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Reference to TPO for TP adjustment towards SDT Under Section 92BA(i) of IT Act to be omitted as per Finance Act 2017: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Mumbai bench held that the reference to the Transfer Pricing Officer for transfer pricing adjustment...

Claim of setoff of Unabsorbed Depreciation carried forward from earlier year against Income from...

Section 40(a)(ia) of Income Tax Act is Declaratory and Retrospective: Delhi HC [Read Order]

Assessment Order can't be framed without issuing a Notice u/s 143(2) of Income Tax Act: Delhi HC...

Subsidy received in form of VAT reimbursement from State Governments towards Industrialization shall...

Proceeding Initiated u/s 148 for Incriminating material found against a person other than Searched Person is beyond Jurisdiction: ITAT [Read Order

The Bangalore bench of the Income Tax Appellate Tribunal (ITAT) held that the proceedings initiated under Section 148 of the Income Tax Act, 1961 for the incriminating material found against a person...

Interest Expenditure claimed under head of Income from House property in Original ITR: ITAT allows deduction u/s 24 of Income Tax Act

The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) allowed the deduction under Section 24 of the Income Tax Act, 1961 due to interest expenditure claimed under the head of income from house...

ITAT quashes levy of Penalty u/s 271(1)(c) of Income Tax Act on ground of Absence of Proper Opportunity of Hearing [Read Order]

The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) quashed the levy of penalty under section 271(1)(c ) of the Income Tax Act,1961 on the grounds of absence of proper opportunity of...

ITAT directs Re-adjudication in respect of stamp duty valuation upon sale of inherited property to brother [Read Order]

The Income Tax Appellate Tribunal (ITAT), Mumbai bench, directed readjudication in respect of stamp duty valuation upon the sale of inherited property to the brother. The assessee, Ranjita Rangnath...

Compensation paid for closure of agreement entered with Private Company in Real Estate Development Business is allowable expenditure: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Mumbai bench, held that compensation paid for the closure of agreements entered with private companies in the real estate development business is allowable...

Suspicion and Conjecture cannot form a basis for triggering Reassessment Proceedings: Delhi HC quashes Impugned Notice issued u/s 148 [Read Order]

The Delhi High Court has quashed the impugned notice under Section 148 of the Income Tax Act, 1961, and held that the suspicion and conjecture cannot form a basis for triggering the reassessment...

Conjecture - Reassessment - Proceedings - quashes - Impugned - Notice issued - Reassessment Proceedings - taxscan

Employee’s contribution to PF & ESIC shall not be allowed deduction when Deposited belatedly after Due date and before filling ITR: ITAT [Read Order]

The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) held that the employee’s contribution to Provident Fund (PF) and Employee State Insurance Corporation (ESIC) shall not be allowed...

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