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ITAT Overturns Exemption Denial: Assessee's Delayed Filing Deemed Timely Due to Extended Deadline [Read Order]

Adwaid M S

Recently, The New Delhi Bench of Income Tax Appellate Tribunal(ITAT) set aside the denial of exemption under sections 11 and 12 of the Income Tax...

Central Board of Direct Tax - CBDT rules - Vivad Se Vishwas Scheme - TAXSCAN

CBDT issues Procedure for Declaration and furnishing Undertaking for Direct Tax Vivad Se Vishwas...

Calcutta High Court Dismisses CESTAT Appeal Due to Monetary Limit [Read Order]

Loans by NOIDA not Commercial Activity: Delhi HC allows Income Tax Exemption u/s 10(46) [Read Order]

Corporate Taxation: Purpose and Rates

Mere Generation of Surplus from Year to Year cannot be Reason for Rejection of Application u/s 10(23C) (vi) of Income Tax Act: Rajasthan HC orders to re-consider Application [Read Order]

The Rajasthan High Court ordered to re-consider application and observed that the mere generation of surplus from year to year cannot be reason for rejection of application under Section 10(23C) (vi)...

Income Tax TRACES Portal new functionality: Dept enables lower/nil TDS Application Facility against Excessive TDS Deductions

In a recent TRACES Portal update, individuals encountering high TDS deductions beyond their tax liability under the Income Tax Act now have the opportunity to seek relief. By applying for a...

Rs. 50 Lakhs Cash Seized on Search u/s132 of Income Tax: Delhi HC directs to Treat Seized Cash as Advance Tax [Read Order]

The Delhi High Court in a recent case held that cash seized on search under section 132 of the Income Tax Act, 1961 can be treated as advance tax. The department had seized 50 Lakhs Cash from the...

CBDT notifies Income Tax Exemption to West Bengal Pollution Control Board u/s 10(46)

The Central Board of Direct Taxes (CBDT), vide notification no. S.O. 4703(E) issued on 26th October 2023 has notified the income tax exemption to ‘West Bengal Pollution Control Board’ under Section...

ITAT Allows NRI to Rectify Income Tax Return after 7 Years as Tax Benefit was Not Claimed by Mistake [Read Order]

Income Tax Appellate Tribunal (ITAT) recently allowed non -resident Indian (NRI) vto rectify Income Tax Return after seven years as tax benefit was not claimed by mistake. P.R.Mohanty who had...

Booking of Flat with Builder can be treated as ‘Construction of Flat’ for the purpose of Sec 54: ITAT follows CBDT Circular [Read Order]

While hearing the case of Vineet Kumar Kapila, Delhi bench of Income Tax Appellate Tribunal, followed the circular issued by the Central Board of Direct Tax (CBDT), ruled that booking of flat with the...