The Delhi bench of the Income Tax Appellate Tribunal (ITAT) has recently held that no addition under the Income Tax Act, 1961 can be made towards the deposit of cash received as a professional fee...
In a significant ruling, the Income Tax Appellate Tribunal (ITAT) has held that depreciation under section 32 of the Income Tax Act, 1961 cannot be allowed on an undivided share of land. The assessee, in...
In a ruling granting TDS relief to the telecom giants, Vodafone, the Chennai bench of the Income Tax Appellate Tribunal (ITAT) held that TDS provisions under section 194H of the Income Tax Act, 1961 is...
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 Calcutta held that extra realization made in rupees for export sale proceeds in foreign exchange due to adverse exchange rate of rupee would be part of the export turnover in the...
The High Court of Madras held that there is no jurisdiction of Assessing officer (AO) in the reopening of Assessment after 4 years by reason of failure on part of the assessee. The Assessing Officer,...
The Income Tax Appellate Tribunal (ITAT), Delhi bench, in a significant ruling, held that the transfer of shares, being a family arrangement, cannot be treated as a gift or prerequisite for the purpose of taxation...
The Income Tax Appellate Tribunal (ITAT), Mumbai held that Section 14A of the Income Tax Act, 1961 will not apply if no exempt income is received or receivable during the relevant previous year. The assessee...
Introduction The Income Tax Act, 1961 is in itself a complete code concerning the procedure of completing assessments/reassessments qua the assessees subject to the embedded riders in forms of sanctions/approvals of the competent authority, time-constraints...
The Kolkata Bench of Income Tax Appellate Tribunal (ITAT) held that disallowance of deduction under section 80IB(10) of the Income Tax Act, 1961 in respect of interest income should be restricted to net interest and...
The Income Tax Appellate Tribunal (ITAT) held that the addition cannot be sustained without any documentary evidence on record, accordingly the finding of the lower authorities on the issue in dispute was set aside. The...
The Income Tax Appellate Tribunal (ITAT) held that assessment framed by the Income Tax Officer (ITO) without giving notice is bad in law. The assessee filed the return of income for the assessment year 2013-...
The Income Tax Appellate Tribunal (ITAT) held that income from interest is chargeable to tax as ‘income from other sources’ under Section 56 of the Income Tax Act. The assessee made fixed deposits with various...
The Income Tax Appellate Tribunal (ITAT) held that the sale of the property by the Vendee cum Agreement of General Power of Attorney (AGPA) holder cannot be considered as “sale” for the purpose of imposing...
The Income Tax Appellate Tribunal (ITAT) upheld the decision of CIT(A) where 12.5% for taking bills without delivery of goods. The assessee, Vijay B Shah (HUF) is engaged in the trading of iron and steel....
The Income Tax Appellate Tribunal (ITAT) held that an order passed by Assessing Officer (AO) under Section 153A of the Income-tax Act, 1961 be held bad in law in the absence of any valid search...
The High Court of Allahabad held that assessee only needs to prove the source of credit entries and he is not required to prove the source of the source or the creditors’ credit. The assessee,...
The Supreme Court, on Friday, held that that the addition under section 68 of the Income Tax Act, 1961 is needed to be quashed since the appellant or assessee, in subsequent and separate penalty proceedings...
A division bench of the Income Tax Appellate Tribunal (ITAT), led by the Tribunal’s President Justice P.P. Bhatt, has, through web-based video conferencing platform, heard and disposed of an urgent stay petition today. This is...
The Income Tax Appellate Tribunal (ITAT), while allowing the benefit of deduction to the assessee on account of bad debts has held that the deduction is allowable if the sum written off as bad debts...
The Income Tax Appellate Tribunal (ITAT) ruled that the payment of membership and subscription charges are preliminary expenditure which is incurred by Philips and after the setting up of business it will be paid by...
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