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Section 263 is not a Mechanism available for PCIT for taking Second Opinion: ITAT [Read Order]

Gayathri C.H

The Income Tax Appellate Tribunal (ITAT), Mumbai Bench, has recently, in an appeal filed before it, held that section 263 is not a mechanism...

Assessment Order Against Dead Person is Invalid: ITAT [Read Order]

Penalty Demand after 7 Days of Detention for Expiry of E-way Bill invalid: Madras HC quashes GST...

Centralized Services Fee received by Starwood Asia Pacific Not Taxable as Royalty under...

Sale Proceed of Agricultural Produce without Invoice cannot be Doubted: ITAT [Read Order]

RPC Fee is Additional Income by Formula One, Taxable: ITAT [Read Order]

In a significant ruling, the Delhi bench of the Income Tax Appellate Tribunal (ITAT) has held that the Race Promotion Contract (RPC) fee is an additional income by Formula One and is taxable. ...

Income Tax Penalty u/s 271(1)(c)cannot be Levied based on Information from Outside Agency/ Dept: ITAT [Read Order]

In a recent ruling, the Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has held that income tax penalty under section 271(1)(c) cannot be levied based on Information from outside...

No Penalty for Bonafide Mistakes in Income Tax Return filed without Assistance of Tax Consultant: ITAT [Read Order]

In Virtual mode, the Kolkata bench of the Income Tax Appellate Tribunal (ITAT) has held that penalty is not demandable for bonafide mistakes in income tax returns filed without the assistance of a...

25% of Licence Fee paid by SET to GCC is fair estimate: ITAT clarifies Taxability on Sum received from ICC events in India [Read Order]

The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) clarified the taxability of the sum received from ICC events in India and held that 25% of the Licence Fee paid by SET Satellite...

Depreciation u/s 32 cannot be claimed on Assets Shared with Sister Concern under License Agreement: ITAT [Read Order]

The Delhi bench of the Income Tax Appellate Tribunal (ITAT) has held that depreciation under section 32 of the Income Tax Act, 1961 cannot be claimed in respect of Assets shared with a sister...

Income Tax Amendment to Extend Time limit for Re-Assessment Not Applicable When Notice Is Illegal: ITAT [Read Order]

The Delhi Bench of Income Tax Appellate Tribunal (ITAT) has held that the income tax amendment to extend time limit for re-assessment is not applicable when notice was illegal. The assessee, Anand...

TDS Credit cannot be Denied to Developer following Percentage Completion Method If Buyer Deducted Tax at the Time of Execution of Sale Deed: ITAT [Read Order]

The Ahmedabad bench of Income Tax Appellate Tribunal recently held Tax Deduction at Source could not be denied to developer following percentage completion method if buyer deducted Tax at the time of...

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