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Taxpayer cannot be Penalised for Mistake of Previous Tax Consultant: ITAT Grants Relief [Read Order}

The Income Tax Appellate Tribunal ( ITAT ), Rajkot has held that a taxpayer should not be penalised for the mistake of a previous tax consultant. ...

ITAT Weekly Round-up

Home Loan used Entirely for Business: ITAT orders Fresh Adjudication on Interest Expense...

Assessment Order Passed on Same Date as S.151A Modified via Notification: ITAT quashes order for...

On-Money Addition Unsustainable for Post-Search Property Purchase: ITAT Deletes ₹23 Lakh Unexplained...

Income Tax Dept’s NFAC has Exclusive Power to issue Notice u/s 148: Punjab & Haryana HC [Read Order]

The Punjab and Haryana High Court has held that only the National Faceless Assessment Centre (NFAC) can issue reassessment notices under Section148 of the Income Tax Act, 1961. The Court ruled that...

Salary arrears of Deceased cannot be Taxed on Individual Capacity of Legal Heir : ITAT says NFAC Ignores S. 159 [Read Order]

The Income Tax Appellate Tribunal ( ITAT ), Agra Bench, has held that salary arrears belonging to a deceased person cannot be taxed in the personal/individual capacity of the legal heir. Instead,...

Partner’s Expenses Incurred for Business Purposes are Deductible u/ Income Tax: ITAT Grants Relief to Former ICAI President Atul Gupta [Read Order]

The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) recently held that expenses incurred by a partner for legitimate business and professional purposes are legitimate deductibles under the...

CIT(Appeals)/NFAC Cannot Dismiss Appeals in Limine without Examining Merits: ITAT [Read Order]

The Income Tax Appellate Tribunal ( ITAT ) of Raipur Bench, has held that the Commissioner of Income Tax (Appeals) [CIT(A)]/National Faceless Appeal Centre (NFAC) cannot summarily dismiss an...

“Commercial Activity”: ITAT denies Section 10(23C) Exemption to Trust Running Hostels for Non-Students [Read Order]

The Income Tax Appellate Tribunal (ITAT), Ahmedabad Bench, has ruled that Shree Vallabh Seva Kendra, a charitable trust, is not eligible for exemption under Section 10(23C)(vi) of the Income Tax...

Application of S. 115BBE without Linking to Proper Charging Provision u/s 68-69D is Not Valid: ITAT deletes Rs. 1cr Addition [Read Order]

The Delhi Bench of the Income Tax Appellate Tribunal ( ITAT ) has struck down an addition of ₹1 crore made under Section 115BBE of the Income Tax Act, 1961, holding that the Assessing Officer (AO)...

Section 56(2)(vii)(b)(ii) does Not Apply to Land Purchase Made Prior to 1st April 2014: ITAT deletes Addition [Read Order]

The Income Tax Appellate Tribunal (ITAT), Lucknow bench, deleted the addition made under Section 56(2)(vii)(b)(ii) of the Income Tax Act, 1961, holding that the provision is prospective and applies...