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Income Tax Dept cannot Avail Extended Time Limit for Re-Assessment without New or Tangible Material: ITAT [Read Order]

Rasheela Basheer

The Income Tax Appellate Tribunal (ITAT), Chennai bench has held the income tax department cannot avail the extended time limit for re-assessment...

ICAI challenges ITAT Rule mandating 25 Years of Experience to Chartered Accountants to be Appointed...

New ITAT E-Filing Portal to go live on June 21, 2021 [Read Notice]

Income Tax Department - Income Tax Department searches - J&K - Taxscan

Income Tax Department conducts searches in J&K

No Addition against Donations made out of Deductible Business Expenditure: ITAT [Read Order]

All Expenses incurred during ‘Setting Up’ and ‘Commencement’ of Business are Permissible Deductions: Bombay HC [Read Order]

In CIT v. Axis Pvt Equity Ltd, the division bench of the Bombay High Court held that all expenses incurred during the interregnum between setting up of business and commencement of business would be...

Commissions paid by Pharmaceutical Companies to Agents are Eligible for Deduction: ITAT Ahmedabad [Read Order]

In M/s. Stallion Laboratories Pvt. Ltd. v. ITO Ahmedabad, the ITAT Ahmedabad bench held that the commission paid to agents by a pharmaceutical company is eligible for deduction under the Income Tax...

Penalty Proceedings cannot be initiated in case of Protective Assessment: ITAT Delhi [Read Order]

Recently, the Delhi bench of the ITAT ruled that penalty proceedings under section 271(1)(c) cannot be invoked in case of protective assessment under the provisions of the Income Tax Act, 1961. In...

Compensation paid to Buyers of Flats is Deductible as Business Expenditure of the Developer: ITAT Pune [Read Order]

In a recent decision, the Pune bench of the Income Tax Appellate Tribunal held that the compensation paid to the buyer for delayed possession of flat is business expense and therefore, it is...

Black Money: Govt. Initiates action against Indians on the information provided by the Foreign Government regarding banks accounts held in Liechtenstein & Switzerland

Action under the Income-tax Act, 1961 has been taken on the 12 trusts/entities, involving 26 individuals of Indian origin/nationality, based upon the information received from the German Tax...

Black Money - Automatic Exchange - taxscan

No Power is Entrusted with the Tribunal to give directions for Grant of Interest on Refund: ITAT Ahmedabad [Read Order]

The Ahmedabad bench of the Income tax Appellate Tribunal, in a recent decision held that the Tribunal, under the provisions of the Income Tax Act, 1961, has no power to give directions to the...

Expenditure on Issue of Shares to Indian Public is not Eligible for Deduction: Bombay HC [Read Judgment]

The division bench of the Bombay High Court, in a recent decision, held that the amount spent on issue of shares to Indian public is “capital expenditure” and therefore, deduction in respect of the...