Latest Income Tax News, Updates & Judgments

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Reduction in Shareholding Due to Fresh Allotment is Not a 'Transfer or Relinquishment of Right': ITAT Deletes ₹2.53 Cr Capital Gain Addition [Read Order]

The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) granted substantial relief by confirming the deletion of a Short-term Capital Gain...

CBI Arrests ITAT Judicial Member and Advocate for alleged Settling Income Tax Appeals for Bribes

Heavy Rainfall Valid Reason for Income Tax Delay: Karnataka HC Quashes Commissioner's Order [Read...

Interest Income Earned by Credit Co-operative Society from Co-operative Bank is Eligible for...

Taxpayer to Prove Fund Flow of Loans through Partner's Repayments to HUFs: ITAT Remands Unsecured...

AO Erred by Recording Consolidated Satisfaction Note for Multiple AY's: ITAT Quashes S.153C Assessment [Read Order]

The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) quashed the assessment orders passed under Section 153C for the Assessment Years (AY) 2015-16 and 2016-17, on the fundamental legal ground...

DRP Failed to Adjudicate All Operating Expenses for Margin Calculation: ITAT Sets Aside TP Adjustment on Sale of Traded Goods for Recomputation [Read Order]

The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) set aside the Transfer Pricing (TP) adjustment related to the sale of traded goods (rice) back to the Dispute Resolution Panel (DRP) for ...

S. 69A cannot be Invoked to Tax Commission on Seized Documents: ITAT Directs AO to Treat 20% of Gross Commission as Income [Read Order]

The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) ruled that Section 69A of the cannot be invoked to tax commission details found on seized documents, as the provision applies only to ...

ITAT Directs TPO to Re-calculate Adjustment after Exclusion of Erroneous Comparable and Re-application of Filters [Read Order]

The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) directed the Transfer Pricing Officer (TPO) to re-evaluate the arm's length price (ALP) of an assessee’s international transactions after ...

Taxability Determined by Employment Status: ITAT Holds Employee Transferred from PSEB to PSPCL Eligible for Exemption Only for Service Period Under PSEB [Read Order]

The Chandigarh Bench of the Income Tax Appellate Tribunal (ITAT) held that the assessee was not entitled to full tax exemption on his entire leave encashment received upon retirement from Punjab ...

Income Tax Penalty u/s 271(1)(c): Kerala HC directs Legal Heirs to Appeal [Read Order]

The Kerala High Court disposed of a writ petition challenging an income tax penalty under Section 271(1)(c) of the Income Tax Act, 1961, directing the legal heirs of the deceased assessee to ...

Kerala HC Stays Income Tax Demand, Directs Filing of Stay Petition in Two Weeks [Read Order]

The Kerala High Court has intervened in a dispute between an assessee and the Income Tax Department, staying the recovery proceedings based on a tax demand and directing the assessee to file a stay...

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