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

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No Penalty u/s 271(1)(c) upon Assessee for Duplication of Assets happening due to Mistakes at the Chartered Accountant Office: ITAT [Read Order]

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The Income Tax Appellate Tribunal ( ITAT ) , Chennai, has recently, in an appeal filed before it by an assessee, held that penalty u/s 271 (1)( c )...

Non Appreciation of facts in true perspective: ITAT sets aside Revision Order [Read Order]

Immovable Property received without consideration as per Family settlement Memorandum is Taxable u/s...

Activities of Society for Benefit of Investors and Potential Investors forming part of General...

Addition on Discrepancy between Gross Receipts Shown in Income Tax Return and amount deducted as TDS...

Reopening of Income Tax Assessment cannot be made on mere Change of Opinion: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Chennai held that Reopening of assessment cannot be made on mere change of opinion. The assessee was assessed u/s 143(3) of the Income Tax Act,1961 for...

Re-opening Notice can be issued u/s 147 in relation to Search and Seizure: ITAT [Read Order]

The Income Tax Appellate Tribunal “A” Bench, Mumbai, has while deciding upon two cross appeals filed by the assessee and revenue, held that reopening notice can be issued under section 147 in...

Offering LTCG on Sale of Land by Fresh Cheques, not acceptable on pretext that there is no Cancellation of Registered Sale Deed: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Mumbai Bench held that offering Long Term Capital Gain (LTCG) on sale of land by fresh cheques, not acceptable on pretext that there is no cancellation of...

Claim for Deduction on Land vacation Compensation Charges allowed without specific enquiry: ITAT upholds Revisional Order

Claim for deduction on account of land vacation compensation charges allowed without specific enquiry by the AO, the Ahmedabad bench of Income Tax Appellate Tribunal (ITAT) upheld the revisional...

Withdrawal of Interest on Refund u/s 244 A(2) is beyond the Scope of Rectification u/s 154: ITAT Quashes Order [Read Order]

The Income Tax Appellate Tribunal (ITAT), Bench Mumbai, has recently in a writ petition filed before it, held that the withdrawal of interest on refund u/s 244 A (2), is beyond the scope of...

Notional Rent not applicable to Unsold Flats of Real Estate Business: ITAT quashes Revisional Order [Read Order]

The Income Tax Appellate Tribunal ( ITAT ), Mumbai, has recently while quashing a revisional order in a writ petition filed before it , held that notional rent will not be applicable to unsold...

Share Transactions with Company declared as Penny Stock: ITAT allows Claim of Business Loss by FPI as No Evidence of Malpractices

The Income Tax Appellate Tribunal ( ITAT ) Mumbai, has in an appeal recently filed before it by the Jt. Commissioner of Income Tax (OSD), International Taxation, held that business loss occurring out...

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