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AO cannot make Income Additions Solely based on Retracted Statement of Third-Parties: ITAT [Read Order]

Yogitha S. Yogesh

The Chennai bench of the Income Tax Appellate Tribunal ( ITAT ) held that the Assessing Officer ( AO ) cannot make income additions solely based on...

Property Sale Income Kept For Investment will be Taxed under 'Capital Gains' under Income Tax Act:...

Rs.1128.46 crores Income Tax Demand against Vi Services Ltd: Bombay HC directs to Furnish Corporate...

ITAT sets aside Income Tax Reassessment completed without Providing a Copy of the Reasons [Read...

Ignorance of Adjournment Application by First Appellate Authority: Karnataka HC quashes Income Tax...

Delay in Filing Income Tax Appeal due to Non-Availability of Legal Consultant: Kerala HC Condones 11 Days Delay [Read Order]

The Kerala High Court condoned the delay of 11 days as the delay in filing an Income Tax appeal occurred due to the non-availability of a legal consultant. The court observed that filing an appeal in...

Relief to Alembic Ltd: Gujarat HC allows Rs. 4 cr Income Tax Deduction u/s 80IA for Captive Power Plant [Read Order]

In a recent ruling, the Gujarat High Court allowed an income tax deduction of Rs. 4 crores under Section 80IA for the captive power plant of M/s Alembic Ltd. at Baroda. The court upheld the decision...

Relief to Vi: No TDS Deductible under Income Tax Act on Payments Received by Distributors/Franchisees From Third Parties/Customers, Rules Calcutta HC [Read Order]

In a significant case, the Calcutta High Court has held that Tax deducted at source ( TDS ) under the Income Tax Act is not deductible on payments received by distributors/franchisees from third...

Belated Deposit of TDS: Andhra Pradesh HC quashes Prosecution Proceedings as Assessee Paid Tax along with Late Payment Interest [Read Order]

In a recent case, the Andhra Pradesh High Court has quashed the prosecution proceedings launched against the assessee for belatedly depositing tax deducted at source ( TDS ). The Court found that the...

Andhra Pradesh High Court - tax deducted at source - TDS - prosecution proceedings - Deposit of TDS - tax updates - taxscan

Madras HC Orders Income Tax Department to Dispose 4-Year Pending Appeal within 6 Months [Read Order

The Madras High Court has ordered the Income Tax Department to expedite and dispose of an appeal that has been pending for 4 years before the Commissioner of Income Tax (Appeals) [CIT(A)]. The...

Delay in Approaching Revision Authority under Income Tax Act is not Condonable hen Assessee Fails to Show Sufficient Reason: Kerala HC [Read Order]

The Kerala High Court has held that the delay in approaching the revision authority under the Income Tax Act is not condonable when assessee fails to show sufficient reason. During the years the...

Exemption u/s 12 A and 80 G of Income Tax Act: Allahabad HC directs to SDA for fresh Decision [Read Order]

The Allahabad High Court directed the Saharanpur Development Authority ( SDA ) to make a fresh decision regarding the exemption under Sections 12A and 80G of the Income Tax Act, 1961. The...

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