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Reasons mentioned in Notice for Re-Assessment cannot be Improved Later: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Mumbai bench has held that the reasons mentioned in the re-assessment notice under section 148 of the...

Society Explained Source of Demonetized Notes: ITAT quashes Sec 68 Addition [Read Order]

Using Agricultural Produce for feeding Children in the Orphanage is Charitable Activity: ITAT allows...

Non-Cooperation during Remand Proceedings: ITAT imposes Rs. 1000 Cost on Assessee, Directs Fresh...

Assessing Officer Failed to Record the Reason for issue of Notice u/s 148: Chhattisgarh HC quashes...

Depreciation not allowable on Non-Compete Fee: ITAT [Read Order]

The ITAT, Delhi bench has held that the depreciation under section 32 of the Income Tax Act, 1961 is not allowable on non-compete fee. The assessee, a resident-companyits return of income on...

Black Money Act Provisions cannot be invoked for Minor Breach of Law: ITAT [Read Order]

In a major relief to philanthropist and pharma company Chairperson Leena Gandhi-Tiwari, the Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has held that the provisions of the Black Money...

No Show-Cause Notice issued with Draft Assessment: Gujarat HC quashes Final Assessment Order [Read Order]

A division bench of the Gujarat High Court has quashed an assessment order framed under section 144B of the Income Tax Act, 1961 on the ground that a notice was not issued along with the draft...

Income Tax Penalty cannot be Imposed Unless Assessee Obliged in Law, Either acted deliberately in Defiance of Law or Guilty of Dishonest Conduct: ITAT [Read Order]

The Income Tax Appellate Tribunal, Delhi bench held that the income tax penalty under section 271(1)(c) of the Income Tax Act, 1961 cannot be imposed unless assessee obliged in law, either acted...

Income earned by NGO from charging Service Charges from its donor is Charitable in Nature: Delhi High Court [Read Order]

The Delhi High Court has held that, Income earned by NGO from charging Service Charges from its donor is Charitable in Nature. The Assessee, NGO India HIV AIDS Alliance has submitted that, the...

Revisional Jurisdiction cannot be invoked merely because Assessment Order was without Reasons: ITAT [Read Order]

The Income Tax Appellate Tribunal, Mumbai bench, while granting relief to M/s Reliance Payment Solutions Pvt Ltd, held that the revisional jurisdiction under section 263 of the Income Tax Act, 1961...

Income Tax Proceedings attached with Presumption of Truth: Non-Appearance Implies that Assessee has Nothing to Rebut, rules ITAT [Read Order]

The Income Tax Appellate Tribunal, Delhi bench has held that the income tax proceedings are attached with the presumption of truth and the non-appearance before the authorities would imply that the...

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