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Income Tax Act 1961

Prolonged Trustee Suspension, Sealed Records Left Trust Unable to File Returns: Bombay HC Condones Delay for Six Assessment Years [Read Order]

The Bombay High Court held that prolonged trustee suspension, sealed records, and administrative takeover of a charitable trust constituted genuine...

Sale Proceeds Recorded in Books Cannot be Recharacterized as Unexplained Cash Credit: ITAT Deletes...

Supreme Court & High Courts Weekly Round-Up

Hindu Undivided Family (HUF): An Analysis of Structure, Taxation, and Compliance under the Income...

High Court Tax Cases Pendency: 33% Yet to Get First Hearing, says Database

ITAT dismisses Appeal as Withdrawn after Assessee opts for Settlement of Dispute under DTVSV Scheme [Read Order]

The Kolkata Bench of Income Tax Appellate Tribunal (ITAT), dismissed an appeal filed by the assessee, after she chose to settle the dispute under the Direct Tax Vivad Se Viswas (DTVSV) Scheme, 2024....

ITAT Treats ₹1.50 Crore Cash Addition as Business Turnover in Bullion Trader’s Case [Read Order]

The Bench of the Income Tax Appellate Tribunal (ITAT), Delhi, held that the ₹1.50 crore cash addition made under Section 69A of the Income Tax Act, 1961 represented part of his business turnover...

Notice u/s 148 Invalid as Seized Material Not an 'Asset' or 'Books of Account': ITAT Quashes Reassessment [Read Order]

The Hyderabad Bench of the Income Tax Appellate Tribunal (ITAT) quashed the reassessment proceedings initiated under Section 147 read with Section 148 of the Income Tax Act, 1961, for multiple ...

Apple Pushes for Major Overhaul of India’s Tax Laws to Protect Billion-Dollar Investments in iPhone Manufacturing, Citing Risks to Expansion and Shift Away from China

Apple has entered a high-stakes standoff with the Indian government over the Income Tax Act of 1961, a decades-old law that could make its global iPhone profits taxable in India simply because the...

Interest Deduction u/s 57: ITAT Allows Claim After Verifying Payments and Interest Earned [Read Order]

The Ahmedabad Bench of Income Tax Appellate Tribunal ( ITAT ) allowed the assessee’s claim for interest deduction under section 57 of Income Tax Act,1961 after verifying payments and interest...

Brought-Forward Loan Cannot Be Taxed without Payment During Relevant Year: ITAT Deletes ₹1.45 Cr Deemed Dividend Addition [Read Order]

The bench of the Income Tax Appellate Tribunal, Raipur, held that loans received in an earlier year cannot be treated as deemed dividend in a subsequent year when no payment was made during the...

Amount Shown as Advance and Paid Before Due Date Cannot Be Treated as Revenue Receipt: ITAT Orders Fresh Verification on ₹6.12 Lakh Deemed Sales Tax Addition [Read Order]

The bench of the Income Tax Appellate Tribunal (ITAT), Raipur, ruled that an amount recorded as an advance and subsequently paid before the due date of filing the return cannot automatically be...

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