Read all Latest Updates on and about Section 143(2) of the Act

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Goodwill Arising on Amalgamation Qualifies as Intangible Asset Eligible for Depreciation u/s 32(1)(ii) of Income Tax Act: ITAT [Read Order]

Mansi Yadav

The Income Tax Appellate Tribunal (ITAT) Bench at Mumbai upheld the allowability of depreciation on goodwill arising from a scheme of amalgamation,...

Failure to Opt u/s 115BAA and File Form 10‑IC Bars Concessional Tax: Supreme Court upholds Delhi HC...

Cash Deposit of Rs. 8 Lakh from Sale of Casuarina Trees Treated as ‘Income from Other Sources’: ITAT...

Madras HC - Madras High Court - Reassessment Proceedings - Reassessment Proceedings cannot be Initiated - Assessment - taxscan

Reassessment Proceedings cannot be Initiated without Completing Assessment : Madras HC [Read Order]

Delay in Filing Appeal Before CIT(A) due to ignorance of Legal Procedures and Non-Follow-Up: ITAT...

Explanation Inserted to S. 14A of Income Tax Act vide Finance Act, 2022 Applicable Prospectively: Gauhati HC [Read Order]

The Gauhati High Court, in a recent case has held that the explanation inserted to Section 14A of the Income Tax Act, 1961 vide Finance Act, 2022 is applicable prospectively. Further held...

ITAT Imposes ₹1000 Fine for Non-Appearance during Assessment Proceedings, Payable to PM Relief Fund [Read Order]

The Bangalore bench of the Income Tax Appellate Tribunal (ITAT) has imposed a ₹1000 fine for non-appearance during assessment proceedings before both the Assessing Officer and the Commissioner of...

Madras HC quashes I-T Assessment Order adding Rs. 16Cr Unexplained Expenditure without Providing Reasonable Time, Orders Portal Reopening [Read Order]

The Madras High Court directed the Income Tax department to open the portal for the petitioner. The bench quashed the assessment order adding Rs. 16 crores as unexplained expenditure without...

Madras HC - I-T Assessment Order - Unexplained Expenditure - Reasonable - Orders Portal Reopening - TAXSCAN

Interest Received Loan given from OD not Taxable: ITAT Deletes Addition [Read Order]

The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) held that interest received from a loan given from the overdraft is not taxable hence deleted the additions. The assessee derives...

TDS Refund Claim cannot be withheld Merely because of notice issued u/s 143(2): Delhi HC rules in favour of OYO [Read Order]

In a significant ruling in favour of OYO, the High Court (HC) of Delhi has held that the refund claim of TDS can't be withheld merely because of notice issued under section 143(2)of the Income Tax...

Non-Compliance of Statutory Notices due to Unavoidable Circumstances: ITAT Imposes Cost of Rs. 10,000 on Assessee for Callous and Non-Cooperation Attitude [Read Order]

The Hyderabad bench of Income Tax Appellate Tribunal (ITAT) while observing non-compliance of statutory notices due to unavoidable circumstances imposed cost of Rupees 10,000 on assessee for...

Imported Goods Re-Exported by a Unit Duly Approved by Development Commissioner of the Concerned SEZ, Allowable for Exemption u/s 10AA: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Mumbai Bench, has recently held that imported goods re-exported by a unit duly approved by the development commissioner of the concerned SEZ, are allowable...