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Income Tax Act 1961

Addition in respect of Penny Stock cannot be made without Incriminating Material found during Search: ITAT [Read Order]

Taxscan Team

The Income Tax Appellate Tribunal (ITAT) Mumbai bench has held that long term capital gains arising from a penny stock transaction cannot be denied...

ITAT Weekly Round-Up

Madhya Pradesh High Court allows Custody of Undisclosed Looted Property to Income Tax Department...

Bonafide Mistakes during Initial Year of Income Tax E-Assessment can be Ignored: ITAT deletes Income...

Income Tax Department issues Annual Information Statement (AIS) Handbook [Read Handbook]

Bonafide Deduction Claim does not attract Income Tax Penalty: ITAT [Read Order]

The Delhi bench of the Income Tax Appellate Tribunal (ITAT) has held that the income tax penalty under section 271(1)(c) of the Income Tax Act, 1961 cannot be levied on ground that the assessee...

Date of Possession shall be considered to allow Capital Gain Exemption: ITAT [Read Order]

The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has held that the date of possession shall be taken into consideration while allowing the capital gain exemption under section 54 of the...

CIT (A) has No Power u/s 251 (1)(A) to set aside Matter before the AO; Reasonable Opportunity of hearing should be given to AO: ITAT [Read Order]

The Income Tax Appellate Tribunal ( ITAT ), Chennai has held that section 251(1) (a) of the Income Tax Act, 1961 does not provide power to the CIT(A) for setting aside the matter to the file of the...

Revisional Jurisdiction cannot be invoked on Highly Debatable Issues: ITAT [Read Order]

The ITAT, Delhi bench has held that the revisional jurisdiction under section 263 of the Income Tax Act, 1961 cannot be invoked in case of highly debatable issues. Assessment was completed against...

High Court cannot interfere with the Findings of fact recorded By ITAT while exercising Appellate Jurisdiction: Delhi HC [Read Judgment]

The Delhi High Court has held that the High Court, while entertaining an appeal under Section 260A of the Income Tax Act, 1961 cannot interfere with the finding of fact if it involves re-appreciation...

Delhi HC quashes Re-Assessment Notice for want of Rational Nexus/Reason to Believe for Escapement of Income [Read Order]

The Delhi High Court has recently quashed a re-assessment notice as there was no rational nexus or reason to believe for the escapement of income under the provisions of the Income Tax Act, 1961. ...

ITAT deletes Penalty since AO issued Notice without specifying Charge [Read Order]

The Delhi bench of the Income Tax Appellate Tribunal (ITAT) has quashed a penalty order issued by the income tax department since the Assessing Officer failed to specify the relevant charge against...

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