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Income Tax Act 1961

Capital Gain Exemption allowable on Bonafide Expenses Incurred for making New House Habitable prior to Possession: ITAT [Read Order]

Taxscan Team

The Income Tax Appellate Tribunal (ITAT), Ahmedabad has held that the capital gain exemption under section 54 of the Income Tax Act, 1961 can be...

Expenditure in the form of Commission to the Doctors is Prohibited by Law and not Entitled to...

Penalty cannot be levied based on Estimate Addition: ITAT [Read Order]

TDS u/s 194D not applicable to Reinsurance Commission: ITAT [Read Order]

Interest u/s 234C shall be calculated based on 'Returned Income': ITAT [Read Order]

Provisions of Sec 44AD not applicable to Commission Agents: ITAT [Read Order]

The ITAT, Chennai bench has held that the provisions of Section 44AD of the Income Tax Act, 1961 cannot be applied to commission agents who are doing business of agency commission or earning...

ACIT cannot Sanction Re-assessment Notice After Expiry Of 4 Years: Bombay HC [Read Order]

The Bombay High Court has held that the Additional Commissioner of Income Tax cannot sanction re-assessment after the expiry of four years under the provisions of the Income Tax Act, 1961. A bench...

Repeal of S. 144B(9) vide Finance Act, 2022: Supreme Court stays High Court Order declaring Assessment Order Non-Est [Read Order]

The Supreme Court, in view of repeal of section 144B(9) of the Finance Act, 2022, has stayed an assessment order declared as non-est by the High Court. The petitioner, National Faceless Assessment...

CBDT notifies Rajasthan Electricity Regulatory Commission eligible for Income Tax Exemption [Read Notification]

The Central Board of Direct Taxes (CBDT) has notified the Rajasthan Electricity Regulatory Commission eligible for income tax exemption under section 10(46) of the Income Tax Act, 1961. As per the...

Revision Order merely because of Non-mentioning of specific reasons for accepting the explanation of the assessee is Invalid: ITAT [Read Order]

The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has held that the revision order under section 263 of the Income Tax Act, 1961 cannot be invoked merely because the Assessing Officer has...

ITAT deletes Income Tax Penalty on Air India Subsidiary [Read Order]

The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has deleted the penalty under section 271B of the Income Tax Act, 1961 against Air India Air Transport Services Ltd, a subsidiary of Air...

Agricultural Land was not converted at the Time of Sale: ITAT deletes Capital Gain Addition [Read Order]

The ITAT Bangalore bench has held that since the agricultural land was not converted at the time of sale, the sale consideration shall not be included in the total income of the assessee to compute...

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