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Share Capital from Alleged Shell Companies Accepted as Genuine: ITAT quashes Income Tax Revision u/s 263 [Read Order]

The Income Tax Appellate Tribunal (ITAT), Delhi bench, set aside the order of the Principal Commissioner of Income Tax (Pr. CIT) passed under...

Subsequent Conversion by Purchaser Does Not Change Character of Agricultural Land Sold by Assessee:...

ITR not yet Processed? Know the Deadline on Department for Processing Income Tax Returns and Refunds

Eligibility for S. 80P Deduction Depends on Primary Business of Cooperative Society, Not Incidental...

CIT(A) Holds Property Sale to Partner’s Son Genuine but Disallowed Indexed Interest Claim: ITAT ...

AO's Estimation Approach Invalid When Books Accepted: ITAT Deletes Ad Hoc Income Tax Additions on Purchases and Expenses [Read Order]

The Income Tax Appellate Tribunal (ITAT), Mumbai, held that ad hoc income tax additions made on purchases and expenses cannot be sustained in the absence of any defects in the assessee’s audited books...

Income Tax Assessments on Basis of Consolidated Approval u/s 153D is Void Ab Initio: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Delhi, ruled that income tax assessments framed pursuant to search proceedings were void ab initio as they were based on a consolidated approval under...

5 Income Tax Portal Glitches Right Now: Taxpayers and Professionals Demand Due Date Extension

As the September 15 deadline for filing Income Tax Returns (ITR) for Assessment Year (AY) 2025-26 approaches, taxpayers and professionals are struggling with persistent glitches on the Income Tax...

S.153D Approval Granted Without Application of Mind Voids Income Tax Assessment: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Delhi bench held that an assessment framed under Section 144 of the Income Tax Act, 1961, was invalid as the mandatory approval under Section 153D of the...

Income Tax Deduction claim of Employees Contribution to PF or ESI is allowable only if deposited on or before statutory due date under ESI/PF Act: Delhi HC [Read Order]

The Delhi High Court has held that income tax deduction claim of an employee's contribution to Provident Fund, Employer's State Insurance and Labour Welfare Fund (PF , ESI) is allowable only if ...

Disclosure of Additional Income in S. 153C Proceedings Does Not Automatically Prove Guilty of Concealment of Income: ITAT [Read Order]

The Cochin Bench of the Income Tax Appellate Tribunal ( ITAT ) has ruled that disclosure of additional income in response to a notice issued under Section 153C of the Income Tax Act, 1961, cannot...

S. 54F Exemption cannot Be Denied for Non-Deposit in Capital Gain Account if Entire Sale Consideration already Invested in Plot: ITAT [Read Order]

The Delhi Bench of the Income Tax Appellate Tribunal ( ITAT ) has held that exemption under Section 54F of the Income Tax Act, 1961, cannot be denied merely because the assessee did not deposit the...

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