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Income Tax Deduction Eligibility of Cooperative Society

Co-operative Societies are associations of voluntary individuals who work together to meet common economic, social, or cultural needs through a...

Curable Defect in Form 35A: ITAT Sets Aside DRP Order [Read Order]

Revisionary Jurisdiction u/s 263 Not Invocable Solely Based on PCIT's Differing View: ITAT [Read...

Extended Working Hours not a Valid Reason for Assumption of Additional Income as Commission: ITAT...

Section 80P Inserted to Encourage Growth of Co-Operative Societies: ITAT [Read Order]

Purchases Supported by Bills, Entries Made in Books and Payment made by Cheque not Bogus: ITAT [Read Order]

In a significant ruling, the Income Tax Appellate Tribunal ( ITAT ) in Ahmedabad has affirmed that purchases supported by proper documentation—such as bills, recorded entries in books of accounts,...

Notice issued u/s 148A(B) of Income Tax Act against dissolved Firm Is Invalid: Gujarat HC [Read Order]

In a recent case, the Gujarat High Court held that notice issued under section 148A(b) of the Income Tax Act, 19861 against dissolved firms is not valid. Section 148A(b) of the Income Tax Act, 1961,...

ITAT rules Interest Income from Cooperative Banks Eligible for Deduction u/s 80P(2)(d) of Income Tax Act [Read Order]

The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) ruled that interest income earned from deposits with cooperative banks is eligible for deduction under Section 80P(2)(d) of the Income Tax...

ITAT Rules VLCC Health Care Ltd.'s Revenue-Sharing Model Not Subject to TDS, Dismisses Revenue's Appeal [Read Order]

The Delhi Bench Of Income Tax Appellate Tribunal( ITAT )dismissed the Revenue's appeal against VLCC Health Care Ltd., ruling that the company's revenue-sharing model under its franchise agreement was...

ITAT Upholds Deletion of Demand for Non-Deduction of Tax on Agency Fees by Bharti Airtel Ltd [Read Order]

The Delhi Bench of Income Tax Appellate Tribunal(ITAT) upheld the deletion of demand for non-deduction of tax on agency fees paid by Bharti Airtel Limited. The tribunal dismissed the Revenue’s appeal...

S. 68 of Income Tax Act not Invokable in absence of unexplained Amount in Bank Statement: Gujarat HC [Read Order]

In a recent case, the Gujarat High Court stated that there cannot be any income escapement by the assessee if there is no unexplained amount in the bank statement on record. The Court found that the...

Calcutta HC stays Notice issued by Jurisdictional AO in contravention to provisions u/s 151A of Income Tax Act [Read Order]

The Calcutta High Court stayed the notice issued by the Jurisdictional Assessing Officer ( AO ) in contravention to provisions under section 151A of Income Tax Act,1961. It was viewed that no further...

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