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ITAT Upholds Deletion of Bogus LTCG Addition, Rules No Evidence of Tax Evasion in Share Transactions [Read Order]

Adwaid M S

The Income Tax Appellate Tribunal (ITAT), Nagpur Bench, has upheld the decision of the Commissioner of Income Tax (Appeals) to delete a ₹5.60 crore...

Shree Cement Hit with ₹588.65 Crore Income Tax Demand Over Assessment Disallowances

CPC cannot continue to Rectify and Re-rectify intimation u/s 143(1)(a) of Income Tax Act Repeatedly:...

Limitation Starts from Date of Seizure, Not Search: Madras High Court Upholds S. 153C Income Tax...

Income Tax Dept Admits Bonafide Error in Denying Requested Video Conference Hearing: Bombay HC...

Whatsapp Chats Revealed Transactions of ₹1 Crore: Rajasthan HC Upholds Income Tax Proceedings [Read Order]

In a significant ruling, the Rajasthan High Court upheld the legitimacy of transactions of ₹1 Crore, unearthed on the basis of Whatsapp chats against which proceedings under Section 153C of the...

AO Cannot Initiate Reassessment Proceedings During Pending Rectification Proceedings: ITAT [Read Order]

The Delhi Bench of Income Tax Appellate Tribunal(ITAT) held that the Assessing Officer(AO) cannot initiate reassessment proceedings under section 148 of Income Tax Act,1961 while rectification...

ITAT Grants Relief to Trust: Rules Against Excessive Surcharge Imposition by Centralized Processing Centre [Read Order]

The Ahmedabad bench of the Income Tax Appellate Tribunal (ITAT) recently ruled in favour of a trust in a dispute over applying an income tax surcharge. The case involved whether the trust was liable...

No Addition to be Made u/s 14A r.w.r. 8D, Income Tax when No Exempt Income Earned by Assessee: ITAT [Read Order]

In a recent decision, the Income Tax Appellate Tribunal ( ITAT ), Visakhapatnam Bench, has ruled that no addition can be made under Section 14A read with Rule 8D when an assessee has not earned any...

Setting-off STCL from Sale of Shares against LTCG is Tax Planning, not Evasion: ITAT backs Assessee [Read Order]

The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) recently granted relief to an Assessee, ruling that setting-off of Short Term Capital Losses (STCL) against Long Term Capital Gains (LTCG)...

ITAT - Mumbai Bench of the Income Tax Appellate Tribunal - Short Term Capital Losses - genuine tax planning - STCL - STCL from Sale of Shares - National Faceless Appeal Centre - Avendus Capital Pvt. Ltd - Taxscan

GST paid shall not be Included while Computing Total Income u/s 44BB: ITAT [Read Order]

The Mumbai bench of Income Tax Appellate Tribunal ( ITAT ) has ruled that the Goods and Services Tax ( GST ) paid by the assessee should not be included while computing the gross receipts under...

Registration of House 24 months after Sale not ground to deny Exemptions u/s 54F: ITAT [Read Order]

The Visakhapatnam Bench of the Income Tax Appellate Tribunal ( ITAT ) recently held that a delay above 24 months to conduct registration of house after sale does not vitiate an Assessee’s ability to...