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Income Tax Act

Revision order passed u/s 263 of Income Tax Act without jurisdiction: ITAT sets aside Order [Read Order]

Shabna Rahim

The New Delhi bench of the Income Tax Appellate Tribunal ( ITAT) quashed the revision order passed without jurisdiction by the Commissioner of Income...

Shares Issued for Premium above FMV Taxable for Closely-held Company under Income from Other Sources...

S. 44B of Income Tax Act Not Applicable as NLU is 'Local Authority', Not Carrying out Business: ITAT...

Interest Expenses incurred for earning Income from Loans and Advances shall not be Disallowed u/s...

Cessation of Liabilty u/s 41(1) of Income Tax Act cannot be treated as Income for Addition : ITAT...

ITAT upholds denial of Registration filed u/s 12AB of Income Tax Act on Absence of proving Genuineness of Charitable Activity [Read Order]

The Pune bench of Income Tax Appellate Tribunal (ITAT) has recently upheld that denial of registration filed under Section 12AB of Income Tax Act 1961 in absence of proving genuineness of charitable...

Charitable Trust Registration Rejected Without Fair Hearing Opportunity: ITAT orders Reconsideration [Read Order]

The Income Tax Appellate Tribunal (ITAT), Amritsar Bench has invalidated the rejection of the application for registration of Charitable Trust observing that the assessee was not offered a fair and...

Section 44BB of the Income Tax Act cannot be applied in the absence of PE: ITAT [Read Order]

The Delhi Bench of Income Tax Appellate Tribunal (ITAT) has held that Section 44BB of the Income Tax Act could not be applied in the absence of a Permanent Establishment (PE). The assessee, Baker...

Mandatory Notice u/s 143(2) of Income Tax Act not served: ITAT quashes Order [Read Order]

The Income Tax Appellate Tribunal (ITAT), Bangalore Bench has quashed the Assessment Order of the Commissioner of Income Tax (Appeals) (CIT(A)) for the reason that a mandatory notice under Section...

CBDT Revises Exemptions to Monetary Limits for Filing Appeals u/s 158AB of Income Tax Act [Read Circular]

The Central Board of Direct Taxes (CBDT) revised the exemptions to monetary limits for filing appeals under Section 158AB of the Income Tax Act, 1961. The notification clarifies that in cases were...

Penalty imposed u/s 270A of Income Tax Act on Non-Disclosure of Interest Income in ROI is valid: ITAT [Read Order]

The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) held that the penalty imposed under Section 270A of the Income Tax Act, 1961 on grounds of non-disclosure of interest income in Return of...

Exemption u/s 11 & 12 of Income Tax Act Denied Without Prior Notice through Portal: Karnataka HC Suspends Recovery [Read Order]

The High Court of Karnataka has suspended the recovery of demand till the disposal of the appeal finding that the denial of exemption under Sections 11 and 12 of the Income Tax Act, 1961 was done...

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