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Income Tax Act 1961

Amount spent on Consumable Items cannot be claimed as Cost of Improvement while computing Capital Gain: ITAT [Read Order]

The Income Tax Appellate Tribunal, Mumbai Bench has held that the amount spent on consumable items including sofa, tiles, etc., cannot be claimed as...

Revisional Jurisdiction cannot be invoked merely because Assessment Order was without Reasons: ITAT...

CBDT extends Due Date of filing Form 10AB for Trusts and Institutions [Read Order]

PAN will not be inoperative if not linked with Aadhaar before 31st March 2023: CBDT

Trust is Deemed to be Registered U/S 12AA in the Absence of Refusal of Registration within 6 months:...

Income Tax Penalty on alleged Cash Loan based on Loose Papers: ITAT quashes Order against Deceased Assessee since Authenticity of Transaction can’t be Vouched [Read Order]

The Delhi bench of the ITAT has quashed a penalty order whereby the income tax authorities imposed a penalty under section 271D of the Income Tax Act, 1961 as the order was based on loose papers and...

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

The ITAT, Delhi bench has held that a penalty notice issued under section 271(1)(c) of the Income Tax Act, 1961 in a stereotyped manner without applying mind is not valid. The Tribunal bench...

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

The Bombay High Court, while concurring with the views taken by the Allahabad High Court, Rajasthan High Court, Delhi High Court and Madras High Court has quashed the re-assessment notices issued on...

Immunity under IDS is not available to Another Assessee other than the Declarant: Supreme Court [Read Order]

The Supreme Court has held that the immunity under the Income Declaration Scheme was available only to the declarant and not to another assessee. The immunity under Section 192 is available only to...

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...

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