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

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

Kalyani B. Nair

The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT), confirmed deduction under Section 35(2AB) of the Income Tax Act, 1961 on the ground...

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...

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

Addition of Income based on statement of Director without verifying details of Payments from Third...

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...

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...

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