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Income Tax Act 1961

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...

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

Re-Assessment solely based on Information from Investigation Wing is Invalid without Independent...

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

Re-Assessment is Invalid when Assessee disclosed All Material facts to complete Assessment: ITAT...

ICAI finds Two Chartered Accountants Guilty of Professional Misconduct for crossing Specified Limit of Tax Audits [Read Order]

The Institute of Chartered Accountants of India (ICAI) has found two Chartered Accountants guilty of professional misconduct for crossing the specified limits of tax audits. The charge against...

CA Professional Misconduct - ICAI - Chartered Accountants - Guilty - Professional Misconduct - Specified Limit - Tax Audits - Taxscan

ITAT deletes Penalty since Non-Deduction of TDS due to Absence of Invoices [Read Order]

The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) has deleted a penalty order under section 271C of the Income Tax Act, 1961 by holding that the non-deduction of tax was due to non-receipt...

Penalty cannot be solely based on Addition without proving Concealment: ITAT [Read Order]

The Income Tax Appellate Tribunal, Jaipur bench has held that the penalty under section 271(1)(c) of the Income Tax Act, 1961 cannot be solely based on the addition without proving the two...

Relief to Deloitte: ESI & PF Contributions made after Due Date allowable as Deduction, rules ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Kolkata bench, while allowing relief to Deloitte Haskins & Sells, has held thatthe contributions made after the statutory due date shall be allowable as...

ITAT confirms Income Tax Penalty against Doctor for not maintaining daily case register and Inventory of Medicine Stock [Read Order]

The Pune bench of the Income Tax Appellate Tribunal (ITAT) has recently confirmed a penalty issued under section 271A of the Income Tax Act, 1961 on grounds of not maintaining books of accounts as...

Assessing Officer shall wait for Disposal of Appeal when Revisional Order is challenged before ITAT: Madras HC [Read Order]

The Madras High Court has held that when a revisional order under section 263 of the Income Tax Act, 1961, is pending before the Tribunal, the Assessing Officer shall wait to initiate the proceedings...

Income Tax cannot be levied on Compensation received from Compulsory Acquisition of Land: ITAT [Read Order]

The Vishakhapatnam bench of the ITAT, comprising Shri Duvvuru Rl Reddy, Judicial Member & Shri S Balakrishnan, Accountant Member has held that the department cannot impose income tax on the...

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