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AO Fails to Verify Additional Evidence in violation of Rule 46A of Income Tax Rules: ITAT directs Readjudication [Read Order]

Namaskar Acharya

The Chennai bench of the Income Tax Appellate Tribunal (ITAT) directed readjudication on grounds of non verification of additional evidence by the...

CBDT amends Form 10A, 10AB, 10AC,10AD, 10B and 10BB governing Trusts and Charitable institutions...

CBDT Amends Income Tax Rules and Introduces Form 10-IEA [Read Notification]

CBDT Amends Income Tax Rules and Introduces New Forms for Advance Ruling [Read Notification]

Disallowance made u/r 8D(iii) of Income Tax Rules without giving Weightage to Credit Balance of...

Co-operative Society shall Liable to Furnish AIR only after Amendment u/r 114 E of Income Tax Rules: ITAT deletes Penalty [Read Order]

The Bangalore bench of Income Tax Appellate Tribunal (ITAT) has recently held that co-operative societies should be liable to furnish Annual Information Report (AIR) only after amendment under Rule...

Oil Wells Eligible for Depreciation as Plant and Machinery: ITAT [Read Order]

The Ahmedabad Bench of Income Tax Appellate Tribunal (ITAT) has held that the oil wells are eligible for depreciation as plant and machinery. The assessee company, Joshi Technologies International...

ITAT directs to Delete Disallowance of Expenditure incurred towards Exempt Income based on Book Profits [Read Order]

The Income Tax Appellate Tribunal, Chennai Bench, has recently, in an appeal filed before it, directed to delete the disallowance of expenditure incurred towards except income based on book profits. ...

Central Govt Amends Rule 11UAC of Income Tax Rules [Read Notification]

The Central Government has notified the amendment of Rule 11UAC of the Income Tax Rules, 1962.Rule 11UACdraws its origin from Section 56(2)(x)(XI) of the Income Tax Act, 1961. The sub-clause deals...

Central Govt Amends Rule 11AA of Income Tax Rules [Read Notification]

The Central Government has notified the amendment of Rule 11AA of the Income Tax Rules, 1962. The rule 11 AA of Income Tax Rules deals with the requirements for approval of an Institution or fund...

No Real Time Alert Sent for Notice u/s 148A(b) of I-T Act received on Same Date as Order Passed by Income Tax Dept: Delhi HC directs Readjudication

In a recent ruling, the Delhi High Court directed the Assessing Officer to re-adjudicate the matter as they failed to send the notice under Section 148A(b) of Income Tax Act, 1961. The Bench...

CBDT notifies Income Tax Rule 133 to Calculate Net Winnings from Online Gaming [Read Notification]

The Central Board of Direct Taxes has notified the Income Tax Rule 133 to calculate net winnings from online gaming. The Central Board of Direct Taxes (CBDT) had also issued a circular yesterday...

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