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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...

TDS Credit cannot be Denied to Developer following Percentage Completion Method If Buyer Deducted...

Income Tax Benefit to Trust u/s 11 cannot be Denied for Mere One Day Delay in filing of Audit...

“Transponder Charges” are not Royalty as Indo-US Treaty, No TDS: ITAT grants relief to Viacom 18...

Profit Sharing as per MoU cannot be treated as “Deemed Dividend”: ITAT [Read Order]

Income Tax Benefit u/s 80HHC in respect of Advance Import License as Covered u/s 28(iiib): ITAT [Read Order]

The Mumbai bench of Income Tax Appellate Tribunal (ITAT) held that Income Tax benefit under section 80HHC Income Tax Act 1961 in respect of advance import license as covered under section 28(iiib) of...

Assessee failed to Establish Difference b/w 26AS and Income Tax Returns: ITAT upholds Addition [Read Order]

The Mumbai bench of Income Tax Appellate Tribunal (ITAT) recently upheld the addition made by the assessing officer upon assessee failing to establish difference between 26AS form and Income Tax...

Consideration for Permitting Right to Use of Brand Name/Trademark is ‘Royalty’ under India – Turkey Tax Treaty, Taxable: ITAT [Read Order]

The Delhi Bench of Income Tax Appellate Tribunal (ITAT) has held that the consideration for permitting right to use of brand name or trademark would be treated as Royalty and would be taxable under...

Rice is “Agricultural Produce”: ITAT deletes Disallowance in respect of Cash Payment to Suppliers as per Existing Rice Trading Practice [Read Order]

The Chennai Bench of Income Tax Appellate Tribunal (ITAT) has deleted the disallowance in respect of cash payment to suppliers as per rice trading practice holding that rice is an agricultural...

Failure to Audit Books of Account as per S. 44AB Not Bonafide Mistake when Assessee having Advice of Chartered Accountant : ITAT upholds Penalty [Read Order]

The Pune bench of Income Tax Appellate (ITAT) upheld the penalty imposed by the lower authorities under section 271B of the Income Tax Act, 1961. The bench stated that the assessee has been...

Audited Books of Accounts Cannot be Rejected for want of Producing Photocopy of Bills: ITAT [Read Order]

Delhi bench of Income Tax Appellate Tribunal (ITAT) set aside the action of Commissioner of income Tax (Appeals) [CIT(A)] affirmed the additions made by the Assessing Officer (AO). The assessee,...

Generation of Business Income Not Necessary to Claim Business Expenditure: ITAT [Read Order]

The Delhi bench of Income Tax Appellate Tribunal (ITAT) recently held that the generation of business income is not necessary to claim business expenditure. Assesse Zhilmil Electronics Pvt....

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