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Income Tax Act 1961

CENVAT Credit receivables which couldn’t be Set Off can be allowable as Income Tax Deduction: ITAT [Read Order]

The ITAT, Delhi bench has held that CENVAT credit receivables which could not be set off are allowable as deduction under the Income Tax Act, 1961. ...

Income Tax: CBDT relaxes Electronic filing of Application in Form No. 3CF [Read Circular]

CBDT releases Detailed Circular regarding TDS and Income Tax Deduction on Salaries for AY 2021-22...

Deduction allowable on Payment towards LIC Group Gratuity Scheme: ITAT grants relief to Andaman &...

Addition in respect of Penny Stock cannot be made without Incriminating Material found during...

ITAT Weekly Round-Up

This weekly round-up analytically summarises the key stories related to the Income Tax Tribunal (ITAT) reported at Taxscan.in during the previous week from March 1st to March 12, 2022. ACIT...

Madhya Pradesh High Court allows Custody of Undisclosed Looted Property to Income Tax Department from Police [Read Order]

The Madhya Pradesh High Court, Gwalior Bench has recently allowed the income tax department to take custody of recovered stolen cash to the tune of Rs. 45 Lakhs from the police as the same was not...

Bonafide Mistakes during Initial Year of Income Tax E-Assessment can be Ignored: ITAT deletes Income Tax Penalty [Read Order]

The Income Tax Appellate Tribunal (ITAT), Mumbai bench, while quashing a penalty order under section 272A(1)(d) of the Income Tax Act, 1961 held that the year, 2019 being the initial year of shift...

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

The Directorate of Income Tax (Systems) has issued an Annual Information Statement (AIS) Handbook to develop a common and shared understanding related to Annual Information Statement (AIS) and...

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...

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