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

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section 143(3) of the...

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...

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...

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]

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...

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...

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