Read all Latest Updates on and about section 143 (1) of the Income Tax Act

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Ex Parte Dismissal and Bogus Purchases Addition: ITAT Remands Matter to CIT(A) [Read Order]

Sneha Sukumaran Mullakkal

The Ahmedabad Bench of Income Tax Appellate Tribunal(ITAT) remanded the matter to the Commissioner of Income Tax(Appeals)[CIT(A)] for a proper...

ITAT Rules Against Unjustified Tax Adjustments, Reinforces Due Process [Read Order]

No Extended Period to Reopen Income Tax Assessment after 10 months from Limitation: Bombay HC [Read...

Law does Not Require Performance of Impossible Act: ITAT directs Revenue to adopt Constructive...

Rebate u/s 87A on STCG from Shares Allowed under New Tax Regime: CIT(A) directs JAO to Verify Claim...

ITAT deletes Disallowance of Trading Loss on Alleged Penny Stock Shares Due to Insufficient Evidence of Price Manipulation [Read Order]

The Ahmedabad Bench of the Income Tax Appellate Tribunal (ITAT) deleted the disallowance of trading losses claimed by the assessee on alleged penny stock shares, citing insufficient evidence of price...

ITAT Remands Dismissed Appeal For Non-Prosecution Simpliciter and Non-Condonation of Delay [Read Order]

In a recent ruling, the Income Tax Appellate Tribunal ( ITAT ) of Chennai remanded a dismissed appeal following the dismissal of the said appeal being due to both "non-prosecution simpliciter" and ...

No Bar u/s 115 BAC to Carry Forward and Set off Losses Under Capital Gains: ITAT [Read Order]

The Pune Bench of Income Tax Appellate Tribunal ( ITAT ) has held that Section 115BAC of the Income Tax Act , 1961 does not specifically bar carry forward and set off of losses under Capital Gains. ...

Form 67 Deemed Directory, Not Mandatory: ITAT Rules FTC Claim Should Not Be Denied for Late Submission [Read Order]

The Bangalore Bench of Income Tax Appellate Authority ( ITAT ) ruled that Foreign Tax Credit should not be denied just because of late filing of Form 67. The tribunal emphasized that Form 67 is...

Income Tax Refund Cannot Be Denied Merely Due to Non-Reflection in Form 26AS: Delhi HC [Read Order]

In a significant ruling, the Delhi High Court has held that the Income Tax Department cannot deny a taxpayer's refund claim merely because the Tax Deducted at Source ( TDS ) does not reflect in Form...

Non-Filing of Form 10B with ITR does not bar Exemption u/s 11 of Income Tax Act: ITAT [Read Order]

The Delhi Bench Of Income Tax Appellate Tribunal ( ITAT ) ruled that non-filing of Form No. 10B with Income Tax Return ( ITR ) is a procedural omission and cannot be a hindrance in claiming exemption...

Delay in Approaching Revision Authority under Income Tax Act is not Condonable hen Assessee Fails to Show Sufficient Reason: Kerala HC [Read Order]

The Kerala High Court has held that the delay in approaching the revision authority under the Income Tax Act is not condonable when assessee fails to show sufficient reason. During the years the...