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

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AO cannot Reopen Assessment in absence of Tangible material showing Escapement of Income: ITAT [Read Order]

Taxscan Team

A Single Bench of the Income Tax Appellate Tribunal (ITAT), held that the Assessing Officer (AO) cannot reopen assessment in absence of tangible...

Mere Change of Opinion cannot form the basis for initiating Reassessment proceedings under Income...

Purchase of Windmill and Capitalisation in Books of Account: ITAT allows Depreciation [Read Order]

Assessee failed to file Form 27C and TCS exempted on Sale of Scrap, liable to Tax u/s 206C: ITAT...

8% Income Over the Gross Revenue is Unjustifiable: ITAT Restricts Net Profit Rate of 6% in Civil...

Company found to be Alleged Beneficiary Receiving Share Application Money: ITAT upholds Reopening of Assessment Based on Investigation Wing's Information [Read Order]

The Income Tax Appellate Tribunal ( ITAT ), Mumbai Bench, has recently, in an appeal filed before it, held that reopening of assessment based on investigation wing’s information is valid, when the...

Rejection of Appeal without considering Settlement through VSVS Scheme: ITAT orders fresh adjudication by CIT(A) [Read Order]

In a recent ruling, the Bangalore Bench of the Income Tax Appellate Tribunal (ITAT) has held that, the Commissioner of Income Tax (Appeals) [CIT(A)] has erred in rejecting an appeal without due...

Interest Expenditure not to be Treated as Capital Expenditure: ITAT upholds Allowance [Read Order]

The Income Tax Appellate Tribunal (ITAT), Mumbai Bench, has recently, in an appeal filed before it, held that interest expenditure is not to be treated as capital expenditure and hence that the same...

Appeal filed with Delay shall be Treated as 'Pending', Eligible to be Settled under VSV Scheme: Delhi HC [Read Order]

A division bench of the Delhi High Court has held that an appeal filed with delay shall be treated as “pending” for the purpose of settlement under the Vivad Se Vishwas Scheme. The assessee, M/s...

Assessee Alone can't be Taxed when Land belongs to many Co-owners: ITAT deletes Addition of Capital Gain on Land Acquisition [Read Order]

The Income Tax Appellate Tribunal(ITAT), Chennai Bench, has recently while deciding an appeal filed before it, held that an assessee alone cannot be taxed, when the land belongs to many co-owners. ...

No Opportunity of Cross Examination given: ITAT quashes Assessment Order [Read Order]

The Income Tax Appellate Tribunal (ITAT), Mumbai bench quashed the assessment order as no opportunity was given to the assessee for cross examination. The assessee, Paramjit Singh Seehra is an...

ITAT considers Revised Tax Audit Report as Additional Evidence as it is vital piece of evidence [Read Order]

The Income Tax Appellate Tribunal (ITAT), Chandigarh Bench held that ITAT considered Revised Tax Audit Report as additional evidence as it is vital piece of evidence. The assessee, Anil Kumar...

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