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

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

Taxscan Team

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...

Non-resident FII can claim benefit of Article13(4) of DTAA for entire Current Year Short/Long Term...

Net Profit Margin to be Adjusted to take into Account the differences between International...

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

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

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

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

Mere Change of Opinion cannot form the basis for initiating Reassessment proceedings under Income Tax Act: Delhi HC [Read Order]

The Delhi High Court( HC )has held that a mere change of opinion cannot form the basis for initiating reassessment proceedings under Income TaxAct,1961. Ambarnuj Finance and Investment, the...

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

The Income Tax Appellate Tribunal (ITAT), Chennai Bench allowed depreciation as there was Purchase of windmill and the same was capitalised in the books of account. The counsel for the assessee...

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

The Ahmedabad Bench of the Income Tax Appellate Tribunal ( ITAT ) has held that tax liability under section 206 C of the Income Tax Act,1961 will arise when the assessee failed to file Form 27C and...

8% Income Over the Gross Revenue is Unjustifiable: ITAT Restricts Net Profit Rate of 6% in Civil Contract Business [Read Order]

The Income Tax Appellate Tribunal (ITAT), Patna Bench, has recently, in an appeal filed before it, while restricting the net profit rate of 6% in civil contract business, held that 8% income over the...

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...

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