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Calcutta HC upholds Revision Jurisdiction of PCIT to Re-examine "Unallocated" Head Office Expenses in Tax Holiday Units [Read Order]

The Calcutta High Court has dismissed three income tax appeals, affirming the revisionary jurisdiction of the Principal Commissioner of Income Tax...

Failure to Examine Taxability of Transfer of Business Rights Makes Assessment Invalid: ITAT Upholds...

PAN Transfer Changes Jurisdiction Mid-Proceedings: Karnataka HC Orders Bangalore PCIT to Decide...

Reassessment Notice Issued Beyond 3 Year Invalid Without PCCIT Approval u/s 151(ii): ITAT Sets Aside...

Invocation of S. 263 Not Permissible where ITR filed u/s 44AD: ITAT holds S. 68 Inapplicable without...

ITAT Upholds PCIT Revision u/s 263 as AO Failed to Enquire into Excess Diesel Shortage Claimed by Assessee [Read Order]

The Income Tax Appellate Tribunal (ITAT), Raipur Bench, upheld the revision order passed by the Principal Commissioner ofIncome Tax (PCIT) under Section 263 of the Income Tax Act, 1961 holding that ...

Income Tax Revision Order Unsustainable as PCIT Conducted No Independent Inquiry and AO Had Taken a Plausible View: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Ahmedabad Bench, set aside the order passed by the Principal Commissioner of Income Tax (PCIT) under Section 263 of the Income Tax Act, 1961, holding...

PCIT cannot Revise 80P Deduction on Bank Interest if AO Assessment not Erroneous or Prejudicial to Revenue: ITAT [Read Order]

The Income Tax Appellate Tribunal, BangaloreBench, held that the Principal Commissioner of Income Tax (PCIT) cannot revise the deduction under Section 80P of the Income Tax Act, 1961 in respect of ...

Depreciation on Goodwill cannot be Revisited in Later Years Once Allowed in First Year: ITAT [Read Order]

In a recent ruling, the Income Tax Appellate Tribunal (ITAT), Ahmedabad, has held that once depreciation on goodwill is properly allowed in the first year, subsequent years must continue on the...

Standard Assets Eligible for Deduction u/s 36(1)(viia): ITAT Quashes Income Tax Proceedings against Bajaj Finance [Read Order]

The Income Tax Appellate Tribunal (ITAT), Pune Bench, upheld that standard assets are eligible for deduction under section 36(1)(viia) and quashed proceedings initiated against Bajaj Finance. ...

General Insurance Companies Entitled to S. 10(38) Income Tax Exemption on Equity Gains: ITAT [Read Order]

The Chennai Bench of Income Tax Appellate Tribunal (ITAT) ruled that general insurance companies can claim income tax exemption under Section 10(38) on long-term capital gains from sale of equity...

Delay in Filing Form 10 due to Technical Issue Cannot Deny Benefit to Trust: Madras HC condones 530-Day Delay [Read Order]

In a recent ruling, the Madras High Court held that a trust cannot be denied the benefit of exemption under Section 11 of the Income Tax Act, 1961 merely due to a technical breach of delay in filing...