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Mere Claim of Interest of Housing Loan in ITR by Son of Assessee Would Not Absolve Capital Gain Tax Liability: ITAT [Read Order]

Yogitha S. Yogesh

The Mumbai bench of the Income Tax Appellate Tribunal ( ITAT ) has held that a mere claim of interest on a housing loan in an Income Tax Return (ITR)...

SC dismisses Petition Seeking ITR Mandatory for Car Purchase and Levy of Cess on Second Car [Read...

No Interest Leviable on Joint Venture Company for filing ITR and Form 3CEB on Last Date of Return...

Assessee shall file Rectification Application to Rectify Typographical Errors in ITR, Not Appeal:...

Persons Other than Searched Person liable to Pay Interest on Late filing of ITR u/s 158BC Even...

Setback to Oriental Insurance Company: Calcutta HC upholds MACT Compensation Assessment after Statutory Deduction of ITR [Read Order]

In a major setback to the Oriental Insurance Company Limited, the appellant, a Single Bench of the Calcutta High Court upheld Motor Accidents Claims Tribunal (MACT) compensation assessment after...

No Evidence to Prove Bogus Purchase, Addition on Account of Estimated Gross Profit not permissible: ITAT [Read Order]

The Chennai bench of the Income Tax Appellate Tribunal (ITAT) has held that addition on account of estimated gross profit is not permissible in the absence of evidence to prove a bogus purchase. ...

Last Chance to file Income Tax Return will Expire on 31st December: Know the Consequences

With the year ending, the taxpayers who missed the income tax return deadline will miss the last opportunity to file their income tax returns and can expect the income tax proceedings any time in the...

Addition u/s 68 based on Cash Deposit not allowable in the Absence of Corroborative Evidence: ITAT [Read Order]

The Pune bench of the Income Tax Appellate Tribunal(ITAT) has held that addition under section 68 of the Income Tax Act,1961 based on Cash deposit is not allowable in the absence of the...

Delhi HC sets aside Rejection of Scholarship for Filing ITR instead of Income Certificate [Read Order]

A Single Bench of the Delhi High Court has recently quashed the rejection of the Petitioner, Bajrang’s application to avail of the Central Sector Scholarship Scheme of Top Class Education for SC...

Income Tax Non-filers, File You ITR before 30th December to Avoid These Consequences

After submitting his/her Income Tax Return (ITR) online earlier, a taxpayer used to get 120 days’ time to verify the return and complete the process of the filing of return of income. However, the...

Regular Income Tax Filers get Intimation from Dept for Non-filing: Know Why?

The regular taxpayers filing their Income Tax Return are now getting intimation from the Income Tax Department in case the process of filing returns of income is not completed yet. Moreover, the...

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