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Income Tax Act

Issuing Notices u/s 153C of Income Tax Act shall be from Six AYs immediately Preceding A.Y: ITAT dismiss Appeal [Read Order]

Aparna. M

The Income Tax Appellate Tribunal (ITAT) Delhi Bench while dismissing the appeal filed by the revenue held that issuing notices under Section 153C of...

CBDT Notifies Amendment on Section 80LA of Income Tax Act, 1961 [Read Notification]

Exemption claim u/s 2(15) of Income Tax Act not allowable on Services provided by GS1 India as it...

Section 43CA of Income Tax Act not Applicable to Sale Agreement Entered Before 1.4.2014: ITAT...

Advance received for Sale of Property is taxable under ‘Income from other sources’ if Agreement for...

Nirma Ltd. entitles to Additional Compensation for Delay in Issuing Refund u/s 244A of Income Tax Act: ITAT [Read Order]

The Ahemdabad bench of the Income Tax Appellate Tribunal (ITAT) held that the amount of refund granted to the assessee, first, has to be adjusted against the interest payable to the assessee and thus...

Rejection of Exemption u/s 54 of Income Tax Act on Immovable Property Owned by Assessee's Son without Giving Opportunity to Hearing: Delhi HC sets aside Order [Read Order]

In a significant case, the Delhi High Court set aside the order rejecting exemption under section 54 of the Income Tax Act, 1961 on immovable property owned by the assessee's son without allowing a...

Enhancement of Disallowance u/s 43B of Income Tax Act made Voluntarily: Delhi HC confirms Penalty Order of ITAT [Read Order]

The Delhi High Court confirmed penalty of the Income Tax Appellate Tribunal (ITAT), on the ground of enhancement of disallowance under Section 43B of Income Tax Act, 1961 made voluntarily. The...

Death of Noticee before Initiation of Proceeding u/s 148A(b) of Income Tax Act: Calcutta HC set aside the Assessment Order [Read Order]

In a recent case, the Calcutta High Court set aside the assessment order as, the death of the noticee happened before the initiation of proceeding under section 148 A(b) of the Income Tax Act, 1961. ...

No Income Tax on Partner for Share in Profit of Partnership Firm: ITAT deletes Addition u/s 68 of Income Tax Act [Read Order]

The Income Tax Appellate Tribunal (ITAT) Mumbai Bench held that no income tax on partners for share in profit of partnership firm. Therefore the bench deleted the addition made under Section 68 of...

Original Return of Income filed before time prescribed u/s 139(1) of Income Tax Act: ITAT allows Claim of Deduction u/s.80JJAA of Act [Read Order]

The Income Tax Appellate Tribunal (ITAT) Mumbai Bench while allowing the claim of deduction under Section 80JJAA of Income Tax Act, 1961 held that original return of income was filed by the assessee...

Penalty u/s 271(1)(c) of Income Tax Act is not Leviable on Estimated Addition: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT) Mumbai Bench held that penalty under section 271(1)(c) of Income Tax Act, 1961 is not leviable on estimated addition. The assessee L.S. Diamonds is engaged...

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