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Pure Reimbursement does not give rise to any Income: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Bangalore Bench has held that pure reimbursement does not give rise to any income. The assessee, M/s....

Relief to Punjab & Sind Bank: ITAT deletes Disallowance of Depreciation on Securities [Read Order]

ITAT deletes addition made on account of Unexplained Jewellery as Valuation Report contained details...

ITAT quashes Penalty Order as it suffered from Vagueness, didn’t provide sound legal basis for...

Non-Filing of Audit Report Electronically cannot be reason for imposing Penalty under Income Tax...

Revisionary Jurisdiction can be invoked in a very Gross case of inadequacy in Inquiry by Assessing Officer: ITAT [Read Order]

The Delhi bench of the Income Tax Appellate Tribunal (ITAT) has held that the revisionary jurisdiction under section 263 of the Income Tax Act, 1961 can be exercised in a very gross case of...

Error in Online Income Tax Return deserves Rectification after Due Verification, Revenue can’t take Benefit of Factual Errors: ITAT [Read Order]

The Delhi bench of the Income Tax Appellate Tribunal (ITAT) has held that the error in the online income tax return shall deserve rectification after due verification and the Revenue cannot take the...

Completing Faceless Assessment before time is not sustainable and it is in Violation of Principles of Natural Justice: Calcutta HC [Read Order]

The Calcutta High Court held that completing Faceless Assessment before time is not sustainable and it is in violation of principles of natural justice. The assessee has challenged the faceless...

Setback to Bennett Coleman: Assessee required to pay Interest where Advance Tax paid is less than 75% of Assessed Tax, says Bombay HC [Read Judgment]

In a major setback to Bennett Coleman, the Bombay High Court held that the assessee required to pay interest where advance tax paid is less than 75% of the assessed tax. In respect of the...

Relief to PC Jewellers: ITAT grants Deduction on Expense of Education Cess as it does not fall under Capital Expense, Personal Expenditure [Read Order]

In a major relief to PC Jwellers, the Income Tax Appellate Tribunal (ITAT) has granted the Deduction on Expense of Education Cess as it does not fall under capital expense, personal...

Assessee has the option u/s 80IA to choose first year from which deduction is claimed for 10 consecutive years: Madras High Court [Read Judgment]

The Madras High court held that the assessee has the option under section 80IA to choose the first year from which deduction is claimed for 10 consecutive years. The appellant, Commissioner of...

Relief to Sushila Birla Memorial Institute: ITAT allows exemption u/s 10(23C)(iiiae) of Income Tax Act [Read Order]

The Income Tax Appellate Tribunal (ITAT), Kolkata Bench in a relief to Sushila Birla Memorial Institute allowed exemption under section 10(23C)(iiiae) of Income Tax Act. The assessee, Sushila...

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