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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...

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

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...

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

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...

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

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...

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

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...

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]
Taxscan Team

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...

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

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...

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

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