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Rs.14.93 Crores Addition u/s 68 for Share Capital Premium: ITAT Deletes AO's Addition, Upholds Genuineness of Funds [Read Order]

Sneha Sukumaran Mullakkal

The Delhi Bench of Income Tax Appellate Tribunal(ITAT) deleted the AO's addition of Rs. 14.93 crores under Section 68 of Income Tax Act,1961,for...

Centre declares Income Tax Directorate’s Computer Resources as Protected Systems under IT Act, 2000...

Granting Approval u/s 80G(5)(vi) of Income Tax Act merely relying on instrument creating the trust...

GAAR - SAAR - SAAR in tax law - GAAR in tax law - SAAR vs GAAR - General Anti Avoidance Rules - Specific Anti Avoidance Rules - Taxscan

[TAXSCAN 360] SAAR vs GAAR in Tax Laws: Do they Clash or Intersect?

Delay in Preferring reply to Pre Assessment Notice: Kerala HC set aside Assessment order under...

ITAT quashes GP Ratio Application on Gross Receipts in Absence of Suppression or Discrepancy, upholds Addition of Unexplained Expenditure u/s 69C of IT Act as Negotiations Not Proved

The Income Tax Appellate Tribunal (ITAT), Delhi bench has quashed the rejection of books of accounts of the assessee and the Gross Profit (GP) Ratio application on Gross Receipts in the absence of...

Penalty Against Agriculturist for Accepting Loan Through Banking Channel u/s 269SS of IT Act, 1961: ITAT [Read Order]

The Ahmedabad bench of the Income Tax Appellate Tribunal (ITAT) has held that no penalty can be levied against an agriculturist for accepting a loan of more than Rs. 20,000/- in cash if the loan is...

Central Govt to Set Up DGGI Offices Cell to Monitor Websites and Portals Running without Paying Tax: GST Council

The 51st meeting of the Goods and Services Tax (GST) Council was conducted on August 2nd 2023 through video conferencing in New Delhi, with Nirmala Sitharaman, the union Finance Minister, presiding...

Karnataka HC Dismisses WP against Issuance of Blocking Orders u/s 69A of IT Act on ground of Non-Violative of Doctrine of Proportionality [Read Order]

The Bengaluru bench of Karnataka High Court dismissed the writ petition against the issuance of blocking orders under section 69A of the Information Technology Act,2000 on the ground of the...

Late Filing of Audit Report due to Sufficient Cause u/s 273B of IT Act: ITAT deletes Penalty [Read Order]

The Amritsar bench of the Income Tax Appellate Tribunal (ITAT) deleted the penalty imposed on late filing of audit reports. Tarlok Singh, the appellant assessee appealed against the order passed...

Penalty imposed u/s 271(1)(c) of IT Act without proving either Concealment of Income or Filing of Inaccurate Particulars of Income: ITAT quashes Order [Read Order]

The Dehradun bench of the Income Tax Appellate Tribunal ( ITAT) held that the penalty imposed under section 271(1)(c ) of the Income Tax Act,1961 without proving either concealment of income or...

Non-eligibility of Deduction u/s 54F of IT Act on Ground of Co-ownership more than one Residential Property: ITAT directs Re-adjudication [Read Order]

The Mumbai bench of Income Tax Appellate Tribunal ( ITAT) directed re-adjudication to the assessing officer for the mon eligibility of deduction under section 54F of Income Tax Act,1961 due to...