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Income Tax Act 1961

Cash Transactions between Trust and Managing Trustee are not covered u/s 269SS of Income Tax Act: ITAT deletes Penalty [Read Order]

The Bangalore bench of the Income Tax Appellate Tribunal (ITAT) has held that the managing trustee of the society is not covered by the expression...

Delhi HC strikes down Explanation to CBDT Notifications for Re-Assessment after 31st March 2021,...

Writ Petition challenging Income Tax Notice: Calcutta HC Imposes Cost of Rs. 10,000 on Advocate for...

Income Tax Dept issues Instructions for filing Form 10BD [Read Instructions]

Capital Gain Exemption allowable on Bonafide Expenses Incurred for making New House Habitable prior...

Expenditure in the form of Commission to the Doctors is Prohibited by Law and not Entitled to Deduction u/s 37 (1): Calcutta HC [Read Order]

The Calcutta High Court has held that expenditure in the form of commission to the doctors is prohibited by law and not entitled to deduction u/s 37. The petitioner, Peerless Hospitex Hospital and...

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

The Chennai bench of the Income Tax Appellate Tribunal (ITAT) has held that the penalty order under section 271(1)(c) of the Income Tax Act, 1961 cannot be levied merely based on estimate...

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

The Income Tax Appellate Tribunal (ITAT), Delhi bench has held that the provisions of TDS under section 194D of the Income Tax Act, 1961 is not applicable to the reinsurance commission. The...

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

The Income Tax Appellate Tribunal (ITAT), Mumbai bench has held that the amount of interest under section 234C of the Income Tax Act, 1961 shall be calculated on the basis of the “returned income”...

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...

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