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Income Tax Act

CAM Charges subject to TDS u/s 194C of Income Tax Act: ITAT [Read Order]

Gayathri C.H

The Income Tax Appellate Tribunal (ITAT), Delhi Bench, has recently, in an appeal filed before it, held that CAM charges are subject to TDS u/s 194C...

Trust Not Eligible for S. 12AB Registration under Pre-Amended Deed: ITAT [Read Order]

Notice u/s 148A(b) of Income Tax Act issued against Non-Existing Entity is not valid: Calcutta HC...

Valid Satisfaction required to Initiate Re-Opening of Assessment u/s 148 of Income Tax Act: ITAT...

Penalty u/s 271B of Income Tax Act cannot be Imposed for Not Getting Books of Accounts Audited for...

Notice Issued u/s 271(1)(c) of Income Tax Act is Omnibus: ITAT deletes Penalty Proceedings [Read Order]

The Income Tax Appellate Tribunal ( ITAT ), Delhi Bench, has recently, in an appeal filed before it, deleted the penalty proceedings, on finding that the notice issued u/s 271(1)(c) of Income Tax Act...

Income Tax Update: Form 26AS set to display only TDS/TCS Data for AY 2023-24, Other taxes and Refunds to be available in AIS

In a recent update, the income tax e-portal will show only Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) data in the Form 26AS. All other details of advance tax, self assessment tax...

Case Digest: TDS on Salary under Section 192 of the Income Tax Act

Income tax is a form of taxation in which the tax is collected on the basis of the income generated from a business. Tax Deducted at Source ( TDS ) is one of the modes of collecting tax in India at...

Agricultural Land is Not Capital Asset u/s 2(14)(iii)(b) of Income Tax Act, No Capital Gain: ITAT [Read Order]

The Income Tax Appellate Tribunal ( ITAT ), Jaipur Bench, has recently, in an appeal filed before it, held that there is no capital gain in case of agricultural land as the same is not a capital...

Audit Report u/s 44B furnished along with ITR before Completion of Assessment: ITAT deletes Penalty u/s 271B of Income Tax Act [Read Order]

The Chennai bench of Income Tax Appellate Tribunal ( ITAT ) has recently held that no penalty would be levied if the audit report under section 44B of Income Tax Act 1961 was furnished along with...

Accepting of Share Application Money is Not “Loan” u/s 269SS of the Income Tax Act, No Penalty: ITAT [Read Order]

The Kolkata Income Tax Appellate Tribunal ( ITAT ) has recently held that accepting of share application money was not loan under section 269SS of the Income Tax Act 1961, no penalty could be levied...

Depreciation Allowable on Goodwill u/s 32(1)(ii) of Income Tax Act: ITAT [Read Order]

The Pune Income Tax Appellate Tribunal ( ITAT ) has recently allowed depreciation on goodwill under section 32(1) (ii) of the Income Tax Act 1961. Section 32(1) (ii) of the Income Tax Act 1961...

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