Income Tax Act

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Income Tax Act

Direct nexus between Manufacturing activity and Forex Gain from Export: Gujarat HC allows deduction u/s 80IC of IT Act [Read Order]

Navasree A.M

Gujarat High Court chaired by Justice Sonia Gokhani and Justice Sandeep N Bhatt allowed deduction under section 80IC of Income Tax Act, 1961 as there...

Amendment to S. 2(15) of Income Tax Act has No Retrospective Effect: Orissa HC [Read Order]

ITAT deletes Addition u/s 68B of IT Act on Unexplained Investment: Gujarat HC issues Returnable...

CBDT amends Procedure and Guidelines for submission of SFT for Interest Income: Abolishes Limit of...

Capital Gain Exemption cannot be denied When Investment made within due date of filing ITR: ITAT...

No Valid Search Warrant: Orissa HC quashes Assessment Proceedings u/s 153A of Income Tax Act [Read Order]

A division bench has quashed the assessment proceedings under section 153A of the Income Tax Act, 1961 on the ground that the income tax department did not provide a valid search warrant under...

Payment to Processing Agency for Computer Assisted Work Not 'Professional Service', No TDS u/s 194J: ITAT [Read Order]

The Raipur bench of the Income Tax Appellate Tribunal (ITAT) has held that the payment made to the processing agency for the computer assisted work cannot be considered as “professional service” for...

Estimation of Value of Assets by VO u/s. 142A of Income Tax Act Not Applicable on Purchase of Ready Built House by Assessee: ITAT [Read Order]

The Bangalore bench of the Income Tax Appellate Tribunal (ITAT) has held that the provisions of section 142A of the Income Tax Act, 1961 regarding the estimation of value of assets by a Valuation...

Assessment order Not Erroneous, Jurisdiction u/s 263 can't invoke: ITAT [Read Order]

The Chandigarh bench of the Income Tax Appellate Tribunal (ITAT) has held that jurisdiction under section 263 of the Income Tax Act,1961 can’t invoke when the assessment order passed by the Assessing...

Marketing and Survey Expenses are allowable as Deduction u/s 37(1) of Income Tax Act: ITAT [Read Order]

The Jaipur Bench of the Income Tax Appellate Tribunal ( ITAT ), held that Marketing and Survey expenses are allowable as deduction under Section 37(1) of the Income Tax Act, 1961. The AO under...

No Application of S.14A Income Tax Act, If No Exempt Income received or receivable during relevant previous year: ITAT [Read Order]

The Mumbai Bench of the Income Tax Appellate Tribunal( ITAT ) held that there is no application of Section 14A Income Tax Act, if no exempt income received or receivable during relevant previous...

Assessee failed to Prove Audit Books under any Law, clause (a)(ii) of Section 139(1) of Income Tax Act not applicable: ITAT [Read Order]

The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has held that the assessee failed to prove the audit books under any law and clause (a)(ii) of section 139(1) of the Income Tax Act,1961...

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