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Opportunity to be Heard Denied: ITAT deletes addition u/s 68 of Income Tax Act [Read Order]

Aiswarya Krishnadas

The Delhi bench of the Income Tax Appellate Tribunal ( ITAT ) deleted the addition under Section 68 of the Income Tax Act, 1961 citing denial of the...

Taxpayer should construct a Residential House within Period of three years from date of Transfer of...

ITAT Weekly Round-up

Non-Competition Fee received under Restrictive Covenants Restrains Source of Income: ITAT deletes...

ITAT deletes addition made on accrual basis with respect to interest income of arbitration award [...

Interest under Land Acquisition Act is Capital Receipt being an Integral part of enhanced Compensation, exempted u/s 10 (37): ITAT [Read Order]

In recent ruling, the Delhi bench of the Income Tax Appellate Tribunal ( ITAT ) observed that interest under land acquisition Act is capital receipt being an integral part of enhanced compensation,...

ICSI Income Tax Exemption Claim: ITAT orders to Carry Out Necessary Verification [Read Order]

The Delhi Bench of the Income Tax Appellate Tribunal ( ITAT ) has directed a reassessment of the Institute of Company Secretaries of India’s ( ICSI ) income tax exemption claim. The case in...

Transaction done through Bombay Stock Exchange on STT cannot be considered as Sham or Bogus Transaction: ITAT [Read Order]

The Delhi bench of the Income Tax Appellate Tribunal ( ITAT ) observed that Transaction done through Bombay stock exchange on Securities Transaction Tax ( STT ) cannot be considered as sham or bogus...

Legal fiction created u/s 2 (22) (e) of Income Tax Act not to be extended further for broadening concept of shareholders: ITAT [Read Order]

The Delhi bench of the Income Tax Appellate Tribunal ( ITAT ) observed that legal fiction created under Section 2 (22)(e) of Income Tax Act, 1961, not to be extended further for broadening concept of...

Loan payments made through bank transfers and not bearer Cheques: ITAT deletes penalty imposed u/s 271E of Income Tax Act [Read Order]

The Delhi bench of the Income Tax Appellate Tribunal ( ITAT ) has nullified the penalty imposed under section 271E of the Income Tax Act, 1961 citing that loan payments are executed through bank...

ITAT Annual Digest [Part 72]

This annual digest analyzes all the ITAT stories published in 2023 at taxscan.in Non-Registration of Gift Deed can’t be considered to be Sham Transaction as Assessee was in Full Possession of...

AO cannot pass final Assessment Order without complying with Mandatory Requirement under section 144C of Income Tax Act: ITAT allows Appeal [Read Order]

The Income Tax Appellate Tribunal (ITAT), Delhi Bench, held that assessing officers could not pass a final assessment order without complying with the mandatory requirements under Section 144C of the...