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Deduction not claimed earlier can be claimed during the proceeding under Section 151A: Bombay HC [Read Judgment]

The Bombay High Court while affirming the right of the assessee and held that the deduction which is not claimed earlier can be claimed during the...

No Penalty If Non-Furnishing Tax Audit Report was due to Bona fide reasons: ITAT [Read Order]

No Obligation to pay Advance Tax if Assesses denies his Income Tax Liability: ITAT [Read Order]

Addition can’t be made on sole basis of Statement of Director during Search: ITAT [Read Order]

No Prohibition in Set off of Loss against 'Income from Other Sources' prior to 2017 Amendment: ITAT...

No Tax Deduction for Education Expenses of Sole Proprietor: ITAT [Read Order]

The Jaipur bench of the Income Tax Appellate Tribunal (ITAT) has held that the sole proprietor cannot be eligible for a tax deduction for his own education expenses as the same cannot be treated as...

Reimbursement of Property Tax to Landlord under Contract is an Allowable Expenditure: ITAT [Read Order]

The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has held that the reimbursement of the amount of property tax by the licensee to the landlord under the contract would be eligible for...

No Need of Two Separate Satisfaction Notes If AO of the Searched Person and the Other Person is Same: SC [Read Judgment]

The Supreme Court of India has ruled that there is no need for separate satisfaction notes of the searched person and the other person if Assessment Officers of both are one and the same. It also...

Share Application Income can't be Taxed Once its Genuineness is proved: Bombay HC [Read Judgment]

In the case of M/s. Ami Industries (India) P Ltd, the High Court of Bombay has ruled that there shall be no addition of share application money by the Assessing Officer to the income of the assessee...

Land Owner cannot be Taxed for difference amount contained in Form 26AS and Profit and Loss Account: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Chennai bench has recently held that in pursuance of a joint development business, the landowner cannot be subject to income tax for the difference amount...

Re-Assessment become Void If it was made on the basis of Incriminating Materials found During Search of 3rd Party: ITAT

The Delhi bench of the Income Tax Appellate Tribunal (ITAT) has held that the re-assessment passed under section 147/ 148 of the Income Tax Act becomes null and void since the assessment under section...

Assessing Officer cannot reject a Claim without any basis: ITAT [Read Order]

The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has recently held that the Assessing Officer cannot reject a claim made by the assessee without any basis. While allowing an appeal filed...

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