Read all Latest Updates on and about section 143(3) of the Income Tax Act

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Credits to Capital Account shown as Gift from assessee's Aunt are not Unexplained Credits :ITAT deletes Addition [Read Order]

Aparna. M

The Ahmedabad Bench of Income Tax Appellate Tribunal (ITAT) has held that the credits to capital account shown as gift from...

NFAC cannot Adjudicate Appeals already Disposed of by CIT(A): ITAT direct Department to Pay Cost...

Notice u/s 143(2) of Income Tax Act is Condition Precedent for Framing of Income Tax Assessment:...

Claim of LTCG u/s 10(38) of Income Tax Act Rejected due to Non submission of Documents: ITAT Quashes...

Appeal Not Maintainable on Non-Payment of Admitted Tax during Filing of Return u/s 249(4) of Income...

No Penalty shall be levied u/s 270A of Income Tax Act on Inadvertently Reported Annual Value of House Property by Accountant: ITAT [Read Order]

The Chennai bench of Income Tax Appellate Tribunal (ITAT) has recently held that no penalty should be levied under Section 270A of Income Tax Act 1961 on inadvertently reported annual value of...

Residuary Provisions under Income Tax Act not Applicable to Disallowances for Late Payment of EPF & ESI: ITAT [Read Order]

The Chennai Bench of Income Tax Appellate Tribunal (ITAT) held that the residuary provisions which are present under the Income Tax Act are not applicable to disallowances for late payment of...

No TDS on Cost paid to Holding Company on Reimbursement of Mobilisation and Demobilisation: ITAT [Read Order]

The Delhi Bench of Income Tax Appellate Tribunal (ITAT) has held that Tax Deducted at Source (TDS) would not be applicable on cost paid to holding companies on reimbursement of mobilisation and...

Additional Income Surrendered before 2nd Amendment to S.115BBE of IT Act chargeable at Ordinary Rate of 30%: ITAT quashes Revision Order [Read Order]

The Delhi bench of Income Tax Appellate Tribunal (ITAT) has recently held that additional income surrendered before the 2nd amendment to Section 115BBE of Income Tax Act, 1961 should be chargeable at...

Interest Subsidy received under technology upgradation fund is capital receipt, no tax chargeable :ITAT [Read Order]

The Mumbai bench of Income Tax Appellate Tribunal (ITAT) has held that interest subsidy received under technology upgradation fund is capital receipt.hence no tax should be leviable. The...

Assessment Order Passed without Proper Examination of Residential Status: ITAT Directs Re-Adjudication [Read Order]

The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) has directed adjudication as the assessment order was passed without proper examination of residential status. The assessee, Ajay Jain was...

Section 271B Penalty not Applicable when Reasonable Cause for Failure to Comply with Provision is Explained: ITAT [Read Order]

The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) has held that the penalty under Section 271B of the Income Tax Act 1961 would not be applicable when reasonable cause for failure to comply...

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