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

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Concluded Assessment/ Reassessment cannot be disturbed in Absence of Incriminating Material during Search: ITAT [Read Order]

The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has held that concluded assessment/ reassessment cannot be disturbed in absence of...

Income Tax Authority failed to give adequate Opportunity to put forth submission: Calcutta HC...

Interest Paid is allowable u/s 36(1)(iii) of Income Tax Act When Funds are Borrowed for Construction...

Income derived from Training Fee and related Course Material, not entitled to Deduction u/s.10B:...

Revisional Jurisdiction can't invoke merely based on a Clerical Mistake: ITAT [Read Order]

Forfeited Commission Expenses cannot be disallowed If TDS is Paid: ITAT [Read Order]

Income Tax Appellate Tribunal ( ITAT ) bench of Delhi, constituted of Anil Chaturvedi (Accountant Member) and Anubhav Sharma (Judicial Member) held that the forfeited commission expenses cannot be...

Notional Income from Interest-Free Loans is not taxable in the absence of a specific provision in the Income Tax Act: ITAT [Read Order]

The Rajkot bench of the Income Tax Appellate Tribunal( ITAT ) has held that notional income from interest-free loans is not taxable in the absence of a specific provision in the Income Tax Act, 1961....

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

The Orissa High Court held that Prior approval of Chief Commissioner of Income Tax (CCIT) or Director General of Income Tax (DGIT) for scrutiny assessment is mandatory. The appellant in the present...

AO bound to refer to TPO for Computation of Domestic specified Transactions: ITAT rules in favour of Zydus Healthcare [Read Order]

In as significant case of Zydus Healthcare, the Kolkata bench of the Income Tax Appellate Tribunal (ITAT) has held that AO is bound to refer to TPO for computation of domestic specified transactions....

Hedging Transactions to Safeguard Loss arising out of Fluctuation in Foreign Currency not Speculative in Nature: ITAT [Read Order]

The Delhi Bench of the Income Tax Appellate Tribunal (ITAT), held that Hedging transactions to safeguard loss arising out of fluctuation in foreign currency are not speculative in nature. The...

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

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 that cut of date in certificate issued by Department...

Income Tax Exemption cannot be granted since Share Transactions found as Sham and Used as a Device to Make Undisclosed Income Accountable: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT) Pune Bench recently in an appeal held that income tax exemption cannot be granted since share transactions are found as sham and used as a device to make...

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