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Failure to Prove Genuineness of Creditors: Jharkhand HC upholds Income Tax Addition [Read Order]

The Jharkhand High Court upheld the income tax addition on failure to prove genuineness of creditors. The case of both the assessee’s were...

Receipts from Sale/Distribution of Software to Indian Associate Enterprise are not taxable under...

Bombay High Court - TDS - TDS deductible storage charges - Bombay High Court storage tanks - taxscan

TDS Deductible on Storage Charges: Bombay HC Rules Storage Tanks not Classifiable as Land or...

ITAT directs readjudication on accounts addition made under Excess Receipts from Contract Works...

Re Opening of Assessment under Income Tax is not allowable in absence of Valid Satisfaction on...

Gross Turnover Does not Exceeds Rs. 250 Crores: ITAT allows Computed Tax Liability at 25% Concessional Rate [Read Order]

The Chennai bench of the Income Tax Appellate Tribunal ( ITAT ) recently ruled in favour of businesses with a gross turnover not exceeding Rs. 250 Crores, allowing them to avail a concessional tax...

Failure to refer matter to Departmental Valuation Officers for Assessing Fair Market Value of Land Property: ITAT Partly allows Appeal [Read Order]

The Kolkata bench of the Income Tax Appellate Tribunal ( ITAT ) has directed readjucation on the concerned grounds due to the lower authority's failure to refer the matter to the Departmental...

Personal Identity of Depositors Confirmed: ITAT upholds deletion of addition u/s 68 of Income Tax Act [Read Order]

The two member bench of the Income Tax Appellate Tribunal ( ITAT ) Delhi, upheld the deletion of addition under Section 68 of the Income Tax Act, 1961, confirming the personal identity of depositors....

Failure to Furnish Proper ITR: ITAT upholds penalty u/s 271(1) (c) of Income Tax Act

The Mumbai bench of the Income Tax Appellate Tribunal ( ITAT ) upheld a penalty imposed under Section 271(1) (c) of the Income Tax Act, 1961, for failure to furnish proper Income Tax Return ( ITR ). ...

No denial of Capital Gains Deduction for Non-Deposit in Capital Gains Account Scheme: ITAT [Read Order]

The Income Tax Appellate Tribunal ( ITAT ) of Delhi bench ruled that capital gain deduction shall be available even if not deposited in capital gain account scheme. The Assessee Sarita...

Mere making of Incorrect Claim does not Tantamount to furnishing of inaccurate particular: ITAT deletes Penalty u/s 27(1)(c) of Income Tax Act [Read Order]

In a recent decision the Mumbai bench of the Income Tax Appellate Tribunal ( ITAT ) ruled that the mere making of an incorrect claim does not tantamount to furnishing of inaccurate particular,...

Incorrect adding of additional Depreciation to Computation of Book Profit: ITAT directs AO to delete addition u/s 115JB of Income Tax Act [Read Order]

The Mumbai bench of the Income Tax Appellate Tribunal ( ITAT ) directed the Assessing Officer ( AO ) to delete the addition under Section 115JB of the Income Tax Act, 1961, citing incorrect inclusion...

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