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

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section 143(3) of the...

Prior approval of CCIT/DGIT for Scrutiny Assessment is Mandatory: Orissa HC [Read Order]

Kalyani B. Nair

The Orissa High Court held that Prior approval of Chief Commissioner of Income Tax (CCIT) or Director General of Income Tax (DGIT) for scrutiny...

AO bound to refer to TPO for Computation of Domestic specified Transactions: ITAT rules in favour of...

Hedging Transactions to Safeguard Loss arising out of Fluctuation in Foreign Currency not...

Cut of date in Certificate issued by DSIR has no relevance: ITAT confirms Deduction u/s 35(2AB)...

Income Tax Exemption cannot be granted since Share Transactions found as Sham and Used as a Device...

An Amalgamated Company can claim Depreciation on Goodwill, No restriction u/s 32(1)(5): ITAT [Read Order]

The Chennai Bench of the Income Tax Appellate Tribunal (ITAT) has held that an Amalgamated company can claim depreciation on goodwill and there is no restriction under section 32(1)(5) of the...

Delhi HC directs NaFC to withdraw assessment orders without issuing draft notice under S. 144B [Read Order]

The Delhi High Court has directed the National Faceless Assessment Centre to withdraw the assessment order without issuing draft notice under section 144B of the Income Tax Act, 1961 The...

Addition of Income based on statement of Director without verifying details of Payments from Third Parties is not permissible: ITAT [Read Order]

The Ahmedabad Bench of the Income Tax Appellate Tribunal (ITAT) has held that the Addition of Income based on the statement of the Director without verifying details of payments from Third parties is...

Non-resident FII can claim benefit of Article13(4) of DTAA for entire Current Year Short/Long Term Capital Gains: ITAT [Read Order]

The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT), held that Non-resident FII can claim benefit of Article13(4) of DTAA for entire current year Short or Long-Term Capital Gains. The...

Net Profit Margin to be Adjusted to take into Account the differences between International Transactions and Comparable Uncontrolled Transactions: ITAT [Read Order]

The Income Tax Appellate Tribunal ( ITAT ), Bangalore, has recently while deciding an appeal filed before it by an assessee, held that net profit margin arising in comparable uncontrolled...

Revisionary Order entirely on Presumptions, Conjectures and Surmises is not valid: ITAT [Read Order]

The Chandigarh Bench of the Income Tax Appellate Tribunal ( ITAT ) has held that the revisionary order entirely on presumptions, conjectures and surmises is not valid. The Assessing Officer made...

Issuance of Notice u/S 143(2) Should be Within Statutorily Prescribed Time Limit: ITAT [Read Order]

The Income Tax Appellate Tribunal ( ITAT ), Indore Bench, has recently in an appeal filed before it, held that the issuance of notice u/s 143(2), should be within the statutorily prescribed time...

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