Read all Latest Updates on and about Section 142(1) of the Income Tax Act

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Section 142(1) of the...

ITAT Sets Aside Revisionary Order u/s 263 of Income Tax Act for Re-agitating Issue to Explaining Details of Large Cash Deposits in Savings Account [Read Order]

The Delhi Bench of Income Tax Appellate Tribunal (ITAT) held that Principal Commissioner of Income Tax (PCIT) was not validly empowered to invoke...

Deletion of Income Tax Addition on the Ground of Incomplete Material Evidence against Assessee: ITAT...

Violation of Natural Justice Principles: Allahabad HC imposes Costs of Rs 10,000 on Income Tax...

Penalty u/s 271A(1)(d) of Income Tax Act shall not be Levied, if Assessee Shows Reasonable Cause...

Non-Response to Notices u/s 142(1): ITAT Imposes Cost of Rs. 10,000 on Foreign Portfolio Investor...

Amalgamating Entity Ceases to Exist upon Approved Scheme of Amalgamation: Gujarat HC quashes Assessment Notice issued against Non-Existent Company [Read Order]

In a recent decision a Division Bench of the Gujarat High Court quashed an assessment notice issued against non-existent company observed that amalgamating entity ceases to exist upon approved scheme...

Capital Gain Tax paid by Wife need not be taxed again for Husband: ITAT deletes Income Tax Addition [Read Order]

The Mumbai bench of the Income Tax Appellate Tribunal ( ITAT ) held that a husband need not pay capital gain tax already paid by his wife. The assessee filed its original return of income on...

Notices of Hearing not received on Grounds of Technical Glitches in ITBA Portal : ITAT Directs Fresh Adjudication [Read Order]

The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) directed fresh adjudication on the grounds of notices for hearing not received The taxpayer submitted their income tax return for...

SCN Issued did not Accord 7 Days to File Response: Delhi HC sets aside Assessment Order [Read Order]

The Delhi High Court set aside the assessment order since the Show Cause Notice(SCN) issued did not accord 7 Days to file a response. Mr Ved Jain appeared on behalf of the petitioner and Mr Kunal...

ITAT restores matter to consider Source of Cash Deposited with Sale Proceeds of LPG Cylinder during Demonetization [Read Order]

The Bangalore Bench of Income Tax Appellate Tribunal (ITAT) held that in the interest of justice and equity an opportunity should be granted to the assessee to prove the source of cash deposits and...

No addition can be made on Immovable Property purchased out of Gifts received from Relatives: ITAT directs Re-adjudication [Read Order]

The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) ruled that no addition could be made on immovable property purchased out of gifts received from relatives. Therefore, the bench directs...

Disallowance u/a 40A (3) is not applicable when Payment was by Account Payee Cheque or Account Payee DD: ITAT [Read Order]

The Chennai bench of the Income Tax Appellate Tribunal (ITAT) held that disallowances under Section 40A (3) of the Income Tax Act, 1961 are not applicable when payment was by account payee cheque or...

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