The Income Tax Appellate Tribunal (ITAT), Rajkot Bench held that the penalty under Wealth Tax Act can not be levied without any specific findings. The assessee, Yannaben Anilbhai Jethani is an individual who filed a

The Delhi bench of Income Tax Appellate Tribunal (ITAT) has recently held that no addition could be made under Section 69B of Income Tax Act on account of jewellery shown in wealth tax return. Salil

The Mumbai bench of the Income Appellate Tribunal ( ITAT ) directed the deletion of disallowance on deduction in respect of wealth tax paid. During the course of assessment the AO disallowed the assessee’s claim

In Shri B. Rajeswar Rao v. ACIT, a division bench of the Hyderabad ITAT held that the cash seized from the assessee during search cannot be made liable to Wealth Tax if the same was

The Supreme Court of India, in a recent ruling, has held that the valuation of shares shall be done taking into consideration the restrictions and limitations on transfer of said shares. The issue raised in

The Finance Ministry of the Indian government introduced a bill highlighting details about Direct Tax dispute settlement scheme which is known as The Direct Tax ‘Vivad se Vishwas Bill, 2020’ for dispute resolution to direct

While hearing the case of Shri Keshav Lila vs Assistant Commissioner of Income Tax, Indore bench of Income Tax Appellate Tribunal (ITAT) held that the gold which have been duly declared in the wealth tax

Following the demonetization of Rs. 500 and Rs. 1000 notes, the Central Government directed the IT department to co-ordinate with all banks and to submit the details of individuals who effects transactions at the value

The Visakhapatnam bench of the Income Tax Appellate Tribunal (ITAT) while deleting an addition, held that the mother-in-law of the assessee can be treated as a “family member” and therefore, the excess gold found during

The Income Tax Appellate Tribunal (ITAT) Delhi Bench deleted the addition made by the assessing officer on jewelry gifted on occasion of marriage before the search action. A search action was conducted on the residence

The New Delhi bench of Income Tax Appellate Tribunal(ITAT) held that addition of long term capital gain can be made by the assessing officer under Section 69A of Income Tax Act, 1961 on account of

The Institute of Chartered Accountants of India (ICAI), the regulatory body of Chartered Accountants has made a representation to the Finance Ministry expressing dissatisfaction against Notification amending Rule 11UA omitting reference to term “accountant” and

A division bench of the Karnataka High Court consisting of Justices P.S. Dinesh Kumar and Anant Ramanath Hegde has held that the assessee was not liable to pay Wealth Tax with respect to a property,

The Bombay High Court ruled that the wealth tax assessment liability will arise once seized gold, jewellery, cash is released. The assessee, Nirajkumar N. Rungta has sought order and direction to the respondents to forthwith

The Delhi High Court recently declared that the ownership of the property can be presumed for the purpose of wealth tax if the possession and control of the property in dispute vests upon the assessee.