tax Appellate Tribunal ( ITAT ) in a recent case set aside an ex parte order passed against the appellant, noting that the notices were sent to the appellant through...

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