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

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Addition u/s 68 will sustain when Assessee failed to prove genuineness of Cash Credit: ITAT [Read Order]

The Income Tax Appellate Tribunal, Allahabad bench has held that the addition under section 68 of the Income Tax Act,1961 will sustain when the...

Income from Portfolio Management Services is assessable under Capital Gains: ITAT [Read Order]

Leave and Pension Contribution to State Govt. Employees cannot be treated as Bogus: ITAT grants...

IRP is the Authorized person to file Appeal against Assessment Order once Moratorium is declared:...

Aircel failed to provide information on Deductions For Gains from Industrial Undertakings, causing...

ITAT quashes notice of Re-assessment against MRF [Read Order]

The Income Tax Appellate Tribunal (ITAT) quashed the notice of re-assessment against MRF Ltd. The assessee company, M/s. MRF Limited is engaged in the business of manufacture and sale of...

Second Revision under Section 263 not justified if AO complied with the directions of PCIT: ITAT

The Income Tax Appellate Tribunal (ITAT), Kolkata Bench, while applying the doctrine of merger, quashed the Second revision under Section 263 on the grounds that second revision is not possible on...

Amount Transferable for Consumer’s Benefit can’t be included in Real Profit, Not Taxable: Delhi HC [Read Judgment]

The Delhi High Court held that the Income Tax Appellate Tribunal (ITAT) has correctly ruled that the amount transferred for the benefit of the customers does not constitute the part of assessee’s real...

Notice issued for Reopening Assessment without Jurisdictional Requirements liable to be set-aside: Bombay HC [Read Judgment]

The division bench of the Bombay High Court has held that the petitioner disclosed all material facts fully and truly and assessment under section 143(3) of the Income Tax Act is made by the AO for...

Notice is must for Completing Assessment U/S 143(3): ITAT Pune [Read Order]

In a recent case, the Income Tax Appellate Tribunal ( ITAT ) Pune Bench held that the basic requirement of completing assessment under Section 143(3) of the Income Tax Act is that notice under section...

Donations and Subscriptions Paid for Pujas and Functions are Business Expenditure: ITAT [Read Order]

The Kolkata Bench of Income Tax Appellate Tribunal ( ITAT ), in Power Maxx India Pvt.Ltd v.DCIT held that donations and subscriptions paid for pujas and functions are the business expenditure. The...

ITAT confirms Assessment against District Judges as there is No Provision in IT Rules Exempting Medical, Conveyance and Sumptuary Allowances [Read Order]

The Cochin bench of Income Tax Appellate Tribunal ( ITAT ) confirmed the assessment order passed by the Commissioner of Income Tax by holding that there is no provision in Income Tax rules exempting...

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