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Income Tax Act 1961

ITAT Upholds PCIT Revision u/s 263 as AO Failed to Enquire into Excess Diesel Shortage Claimed by Assessee [Read Order]

The Income Tax Appellate Tribunal (ITAT), Raipur Bench, upheld the revision order passed by the Principal Commissioner ofIncome Tax (PCIT) under...

Failure to E-File Form 10 Results in Denial of Income Accumulation Claim: ITAT Restores Matter to...

Income Tax Search Assessment Invalid Where Approval u/s 153D Granted Without Application of Mind:...

No Disclosure of Material Facts: Madras HC Invalidates Action for Reopening Income Tax Assessment...

Addition u/s 68 Unsustainable Where Loan Transactions Made Through Banking Channels: ITAT Deletes...

Exemption Cannot Be Denied For Non Filing of Form 10B: ITAT Allows ₹1.21 Crore Relief Claim Of IAPPD [Read Order]

The Income Tax Appellate Tribunal granted relief of ₹1.21 crore,holding that exemption cannot be denied merely for alleged non-filing of Form 10B when the assessee was actually required to furnish...

₹60 Lakh Loan Addition u/s 68 Deleted as AO Relied on Assumptions, Not Evidence: ITAT Upholds CIT(A) Decision [Read Order]

The Income Tax AppellateTribunal (ITAT) upheld the Commissioner of Income Tax (Appeals) [ CIT(A) ] order, deleting an addition of ₹60 lakh made under Section68 of the Income Tax Act, 1961 and ruling...

Change in Opinion Insufficient for Reassessment: ITAT highlights Validity of Notice u/s 148 in Vedanta Limited Case [Read Order]

The Income Tax Appellate Tribunal (ITAT), Delhi Bench, observed the validity of a notice issued under Section 148 of the Income Tax Act, 1961 and held that a change in opinion was not sufficient ...

Mere Acceptance of SBN During Demonetization cannot be Treated as Unexplained Cash Credit when Cooperative Society Acts as Intermediary: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Ahmedabad bench, held that cooperative societies accepting the Specified BankNotes (SBNs) during the demonetization period cannot be treated as...

Interest Income on Securities Accrues on Due Date of Payment and not on Everyday Basis: Supreme Court Declines Interference with Bombay HC Ruling [Read Order]

The Supreme Court of India recently dismissed a Special Leave Petition filed by the Principal Commissioner of Income Tax-2 challenging a judgment of the Bombay High Court which had refused to...

Banks can use Separate Provisions to Set-off Bad Debts for Rural & Non-Rural Advances: Supreme Court Declines Interference with Bombay HC Order [Read Order]

The Supreme Court of India recently declined to interfere with a judgment of the Bombay HighCourt wherein the Revenue questioned whether banks are entitled to maintain separate provisions for rural...

ITAT Rules Startups Cannot Be Denied Deduction u/s 80‑IAC for Technical Error; Remits Case for Verification [Read Order]

In a recent ruling The Income Tax Appellate Tribunal (ITAT), Delhi Bench, has clarified that the non‑filing of Form 10CCB is a procedural lapse and cannot by itself justify the denial of a...