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Income Tax Act 1961

Advance Pricing Agreement is applicable only for the specified period not exceeding five consecutive previous years: ITAT [Read Order]

The Pune Bench of the Income Tax Appellate Tribunal (ITAT) has ruled that the Advance Pricing Agreement is applicable only for the specified period...

Transfer Pricing: ICAI Issues Guidance Note on Report under Section 92E of the Income Tax Act

Generation of Electricity is Manufacture, eligible for Income Tax Deduction u/s 32AC: ITAT [Read...

Reply filed by petitioner not taken into consideration: Bombay HC sets aside order u/s 148A(d) [Read...

Advancement of GPU cannot be interpreted as 'Charitable Purposes' If Done as Business, No Income Tax...

Relief to Toyota India: ITAT deletes Disallowance u/s 14A [Read Order]

The Income Tax Appellate Tribunal (ITAT), Bangalore Bench, has recently, in an appeal filed before it by Toyota Tsusho India P. Ltd., while deleting the disallowance under section 14A, held that if...

Processing Fees for Purchase of Business Assets Allowable as Expenditure: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Delhi bench has held that the processing fees for purchase of business assets shall be allowable as expenditure under the provisions of the Income Tax Act,...

Assumption of Jurisdiction by Assessing Authority beyond period of 4 years is not barred by Limitation in the absence of Full and True Disclosure u/s 147: Madras HC [Read Order]

Assumption of jurisdiction by the assessing authority beyond the period of 4 years is not barred by limitation in the absence of full and true disclosure under section 147 of the Income Tax Act,1961,...

Grievance of Non-Remittance of TDS Deducted from Employees by Company cannot be Redressed through RTI: CIC [Read Order]

The Central Information Commission(CIC), in deciding the appeal of Soumya Ranjan Mishra against terms of disposal of the First Appeal by the appellant at First Appeal Authority(FAA), the grievance of...

Nature of Relationship with Donors Not Proved: Madras HC Confirms Addition of Bogus Gift [Read Order]

In a recent ruling, the Madras High Court has upheld an addition of bogus gifts considering the fact that the nature of the relationship with donors was not established with evidence under the...

Statement of Reportable Account u/s 285BA(1) does not amount to Transaction: Delhi HC sets aside Notice to Assessee [Read Order]

A Division Bench of the Delhi High Court has set aside the notice issued under Section 148A(b) of the Income Tax Act, 1961, to the petitioner-assessee, Ambika Kapur in which an impugned addition of...

Re-opening Notice can be issued u/s 147 in relation to Search and Seizure: ITAT [Read Order]

The Income Tax Appellate Tribunal “A” Bench, Mumbai, has while deciding upon two cross appeals filed by the assessee and revenue, held that reopening notice can be issued under section 147 in...

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