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Income Tax Authorities should charge Legitimate Taxes from Assessee, Penalty cannot be Imposed for Bonafide Mistakes: ITAT [Read Order]

Gayathri C.H

The Income Tax Appellate Tribunal ( ITAT ), Chandigarh Bench, has recently, in an appeal filed before it, held that the income tax authorities should...

Provisions of S. 54F of Income Tax Act are Benevolent Provisions, requires Liberal Interpretation:...

Satyam Computers Scam - Telangana HC - plea - reopen assessments - Scam - taxscan

Satyam Computers Scam: Telangana HC admits plea to reopen assessments prior to the Scam

Penalty Notice u/s 271(1)(c) of Income Tax Act Issued in a Stereotyped Manner Without Applying Mind...

No Penalty for Bonafide Mistakes in Income Tax Return filed without Assistance of Tax Consultant:...

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...

Relief to Spicejet: Payment for Leasing/Hiring Equipment Not Royalty as per India-Netherlands DTAA, rules ITAT [Read Order]

Delhi Bench of Income Tax Appellate Tribunal ( ITAT ) granted relief to Spicejet. The tribunal upheld the decision of CIT(A) on instructing the Assessing Officer (AO) to verify whether the amount...

ITAT deletes Income Tax Penalty against Trip Advisor [Read Order]

The Income Tax Penalty against Trip Advisor levied under section 271(1)(c) of the Income Tax Act, 1961, was deleted by the Delhi Bench of the Income Tax Appellate Tribunal ( ITAT ), which was...

Tax Planning: Complete Guide for Income Tax Savings for Salaried Individuals for FY 2022-23

The Financial Year 2022-2023 is coming to an end soon. It is important that you, as a taxpayer, be informed of the deductions available on total tax liability and plan accordingly to ensure maximum...

Gifts to Business Associates and Executives are “Business Promotion Expenses”, Deductible u/s 37 of Income Tax Act: ITAT [Read Order]

The Ahmedabad Bench of Income Tax Appellate Tribunal ( ITAT ) has held that the gifts to business associates and expenditure should be considered as business promotion expenses and are deductible...

Advance Tax u/s 234B of Income Tax act Not Applicable When Entire Income is subject to TDS: ITAT [Read Order]

The Income Tax Appellate Tribunal ( ITAT ) recently held that advance tax under section 234B of income Tax act 1961 is not applicable when entire income is subject to Tax Deduction at Source. The...

Credit Not Allowable on TDS Deducted on Receipt of Amount of Advance If Corresponding Income was Not Offered to Tax: ITAT [Read Order]

The Ahmedabad Bench of Income Tax Appellate Tribunal (ITAT) has held that the credit will not be allowable on Tax Deduction at Source (TDS) deducted on receipt of amount of advance if the...

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