Read all Latest Updates on and about section 143(1) of the Income Tax Act

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Determining Nature of Expenditure is Beyond CPC's Jurisdiction: ITAT upholds Deletion of Bad Debts Disallowance [Read Order]

The Delhi Bench of the Income Tax AppellateTribunal (ITAT) ruled that determining the nature whether capital or revenue expenditure was beyond...

Subsidy from Govt Rehabilitation Scheme Milk Producers’ Co-operative is Capital Receipt, Not Taxable...

Payment within Due Date cannot be disallowed as delay due to Technical Glitches on EPFO Portal: ITAT...

Assessee Entitled to TDS Credit on Salary Income Even if Not Fully Reflected in Form 26AS: ITAT...

Extraordinary Delay of 2590 Days without Sufficient Cause Cannot Be Condoned: ITAT Dismisses Appeal...

ITAT Decision to uphold Higher 22% LTCG u/s 115BAA on Domestic Company raises Eyebrows [Read Order]

The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) has upheld the 22% tax rate on Long-Term Capital Gains (LTCG) for domestic companies that have opted for the concessional tax regime...

ITAT Holds Bona Fide Belief and Lack of Technical Knowledge Constitute Sufficient Cause, Condones 972-Day Delay by 71-Year-Old Assessee [Read Order]

The Mumbai Bench of the Income Tax Appellate Tribunal ( ITAT ) has condoned a delay of 972 days in filing an appeal by Mr. Kirtikumar Champaklal Bhimani, a 71-year-old individual taxpayer and held...

Leave Encashment Exemption u/s 10(10AA): ITAT Applies Retrospective ₹25 Lakh Limit Notified by CBDT [Read Order]

The Jaipur Bench of Income Tax Appellate Tribunal ( ITAT ) allowed an appeal filed by a retired State Bank of India employee, holding that the revised ₹25 lakh exemption limit for leave...

“Reason to Believe” Must Rest on Correct Facts: ITAT invalidates Reopening Based on Wrong Assumptions [Read Order]

The Bench of the Income Tax Appellate Tribunal (ITAT), Chandigarh, held that a reassessment initiated on the basis of incorrect facts and without application of mind is invalid in law. The Tribunal...

Net Taxable Interest Higher Than Expense Bars Disallowance u/s. 14A: ITAT [Read Order]

The bench of the Income Tax Appellate Tribunal, Mumbai, has ruled that no disallowance under Section 14A of the Income Tax Act, 1961 can be made when net taxable interest income exceeds the interest...

Settled Issues against Income Tax Assessment Order passed u/s 143 not Challengable: Delhi HC dismisses appeal against Maruti Suzuki [Read Order]

The Delhi High Court dismissed the revenue’s appeal in the Maruti Suzuki case regarding the Income Tax Assessment Order passed under Section 143 of the Income Tax Act, 1961. It was observed that the...

Short Grant of Income Tax TDS Credit on Property Sale: ITAT Orders Refund of ₹37.88 Lakh Within One Month [Read Order]

The Chandigarh Bench of Income Tax Appellate Tribunal ( ITAT ) ordered a refund of ₹37.88 lakh within one month, holding that there was a short grant of Tax Deducted at Source (TDS) credit on a ...