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Income Tax Act 1961

Money cannot be treated as 'Unaccounted' merely because of Non-Response from Creditors: ITAT deletes Penalty [Read Order]

The Income Tax Appellate Tribunal (ITAT), Delhi bench, while deleting penalty under section 271(1)(c) of the Income Tax Act, 1961 has held that the...

Income Tax Return filing Due Date is Nearby: Know the Penalty / Interest Consequences of Missing the...

Forex dealers paid Cash for Purchase of Foreign Currency can be exempt as per 6DD(l): ITAT [Read...

Genuineness of Cash Sales cannot be Proved Merely on ground of Acceptance by VAT Authorities:...

Jurisdiction of PCIT will sustain if AO failed to rightly compute Capital Gain on Sale of Land: ITAT...

CBDT issues Circular regarding filing of Condonation of delay for Form No. 10B and 10BB for Assessment Year 2018-19 and Subsequent Years [Read Circular]

The Central Board of Direct Taxes (CBDT) has issued a circular directing that where there is delay of beyond 365 days up to three years in filing Form No. 10B and Form 10BB for Assessment Year...

Negligent and Casual Approach during Income Tax Assessment Proceedings: ITAT imposes Cost of Rs. 5000 on Assessee [Read Order]

The Income Tax Appellate Tribunal (ITAT), Ahmedabad bench has imposed a cost of Rs. 5000 on the assessee considering the negligent and causal approach during the assessment proceedings under the...

Eviction Charges paid are allowable as Business Expenditure: ITAT [Read Order]

The Chennai bench of the Income Tax Appellate Tribunal (ITAT) has held that eviction charges paid are allowable as business expenditure. Shri. S. Sridhar appeared for the appellant and Shri. G....

Addition of Unexplained Cash not sustainable when Primary onus was discharged by sufficient evidence: ITAT [Read Order]

The addition of unexplained cash is not sustainable when the primary onus was discharged by sufficient evidence, the Mumbai bench of the Income Tax Appellate Tribunal(ITAT) set aside the order of...

Loan Amount from Friends out of Labour Work Income cannot be dismissed as Unbelievable: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Ahmedabad bench has held that the loan amount obtained by the assessee from his friends out of their labour work income cannot be dismissed by the income tax...

Director of Company, not being a 'Principal Officer', cannot be prosecuted for Failure to file Income Tax Returns: Delhi HC [Read Order]

A division bench of the Delhi High Court, while considering a complaint against a Company for non-filing of income tax returns, has held that a “Director” cannot be treated as the “Principal Officer”...

NFAC acted Thick-Skinned instead of Adopting Liberal Approach during Pandemic: Gujarat HC slams Income Tax Dept [Read Order]

In an assessee-friendly ruling, the Gujarat High Court has slammed the National Faceless Assessment Centre (NFAC)for acting thick skinned instead of adopting a liberal approach during the pandemic...

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