![First Appellate Authority can enhance Income even without a formal notice: ITAT Mumbai [Read Order]](https://www.taxscan.in/wp-content/uploads/2016/08/First-Appellate-Authority-Taxscan.jpg "First Appellate Authority can enhance Income even without a formal notice: ITAT Mumbai [Read Order]")
First Appellate Authority can enhance Income even without a formal notice: ITAT Mumbai [Read Order]
The Mumbai bench of the Income Tax Appellate tribunal, in a recent ruling, held that under section 251(2) of the Income Tax Act, 1961, the First...
![Non-Consideration of Binding Precedent is a Valid Ground for Rectification Application: ITAT Mumbai [Read Order]](https://www.taxscan.in/wp-content/uploads/2016/08/Rectification-Application.jpg "Non-Consideration of Binding Precedent is a Valid Ground for Rectification Application: ITAT Mumbai [Read Order]")
Income from the Sales of Agricultural land situated more than 8kms from the Muncipality exempted from Income Tax: Madras HC [Read Judgment]
The division bench of the Madras High Court in a recent decision observed that the amount of profit received by the assessee for the sale of agricultural land which is situated at a distance more than...
Definition of 'Purchase Price' under the Bombay Sales Tax Act excludes the amount of Customs Duty paid: Bombay HC [Read Judgment]
The division bench of the Bombay High Court, in a recent decision, held that the word 'Purchase Price' referred to in sub-rule 3(a) of rule 41D will not include the amount of Customs Duty paid or...
Assessee is free to extend credit facility to any concern; AO cannot compel them for conducting the Business: ITAT Ahmedabad [Read Order]
The Ahmedabad bench of the Income Tax Appellate Tribunal, in recent ruling opined that the assessee is free to choose the concerns to which it wants to extend the credit facility. The Assessing...
Bombay HC refuses to comment on Constitutional Validity of Amendment to Sec 41 of the Bombay Sales Tax Act [Read Judgment]
In a recent decision, the division bench of the Bombay High Court, in a petition challenging the constitutional validity of amendment to section 41 of the Bombay Sales Tax Act, made by the Maharashtra...
Cabinet approves Agreement and the Protocol between India and Cyprus for the Avoidance of Double Taxation
India, today took another major step in the fight against tax evasion, "round tripping" and "base erosion/profit shifting". The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given...
Benefit of Sec 80P cannot be denied to a primary Agricultural Credit Society on ground of belated returns: ITAT Kochi [Read Order]
The Income Tax Appellate Tribunal, Kochi, recently ruled that the benefit of deduction provided under section 80P of the Income Tax Act, 1961 cannot be denied to an agricultural credit society solely...
A Co-operative Bank is not entitled to Deduction If none of its branches can be classified as a ‘Rural Branch’: ITAT Kochi [Read Order]
The Kochi division of the Income Tax Appellate Tribunal, in A recent decision held that a co-operative rural bank is not entitled to get deduction under section 36(1)(viia) of the Income Tax Act, 1961...
