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Deemed Dividends u/s 2(22)(e) of the Act Taxed only in Shareholders' Hands: Calcutta High Court upholds ITAT Decision [Read Order]

In the recent case, the High Court Of Calcutta, upholding the Income Tax Appellate Tribunal’s ( ITAT ) decision that deemed dividends under Section...

Relief Granted to Trust Despite Late Audit Report Submission: Calcutta High Court Upholds ITAT's...

Addition u/s 68 of Income Tax Act is invalid as AO fails to Verify Genuineness of Transaction:...

21 months Delay in Filing Income Tax Appeal due to Covid Pandemic: ITAT condones Delay citing SC...

Expense Disallowance u/s 14A exceeds Exempt Income, no Error or Revenue Prejudice Found: ITAT...

Bribery: Know How many Income Tax Officers were Arrested Till 31st July 2024

“Income Tax officer arrested while accepting bribe” is the headline we often come across in newspapers and other media. Though the Income Tax Department was set up in the year 1922 by the Government...

AY relevant for Action depends on Date of Recording Satisfaction, not Date of Search u/s 153C of Income Tax Act: Delhi HC [Read Order]

The appellant, Commissioner of Income Tax- Central-1, filed an appeal in the backdrop of search and seizure in the case of Harvansh Chawla. Pursuant to the search that was so initiated a...

Availment of Presumptive Scheme of Taxation u/s 44AD Needs to Prove Eligibility: ITAT Upholds AO and CIT(A) Orders [Read Order]

The Ahmedabad bench of Income Tax Appellate Tribunal(ITAT) upheld the lower authorities' decision to treat Rs. 21,51,200 as unexplained cash credit under Section 68, as the assessee failed to provide...

Advance Tax Payment Not Required For Reassessment Proceedings: ITAT overrules CIT(A) Order [Read Order]

The Indore bench of Income Tax Appellate Tribunal(ITAT) set aside the CIT(A)'s m order, noting that advance tax payment under Section 249(4)(b) of the Income Tax Act,1961 was not applicable...

Pandemic and Fire Incident Hinder Compliance with CIT (A): ITAT sets aside CIT (A) Addition, Directs Fresh Adjudication [Read Order]

The Ahmedabad bench of the Income Tax Appellate Tribunal ( ITAT ) has set aside the addition made by the Commissioner of Income Tax (Appeals) ( CIT (A) ) and directed fresh adjudication, noting that...

Interest Rate on Secured Loan From banks Cannot be Compared with Interest Rate on Unsecured Loan: ITAT [Read Order]

In a recent case, the Indore bench of Income Tax Appellate Tribunal (ITAT) ruled that interest rate on secured loans from banks cannot be compared with interest rate on unsecured loan. The...

Failure of Revenue Authorities to put assessee on notice about S. 69A Addition of Income Tax Act is violative of Natural Justice Principles: Calcutta HC [Read Order]

The Calcutta High Court has observed that failure of revenue authorities to put assessee on notice about addition made under section 69A of Income Tax Act, 1961 is violative...

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