The Delhi bench of the Income Tax Appellate Tribunal (ITAT) recently nullified an ex-parte order passed by the CIT (A) on the ground that the notices for appearances were sent through e-mail and the assessee,...
In a significant ruling, the Apex Court, while upholding the view of the High Court held that the satisfaction note by the Assessing Officer(AO) clearly states that the documents so seized belonged to the other...
The High Court of Delhi held that the impugned order passed by the ITAT suffers from perversity in so far as it refused to allow the assessee to urge the grounds by way of an...
The Income Tax Appellate Tribunal (ITAT), while granting relief to Max New York Life Insurance Company Ltd, held that the addition made by the income tax department treating bonus allocated to the policyholders as taxable...
The Income Tax Appellate Tribunal (ITAT) that the Accounting Standards differentiating lease transactions has no relevance in granting deduction under section 37 of the Income Tax Act, 1961 as the Act does not recognize or...
The Income Tax Appellate Tribunal (ITAT) redirected the issue to the Assessing Officer (AO) as the authorities have erred in denying a claim under Section 80G of the Income Tax Act, 1961 by observing that...
In an assessee-friendly ruling, the Income Tax Appellate Tribunal (ITAT), Hyderabad bench has recently observed that the assessee is eligible for deduction under section 54F of the Income Tax Act even if he did not...
The Income Tax Appellate Tribunal (ITAT) deleted the addition by Commissioner of Income Tax (CIT)(A) on account of unexplained jewellery in the light of the fact that the jewellery seized was supported by purchase bills...
The Income Tax Appellate Tribunal (ITAT) held that a retiring partner took only money towards the value of his share on retirement and when there was no distribution of capital assets going to the partners,...
The Income Tax Appellate Tribunal (ITAT), Bangalore held that the nature of income has to be decided on commercial principles and a wrong classification would not alter the true character of income. The assessee, M/s...
The Income Tax Appellate Tribunal – ITAT, Kolkata bench has held that an addition under section 68 of the Income Tax Act, 1961 cannot be sustained on the basis of the statements. The appellant, M/s....
The Central Board Direct Taxes (CBDT) has issued a clarification that cases pending before the Dispute Resolution Panel will be covered under the Vivad se Vishwas Scheme. After the introduction of ‘Vivad se Vishwas’ in...
The Income Tax Appellate Tribunal (ITAT), Ahmedabad bench has held that the genuineness of the share application money cannot be suspected without a proper inquiry by the Assessing Officer. In the instant case, the Assessing...
The Central Board of Direct Taxes ( CBDT ) has clarified that any amount paid pursuance of a declaration made under Vivad se Vishwas Scheme shall not be refundable under any circumstances. The CBDT clarified...
The Income Tax Appellate Tribunal (ITAT), Jaipur Bench held that the assessing officer couldn’t undertake complete scrutiny without seeking permission from the competent authority. In the case of Sita Ram Swami vs. ITO, Jaipur it...
The Central Board of Direct Taxes ( CBDT ) has clarified Consequences under clause 6 that, there will be immunity from prosecution to a declarant in relation to a tax arrears for which declaration is...
The Central Board of Direct Taxes clarified that if the Direct Tax case is pending in Arbitration without appeal pending is eligible to apply under Vivad se Vishwas Scheme. An assessee whose case is pending...
The Delhi High Court held that assessing officer can initiate the notice for re-assessment with the reasons to believe and with reference to any fresh tangible material. The writ petitions under Article 226 /227 of...
The Income Tax Appellate Tribunal (ITAT), Ahmedabad held that expenses on account of interest payment on loans could not be added while computing book profit. On verification of the balance sheet, it was found that...
The Income Tax Appellate Tribunal (ITAT) of Ahmedabad held that General Deduction allowable on Legal and Professional Fees incurred for the improvement of day to day working of Company. During the course of assessment proceedings,...
The Income Tax Appellate Tribunal (ITAT), Mumbai has ruled that, Income From Cloud Hosting Services not Taxable under the head ‘Royalty’. Rackspace, US Inc., the assessee, is a company incorporated in and a tax resident...
© 2020 Taxscan | Simplifying Tax Laws