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Income Tax Act 1961

High Court Tax Cases Pendency: 33% Yet to Get First Hearing, says Database

Navasree A.M

A recent analysis of pending tax litigation in Indian High Courts has revealed that nearly one-third of all tax-related cases are yet to receive...

ITAT dismisses Appeal as Withdrawn after Assessee opts for Settlement of Dispute under DTVSV Scheme...

ITAT Treats ₹1.50 Crore Cash Addition as Business Turnover in Bullion Trader’s Case [Read Order]

Notice u/s 148 Invalid as Seized Material Not an 'Asset' or 'Books of Account': ITAT Quashes...

Apple Pushes for Major Overhaul of India’s Tax Laws to Protect Billion-Dollar Investments in iPhone...

Interest Deduction u/s 57: ITAT Allows Claim After Verifying Payments and Interest Earned [Read Order]

The Ahmedabad Bench of Income Tax Appellate Tribunal ( ITAT ) allowed the assessee’s claim for interest deduction under section 57 of Income Tax Act,1961 after verifying payments and interest...

Brought-Forward Loan Cannot Be Taxed without Payment During Relevant Year: ITAT Deletes ₹1.45 Cr Deemed Dividend Addition [Read Order]

The bench of the Income Tax Appellate Tribunal, Raipur, held that loans received in an earlier year cannot be treated as deemed dividend in a subsequent year when no payment was made during the...

Amount Shown as Advance and Paid Before Due Date Cannot Be Treated as Revenue Receipt: ITAT Orders Fresh Verification on ₹6.12 Lakh Deemed Sales Tax Addition [Read Order]

The bench of the Income Tax Appellate Tribunal (ITAT), Raipur, ruled that an amount recorded as an advance and subsequently paid before the due date of filing the return cannot automatically be...

No Evidence of Price Rigging or Bogus Share Transactions: ITAT Quashes S. 68 Addition [Read Order]

The Income Tax Appellate Tribunal ( ITAT ), Mumbai Bench, on alleged bogus share transactions, deleted an addition made under Section 68 of the Income Tax Act,1961 as there was no evidence of price...

AO's Action Beyond Scope of Limited Scrutiny Invalid: ITAT Quashes Addition [Read Order]

The Raipur Bench of the Income Tax Appellate Tribunal (ITAT) quashed ₹12.34 Lakh addition made by the Assessing Officer (AO) and held that action beyond scope of limited scrutiny was invalid. ...

Bullion Trader’s Demonetisation Cash Deposits Found Genuine: ITAT Deletes ₹9.24 Crore Addition u/s 68 of the Income Tax Act [Read Order]

The bench of the Income Tax Appellate Tribunal (ITAT), Lucknow, has held that cash deposits made during the demonetisation period, which were duly recorded as cash sales in the assessee’s books of...

Director Alone Cannot be prosecuted under Income Tax Act for Transferring Company assets to Daughter in law without consideration: Delhi HC [Read Order]

In a recent case, the Delhi High Court has held that the director alone cannot be prosecuted under Income Tax Act, 1961, for transferring company assets to the daughter-in-law without consideration....