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Income Tax Act

VAT Payment would not amount to Fee u/s 40(a)(iib) of Income Tax Act: ITAT [Read Order]

Taxscan Team

The Income Tax Appellate Tribunal (ITAT) Chennai Bench recently in an appeal held that Value Adedd Tax payment would not amount to Fee under...

No Limitation under Income Tax Act for filing application for condonation of delay: Kerala HC [Read...

Deemed Valuation u/s 50 C of Income Tax Act Applicable to Seller of Property, Not to Buyers: ITAT...

ITAT Weekly Round-Up

Notice issued u/s 148 of Income Tax Act to a Non-Existing Company is Null: Delhi HC [Read Order]

Airlines Liable to Deduct TDS u/s 194H of Income Tax Act on Supplementary Commission: Supreme Court [Read Judgment]

In a significant ruling having an impact against the airlines, the Supreme Court has held that TDS under section 194H of the Income Tax Act, 1961 is attracted in the case of Supplementary Commission...

Books of Account cannot be rejected on Insignificant defect: ITAT [Read Order]

The Jaipur Bench of the Income Tax Appellate Tribunal ( ITAT ), observed that Books of account cannot be rejected on insignificant defect. The assessee, M/s Motisons Jewellers Ltd company e-filed...

TDS on Net Salary is Permissible under Income Tax Act: ITAT deletes Income Tax Addition [Read Order]

The Indore bench of the Income Tax Appellate Tribunal ( ITAT ) has held that the deduction of TDS on net salary instead of gross salary is permissible under the Income Tax Act, 1961. The assessee,...

Reassessment cannot be invoked when Original Assessment concluded after receipt of Satisfactory Reply on Similar Queries: Bombay HC [Read Order]

A division bench of the Bombay High Court while setting aside the notice issued for reassessment under section 148 of Income Tax Act, 1961 held that Reopening of assessment cannot be invoked...

Proper filing of Form 10 manually with Income Tax Return: ITAT grants exemption u/s 11 of Income Tax Act [Read Order]

The Income Tax Appellate Tribunal ( ITAT ), Pune Bench granted exemption under Section 11 of the Income Tax Act, 1961 on the ground of proper filing of Form 10 manually with Income Tax Return. The...

Mere Change of Opinion cannot form the basis for initiating Reassessment proceedings under Income Tax Act: Delhi HC [Read Order]

The Delhi High Court( HC )has held that a mere change of opinion cannot form the basis for initiating reassessment proceedings under Income TaxAct,1961. Ambarnuj Finance and Investment, the...

Leave Encashment paid as per Section 43B (f) of Income Tax Act: ITAT allows Deduction [Read Order]

The Bangalore Bench of the Income Tax Appellate Tribunal (ITAT), allowed deduction as leave encashment was paid as per Section 43B(f) of Income Tax Act, 1961. During the Financial Year (FY)...

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