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Imposing Penalty beyond time period prescribed by u/s 275(1) (c) of Income Tax Act: ITAT deletes Penalty on cash receipt of loans

Aiswarya Krishnadas

The Delhi bench of the Income Tax Appellate Tribunal ( ITAT ) deleted the penalty on cash receipt of loans, citing the imposition of the penalty...

“Live Rights” not “Copyright”, any Payment made not Taxable as Royalty: ITAT [Read Order]

Set back to Bajaj Auto: ITAT allows Deduction u/s 80 IA of Income Tax Act after deducting...

ITAT allows Deduction u/S 80G of Income Tax Act on CSR expenses [Read Order]

Failure to file Form no. 10CCB along with Return of Income: ITAT upholds disallowance of deduction...

Assessment completed routine and mechanical manner without due diligence and due application of mind: ITAT Upholds Revision order [Read Order]

The Income Tax Appellate Tribunal (ITAT), Mumbai bench while sustaining the revision order passed under section 263 of the Income Tax Act , 1961 held that the assessment was completed in a...

No addition shall be made u/s 68 of Income tax act on basis of statement of third party with respect to Sale of Shares carried through proper Banking Channel: ITAT [Read Order]

The Income Tax Appellate Tribunal ( ITAT ), Mumbai bench ruled that no addition should be made under Section 68 of the income Tax Act , 1961 on the basis of statement of third party with...

TDS u/S 194 C of Income tax act is applicable on CAM charges: ITAT [Read Order]

The Delhi bench of the Income Tax Appellate Tribunal ( ITAT ) observed that Tax Deducted at Source ( TDS ) under Section 194 C of Income Tax 1961 was applicable on Common Area Maintenance ( CAM )...

Failure to produce documentary evidence for establish genuineness of Hotel Business Income: ITAT upholds addition u/s 68 of IT Act [Read Order]

The Income Tax Appellate Tribunal ( ITAT ), Mumbai bench, while upholding the addition made under section 68 of the Income Tax Act, 1961, observed that the assessee failed to produce documentary...

ITAT directs readjudication on interest in respect of loans which have become Non-Performing Assets [Read Order]

The Income Tax Appellate Tribunal ( ITAT ), Bangalore bench directed readjudication on interest in respect of loans which have become Non Performing Assets. The assessee, Belur Urban Co-operative...

Relief to ICC: ITAT grants Income Tax Exemption on Receipts from Seminars and Conferences [Read Order]

In a major relief to the Indian Chamber of Commerce ( ICC ), the Kolkata Bench of the Income Tax Appellate Tribunal ( ITAT ) granted income tax exemption on receipts from seminars and conferences. ...

Assessment order passed u/s 143(3) of Income Tax Act: ITAT remands matter to provide fair opportunity of hearing [Read Order]

The Mumbai Bench of the Income Tax Appellate Tribunal ( ITAT ) has remanded the matter concerning the assessment order passed under section 143(3) of the Income Tax Act to ensure a fair opportunity...

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