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Revisional Authority shall Avoid the attitude of “I have the Power and I shall exercise”: ITAT [Read Order]

Gayathri C.H

The Income Tax Appellate Tribunal (ITAT), Chandigarh Bench, has recently in an appeal filed before it, held that the revisional authority shall avoid...

Failure of AO in Applying Rate of Tax as per Amended Law: ITAT validates Revision Order [Read Order]

Amount in Nature of Debt Claim, till possession was actually handed over is Taxable under India UK...

Revisionary Powers u/s 263 can be Invoked on Account of Lack of Enquiry by AO: ITAT [Read Order]

Registered Society's Revenue belonging to Consolidated Fund of Govt, Eligible for 10(23C) (iiiab)...

Instalment Payments outside time window do not debar claim of deduction u/s 54: ITAT upholds AO’s observation [Read Order]

The Income Tax Appellate Tribunal (ITAT) Jaipur has ruled that merely because the assessee has made payments in instalments and some of the instalments were paid prior to one year window before the...

ITAT deletes addition made on account of Cash Gift received from Relatives [Read Order]

The Income Tax Appellate Tribunal (ITAT), Jaipur Bench deleted the addition made on account of cash gifts received from relatives. The assessee, Sheela Yogi had also received a gift of Rs. 5.51...

Registration can’t be cancelled for mere failure to get Accounts Books Audited from CA: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Jaipur Bench while quashing the order cancelling the registration held that the registration can not be cancelled for mere failure to get accounts books...

Penalty under Section 271B can’t be levied for Failure to get Accounts Audited under Section 44AB: ITAT [Read Order]

In Roshini Devi vs. Income Tax Officer, the Jaipur Bench of the Income Tax Appellate Tribunal ( ITAT ) held that penalty under Section 271B of the Income Tax Act, 1961 cannot be levied for non-audit...

Commissioner cannot invoke his Revisionary Jurisdiction If the matter has been already heard by CIT (A): ITAT [Read Order]

The Income Tax Appellate Tribunal Jaipur bench in its recent order observed that the Commissioner cannot invoke his Revisionary Jurisdiction under Section 263 of the Income Tax Act, 1961 if the matter...

No Tax when there is only a Right under the Agreement to Receive Interest without reasonable certainty of Realization of the Same: ITAT [Read Order]

While dismissing the appeals of the Revenue the Jaipur bench of Income Tax Appellate Tribunal (ITAT), has recently held that if there is only a right to receive the interest under the agreement...