Latest Income Tax News, Updates & Judgments

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Income from Seismic Vessels Taxed Under Article 21(4) of India-Norway DTAA as Assessee Not Engaged in Seabed Exploration: ITAT [Read Order]

The Delhi Bench of Income Tax Appellate Tribunal ( ITAT ) held that income from seismic vessels provided on bareboat charter by a Norwegian company...

Client Code Modification Misuse: ITAT Upholds CIT(A)’s Restriction of Additions to 1% as Assessee...

Disallowance of ₹7,24,937 Deferred Interest u/s 40(a)(ia) for TDS Non-Deduction: ITAT Deletes...

Income Tax Additions Not Valid Without Incriminating Material Found During Search: ITAT [Read Order]

Addition of Rs.1,26,453 as Anonymous Donations: ITAT Grants One More Opportunity to Furnish Complete...

ITAT Deletes Capital Gains Addition of Rs.55 Lakh from Noida Property, Allows S.54 Deduction After Substantiation [Read Order]

The Chandigarh Bench of Income Tax Appellate Tribunal ( ITAT ) deleted the capital gains addition of Rs.55 lakh from the sale of a Noida property and allowed the deduction under section 54 of...

Gujarat HC Seeks CBDT’s Response For Not Extending ITR Filing Due Date Along With Tax Audit Report Deadline [Read Order]

In a recent order, the Gujarat High Court observed that the “specified date” for furnishing a tax audit report under Section 44AB of the Income Tax Act, 1961 and the “due date” for filing the...

ITAT Quashes Income Tax Assessment Against Vipul Mittal Over Pecuniary Jurisdiction [Read Order]

The bench of the Income Tax Appellate Tribunal, Delhi, quashed the assessment framed against the assessee after holding that the scrutiny notice under Section 143(2) of the Income Tax Act, 1961,...

Service Tax Cannot be Levied on TDS on Foreign Remittances Paid under Income Tax Act: CESTAT [Read Order]

The Customs, Excise & Service Tax Appellate Tribunal (CESTAT), Chennai, has held that service tax cannot be levied on the Tax Deducted at Source (TDS) portion of foreign currency remittances...

ITAT Orders Fresh Probe into ₹3.17 Crore Cash Deposits in Egg Trade [Read Order]

Thebench of the Income Tax Appellate Tribunal, Mumbai , has set aside an appeal involving unexplained cash deposits and remanded the matter back to the Assessing Officer for fresh adjudication. The...

Time-Barred Income Tax Notice u/s 148 over Investment Scheme: ITAT quashes Reassessment [Read Order ]

The bench of the Income Tax Appellate Tribunal, Mumbai, has held that the reassessment notice issued under Section 148 of the Income Tax Act, 1961 beyond the permissible period of limitation was...

Alleged Shell Company Transactions: ITAT deletes ₹15 Lakh Addition u/s 68 [Read Order]

The bench of the Income Tax Appellate Tribunal, Kolkata, set aside the addition of ₹15,00,000 made under Section 68 of the Income Tax Act, 1961, holding that the Assessing Officer (AO) failed to...

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