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Income Tax Act 1961

Stamp Duty Value to be considered If Date of Agreement and Registration is different: ITAT [Read Order]

The Income Tax Appellate Tribunal ( ITAT ), Mumbai Bench held that as per the provisions of Section 56(2)(vii)(b) of the Income Tax Act, 1961 if the...

No Evidence to Prove Nature and Source of Property: ITAT upholds Income Addition u/s 69 A [Read...

Filing Appeal against Penalty order Instead of Assessment Order: Calcutta HC dismisses Writ Petition...

Non-Residents without PAN can file Form 10F manually till 31st March, says Income Tax Dept

More than one Property under Capital Gain could get Deduction u/s 54 of Income Tax Act: ITAT [Read...

‘Security Premium Reserve’ cannot be Included in 'Accumulated Profit' for Computing Deemed Dividend: ITAT [Read Order]

The Delhi Bench of the Income Tax Appellate Tribunal (ITAT), presided over by a Judicial Member Chandra Mohan Garg and and an Accountant Member Pradeep Kumar Khedla upheld the decision of the...

Continuation of Provisional Attachment in Income Tax Proceedings: Gujarat HC quashes unjust exercise of S.281(B) [Read Order]

The Gujarat High Court has recently set aside the unjust exercise of power by the Principal Commissioner of Income Tax under Section 281(B) of the Income Tax Act, 1961 in the income tax proceedings...

'Sympathy' Not A Ground to Condone Delay: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Jaipur bench has held that a huge delay in filing of income tax appeal cannot be condoned on mere ground of “sympathy” under the provisions of the Income Tax...

Income Tax Non-filers, File You ITR before 30th December to Avoid These Consequences

After submitting his/her Income Tax Return (ITR) online earlier, a taxpayer used to get 120 days’ time to verify the return and complete the process of the filing of return of income. However, the...

PAN Unlinked with Aadhaar will become Inoperative: Income Tax Dept

The Central Board of Direct Taxes (CBDT) has informed the taxpayers through the official income tax portal that the Permanent Account Number (PAN) cards that not linked with aadhaar card would be...

One percentage Disallowance is reasonable on Fraudulent Capital Gain obtained by Manipulating Stock Broker: ITAT [Read Order]

The Pune bench of Income Tax Appellate Tribunal ( ITAT ) has held that one percentage disallowance is reasonable on fraudulent Capital gain obtained by manipulating stock broker Dineshkumar R....

Expenses towards Development of Abandoned Software Eligible for Income Tax Deduction: Bombay HC [Read Order]

A division bench of the Bombay High Court has held that the expenses incurred in respect of the development of an abandoned software would be eligible for income tax deduction as the same constitute...

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