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Consignment-wise Bank Realization Certificate sufficient for S.80HHC Deductions on Export Profits: Punjab and Haryana HC [Read Order]

The Punjab &Haryana High Court recently clarified that consignment-wise Bank Realisation Certificates (BRC) are sufficient for exporters to prove...

Final Income Tax Assessment Passed beyond One Month from DRP directions Barred by Limitation: ITAT...

Entire Purchase Amount cannot be Disallowed when Sales accepted and Stock Records maintained: ITAT...

Rental Income from Leasing Trailers and Exhibition Space is Business Income, Not House Property:...

LTCG Derived Exclusive from Equity Shares and Equity-Oriented Mutual Funds only Exempted u/s 10(38):...

₹6.85 Lakh Crore Worth of Cases, Over 2% of GDP Pending in Tax Tribunal, Says CJI B. R. Gavai

Chief Justice of India (CJI) B. R. Gavai on Thursday expressed concern over the huge pendency of tax-related cases before the Income Tax Appellate Tribunal (ITAT), stating that disputes worth about...

Draft Assessment Order Mandatory u/s 144C of Income Tax Act for ALP Variation : Karnataka HC Upholds ITAT Decision Declaring Order Void [Read Order]

The High Court of Karnataka, upheld the Income Tax Appellate Tribunal (ITAT ) decision declaring the order dated 22.11.2016 void, holding that a Draft Assessment Order under Section 144C of the...

Jurisdiction of AO u/s 153C of Income Tax Act beyond block of 10 year is invalid: Delhi HC upholds ITAT Order [Read Order]

The Delhi High Court in its judgement upheld the Income Tax Appellate Tribunals (ITAT)’s Order finding the AO’s assumption of jurisdiction under Section 153C of the Income Tax Act, 1961 in respect...

Jurisdiction Transferred without Following S.127 of Income Tax Act: Himachal Pradesh HC quashes Assessment [Read Order]

The High Court of Himachal Pradesh, quashed the assessment order passed by the Baddi officer for Assessment Year 2009–10, holding that the transfer of jurisdiction was made without following the...

Reduction in Subsidiary’s Share Capital Constitutes ‘Transfer’ u/s 2(47) of Income Tax Act: Supreme Court [Read Judgement]

The Supreme Court held that a reduction in the subsidiary’s share capital constitutes a ‘transfer’ under Section 2(47) of the Income Tax Act, 1961. In this case, the Revenue has appealed against...

Income Tax Annual Digest 2024: ITAT Cases [Part 26]

This annual round-up analytically summarizes all the Income Tax related Orders of the Income Tax Appellate Tribunal (ITAT) Benches of India reported at Taxscan.in during 2024. ITAT upholds CIT(A)...

Income Tax Annual Digest 2024: ITAT Cases [Part 24]

This annual round-up analytically summarizes all the Income Tax related Orders of the Income Tax Appellate Tribunal (ITAT) Benches of India reported at Taxscan.in during 2024. “No delay in filing...