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AO Cannot Reopen Assessments under Income Tax Act in Block Period of Six Years in Absence of Incriminating Materials: Kerala HC [Read Order]

The Kerala High Court in a recent judgement has held that Assessing Officer ( AO ) cannot reopen assessments in block period of six years in absence...

Disallowance under Income Tax Act cannot be based on Presumptions of Earning Dividend Income in...

Issue on Income calculation made u/s 44-AE of the Income Tax Act for Awarding compensation : Orissa...

ITAT deletes Addition of ‘On Money’ due to Lack of Information about Receipt of Money [Read Order]

Assessment order passed u/s 147 of the Income Tax Act without considering Reply of Assessee is...

Date of Allotment of Under-Construction Property cannot be Treated as “Date of Purchase”: ITAT allows Capital Gains Exemption u/s 54 [Read Order]

In a recent ruling, a Two-Member bench of the Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has held that the date of allotment in respect of an under-construction property cannot be...

Discrepancy in Excess Stock accumulated during Normal Business Assessable as “Business Income”, S. 69B r.w.s S. 115BBE Not Applicable: ITAT [Read Order]

The Chennai bench of the Income Tax Appellate Tribunal ( ITAT ) has held that the discrepancy in the excess stock accumulated during normal business shall be assessable as business income and section...

Information from ‘Insight Portal’ Valid for Reassessment u/s 148 of Income Tax Act: Rajasthan HC dismisses Writ Petitions [Read Order]

The Rajasthan High Court has dismissed a writ petition, upholding the use of information gleaned from the ‘insight portal’ of the Income Tax Department as grounds for reopening income tax assessments...

Kerala HC sets aside Order Passed u/s 148(A) of Income Tax Act without Providing Opportunity of Hearing

In a recent case, the Kerala High Court set aside an order passed under section 148(A) of the Income Tax Act, 1961 without providing the opportunity for a hearing. It was observed that the...

Delay in Approaching Revision Authority under Income Tax Act is not Condonable hen Assessee Fails to Show Sufficient Reason: Kerala HC [Read Order]

The Kerala High Court has held that the delay in approaching the revision authority under the Income Tax Act is not condonable when assessee fails to show sufficient reason. During the years the...

Purchase of Agricultural Land not fall under Definition of Capital Asset: ITAT deletes Addition [Read Order]

The Delhi Bench of Income Tax Appellate Tribunal ( ITAT ) has held that the assessee has purchased agricultural land, which is outside the definition of a capital asset; therefore, the deeming...

Rajasthan HC upholds ITAT Decision Deleting Addition Made on Capital Gain from Share Sale, Dismisses Income Tax Dept's Appeal [Read Order]

The Rajasthan High Court, while dismissing the appeal filed by the Income Tax Department under Section 260A of the Income Tax Act, 1961 challenging the order passed by the Income Tax Appellate...

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