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

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ITAT Rejects Allegation of Fabricated LTCG, Validates Sale Price of Unquoted Shares [Read Order]

Varda Marakkar

In a recent case, Ahmedabad “A” bench of the Income Tax Appellate Tribunal (ITAT) rejected allegations of fabrication regarding the Long Term Capital...

Delay in Filing ITR due to COVID-19 Pandemic: ITAT remands matter to consider Condonation of Delay...

Cash Deposit Sources Insufficiently Verified before making Addition u/s 68 of Income Tax Act: ITAT...

Requirement of Filing Audit Report In Form 10B is only Procedural: ITAT grants Income Tax Exemption...

Superior Authority's Mechanical Approval for Income Tax Search Defeats Purpose of S. 153D: ITAT...

Income Tax Deduction cannot be denied due to wrong classification in ITR: ITAT [Read Order]

The Chennai Bench of Income Tax Appellate Tribunal ( ITAT ) has held that deduction under the Income Tax Act cannot be denied due to wrong classification in Income Tax return ( ITR ). National...

Legitimacy of Income Not Established when Investment made from Share Premium Without Noticeable Business Activity: Calcutta HC [Read Order]

The Calcutta High Court observed that the legitimacy of income not established when investment made from share premium without noticeable business activity. The assessee filed the return of income...

No Additions Proposed in Income Tax Assessment Order: Madras HC quashes Demand in Computation Sheet and Notice [Read Order]

In a recent ruling, the Madras High Court quashed the demand in Computation Sheet and Notice as no additions were proposed in the income tax assessment order. The Petitioner, Organization...

ITAT Directs AO to Scrutinize Purchase of Shares After Assessee Fails to Produce Documents [Read Order]

The Mumbai bench of the Income Tax Appellate Tribunal ( ITAT ) has directed the Assessing Officer ( AO ) to scrutinize the purchase of shares following the assessee's failure to produce the required...

Failure to File Audit Report in Form 10CCB before ITR filing due date: ITAT disallows Deduction Claim u/s 80IC [Read Order]

The Delhi bench of the Income Tax Appellate Tribunal ( ITAT ) recently ruled on a case where deduction claims under Section 80IC of the Income Tax Act, 1961 were disallowed due to the failure to...

Appending phrase 'Yes' by PCIT is not valid approval u/s 151 of Income Tax Act: Delhi HC [Read Order]

In a significant ruling the Delhi High Court observed that appending phrase 'Yes' by the Principal Commissioner of Income Tax ( PCIT ) is not valid approval under Section 151 of the Income Tax Act,...

Annual Letting Value of Unsold Flats cannot be added under section 22 of Income Tax Act: ITAT [Read Order]

The Mumbai bench of the Income Tax Appellate Tribunal ( ITAT ) has held that the annual letting value of unsold flats cannot be added under section 22 of Income Tax Act, 1961. The Tribunal directed...

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