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Income Tax Act 1961

Trust is Deemed to be Registered U/S 12AA in the Absence of Refusal of Registration within 6 months: ITAT [Read Order]

Taxscan Team

The Delhi bench of Income Tax Appellate Tribunal ( ITAT ) has held that trust is deemed to be registered u/s 12AA in the absence of refusal of...

Income Tax Penalty on alleged Cash Loan based on Loose Papers: ITAT quashes Order against Deceased...

Penalty Notice issued in a Stereotyped manner without applying mind is Invalid: ITAT [Read Order]

Bombay High Court quashes Re-Assessment Notices issued on or after 1st April 2021 [Read Judgment]

Immunity under IDS is not available to Another Assessee other than the Declarant: Supreme Court...

Issuance of S. 143(2) Notice Mandatory for S. 153A Proceedings: ITAT [Read Order]

The Hyderabad bench of the Income Tax Appellate Tribunal (ITAT) has held that the issue of section 143(2) of the Income Tax Act, 1961 is mandatory for initiating the proceedings under section 153A. ...

Arrangement of Unsecured Loan through Sham Company: ITAT upholds Addition as Genuineness of Transaction was not Proved [Read Order]

The Hyderabad bench of the ITAT has upheld an addition made by the income tax department in respect of unsecured loan from a sham company as the assessee failed to prove the genuineness and the...

Govt Grant Received by Trust towards Specific Projects to Achieve Objects of the Trust Constitutes its Corpus Fund and not Chargeable to Tax: ITAT [Read Order]

The Ahmedabad bench of Income Tax Appellate Tribunal ( ITAT ) has held that the government grant received by the trust towards specific projects to achieve objects of the trust constituted its Corpus...

Rejection of Objection does not mean that Re-Assessment is Final: Calcutta HC [Read Order]

The Calcutta High Court has held that the rejection of objection against the re-assessment notice does not mean that the re-assessment is final and held that the assessee will get ample opportunity...

Subscriber Fee not Taxable as Royalty as per India-Singapore DTAA: ITAT [Read Order]

The Delhi bench of the Income Tax Appellate Tribunal has held that the subscriber fee would not be taxable as “royalty” as per the India-Singapore Double Taxation Avoidance Agreement (DTAA) or under...

Re-Assessment solely based on Information from Investigation Wing is Invalid without Independent Inquiry by AO: ITAT [Read Order]

The Delhi bench of the ITAT comprising Shri R. K. Panda, Accountant Member and Shri N. K. Choudhry, Judicial Member has held that the re-assessment under section 147 and 148 of the Income Tax Act,...

Partnership Firm not liable to Explain Source of Capital Introduced by Partners: ITAT [Read Order]

The Delhi bench of the ITAT, on Friday held that the partnership firm would not be liable to explain the source of capital introduced by the partners to such Firm under section 68 of the Income Tax...

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