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Income Tax: CBDT Circular doesn’t empower Assessing Officer to take Advantage of Assessees’ Ignorance and collect More Tax, rules Karnataka High Court [Read Judgment]

In an assessee-friendly ruling, the Karnataka High Court has held that the Assessing Officer cannot take advantage of the ignorance on the part of...

ITAT quashes Revisional Order since Income Tax Notice was issued against Dead Person [Read Order]

Section 80IC Deduction allowable to Income from Interest on Electricity Deposit, Recovery from...

Madras HC Directs Dept to determine If IL&FS is a Public Institution under the Companies Act:...

Relief to HDFC: Bombay High Court quashes Income Tax Re-Assessment for want of Jurisdiction [Read...

Interest Income only cannot attract Depreciation under Section 32 of the Income Tax Act: ITAT [Read Order]

The Income Tax Appellate Tribunal Ahmedabad ( ITAT ) Presided by Vice President P.M. Jagtap, and Judicial Member Siddhartha Nautiyal has held that, assessee not earning any business income and has...

Relief to Aishwarya Rai Bachchan: Revisional Jurisdiction cannot be invoked on ground of an Invalid Re-Assessment by AO, says ITAT [Read Order]

In a Relief to Aishwarya Rai Bachchan, the Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has held that the Commissioner of Income Tax cannot invoke his revisional jurisdiction under...

Distribution of Freebies to Doctors is a regular Business Practice, Dept cannot deny decision when Claim is proved with Documents: ITAT [Read Order]

The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has held that when the department accepted the fact that the distribution of free samples to doctors is a regular business practice, then...

Information from Property Broker Firms and Websites cannot be relied upon to determine adequacy of Rent received for invoking Sec 13(2)(b) of Income Tax Act: Delhi High Court [Read Judgment]

The Delhi High Court has held that in the absence of an independent inquiry, the revenue authorities cannot solely rely on the opinion of property broker firms and websites to determine the adequacy...

Deduction allowable to Loss on Investment in Subsidiary made to Boost Sales: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT) Chennai bench has held that the loss on investment made in subsidiary company for increasing business expediency to be written off as business loss. The...

Relief to Humdard: Material collected from Internet, Estate Agents can’t be termed as Corroborative Evidence for levying House Tax, rules Delhi HC [Read Judgment]

In a relief to Humdard, the Delhi High Court has held that Material collected from the internet, estate agents cannot be termed as corroborative evidence for levying house tax. The Assessing...

Fertilizer Subsidy Income derived from Business of Industrial undertaking eligible for Income Tax Deduction: ITAT grants relief to Tata Chemicals [Read Order]

In a major relief to the Tata Chemicals, the Income Tax Appellate Tribunal (ITAT), Mumbai Bench has ruled that Fertilizer Subsidy income derived from business of industrial undertaking eligible...

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