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Simultaneous Deductions u/s 80IB and S. 80HHC can be Deducted from Net Profit: ITAT follows Supreme Court decision, Allows Appeal [Read Order]

Advika Dwivedi

The Income Tax Appellate Tribunal (ITAT), Lucknow, examined whether an assessee is entitled to claim simultaneous deductions under Section 80IB and...

CIT(A) Obligated to Dispose Off Appeal on Merits, Cannot Dismiss on Non-Prosecution of Assessee:...

Real Estate Firm’s EDC Payments to HUDA is of Contractual Nature, Liable to TDS u/194(c): ITAT [Read...

S.263 of Income Tax Act Can Be Invoked Only in Cases of ‘Lack of Inquiry,’ Not Merely for Inadequate...

Taxpreparer files ITR-U showing Higher Income without Taxpayer’s Knowledge as OTP Shared: ITAT...

No records to Show Misuse of Activities Inconsistent with Objects: ITAT restores Trust’s Application for Permanent Registration [Read Order]

The Income Tax Appellate Tribunal (ITAT), Visakhapatnam Bench, comprising Judicial Member Ravish Sood and Accountant Member S. Balakrishnan, dealt with the issue of rejection of a trust’s...

KSEB is "State": ITAT Rules Cash Payments to Govt. utilities Fall u/s 40A(3) Exception, Deletes Disallowance [Read Order]

The Income Tax Appellate Tribunal ( ITAT ), Cochin Bench has deleted a disallowance made against a business for paying its electricity bill in cash. The tribunal ruled that the Kerala State ...

Non-Issuance of Income Tax Notice u/s 143(2) cannot be Cured u/s 292BB: ITAT [Read Order]

The Visakhapatnam Bench of the Income Tax Appellate Tribunal (ITAT) examined whether an assessment finalized under Section 144 of the Income Tax Act, 1961 (Act), without issuance of a mandatory...

Vintage Car Sale Liable to Capital Gains Tax if No Proof of Personal Use: Bombay HC [Read Order]

In a recent ruling, the Bombay High Court held that the sale of a vintage car is liable to capital gains tax if the assessee cannot prove that the car was used for personal purposes. Narendra...

ITAT Holds Scrap Sales Taxable as Operating Income: ₹26.18 Lakh Treated from Packing Material [Read Order]

The Chennai Bench of the Income Tax Appellate Tribunal (ITAT) has held that receipts from scrap sales, when linked to regular manufacturing activity, are to be treated as operating income for...

Retd IAS officer’s Demonetization Cash Deposit Addition of ₹23.33 Lakh Cut to 50%: ITAT applies 30% Tax u/s 115BBE [Read Order]

The Chennai Bench of the Income Tax Appellate Tribunal ( ITAT ) has allowed the appeal by the assessee by restricting the addition of demonetization cash deposits to 50% and held that the...

Night-Time Notice, 1-Day Deadline? ITAT Calls Out Income Tax Dept's Rush, Grants Relief in TDS Dispute [Read Order]

The Income Tax Appellate Tribunal (ITAT), Agra Bench, has slammed the tax department for issuing a show-cause notice late at night and giving just one day to respond, calling the rushed process...