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Revisionary Jurisdiction under Income Tax Act cannot be invoked on allegation of Improper Inquiry by AO: ITAT [Read Order]

The Delhi Bench of Income Tax Appellate Tribunal ( ITAT ) has held that revisionary jurisdiction under the Income Tax Act, 1961 cannot be...

Addition on Payment of Rent and Salary by Charitable Trust: ITAT Upholds Allowance of Exemptions...

ITAT Weekly Round Up

No Undue Delay in Submitting Reply to SCN: Himachal Pradesh HC sets aside u/s 143 (3) of Income Tax...

Disallowance under Income Tax Act cannot be based on Presumptions of Earning Dividend Income in...

ITAT deletes Addition of ‘On Money’ due to Lack of Information about Receipt of Money [Read Order]

The Mumbai Bench of Income Tax Appellate Tribunal ( ITAT ) has deleted the income tax addition of ‘On Money’ due to lack of information about receipt of money. Yash Synthetics Private Limited, the...

Assessment order passed u/s 147 of the Income Tax Act without considering Reply of Assessee is Violative of Natural Justice Principle: Kerala HC [Read Order]

The Kerala High Court held that the assessment order passed under Section 147 of the Income Tax Act, 1961 without considering the reply of the assessee is violative of the principle of natural...

Date of Allotment of Under-Construction Property cannot be Treated as “Date of Purchase”: ITAT allows Capital Gains Exemption u/s 54 [Read Order]

In a recent ruling, a Two-Member bench of the Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has held that the date of allotment in respect of an under-construction property cannot be...

Purchase of Agricultural Land not fall under Definition of Capital Asset: ITAT deletes Addition [Read Order]

The Delhi Bench of Income Tax Appellate Tribunal ( ITAT ) has held that the assessee has purchased agricultural land, which is outside the definition of a capital asset; therefore, the deeming...

Addition on Unaccounted Sales and Purchases under Income Tax Act Solely Based on Loose Slips is Invalid: ITAT [Read Order]

The Banglore Bench of Income Tax Appellate Tribunal ( ITAT ) has held that the addition on unaccounted sales and purchases under the income tax act solely based on loose slips is invalid and deleted...

[BREAKING] Alleged Non Compliance with S. 100 of CrPC Witness Requirement in GST Inspection: Patna HC Orders Dept to Produce Evidence of Witnesses [Read Order]

The Patna High Court has directed the GST ( Goods and Services Tax ) department to provide evidence from two witnesses who were present during the inspection. This directive pertains to a case...

AO cannot Refer Matter to DVO without Rejecting Books of Account u/s 142A of Income Tax Act: Allahabad HC dismisses Appeals on Lack of Merit [Read Order]

In a recent ruling, the Allahabad High Court dismissed two income tax appeals filed by the Principal Commissioner of Income Tax against Parmarth Iron Pvt. Ltd., affirming that an Assessing Officer (...

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