19 September 2022


Search Results for Tag : 1961

Notifications & Circulars

Guidelines under Section 194Q of the Income-Tax Act 1961(30.06.2021)

1. Finance Act, 2021 inserted a new section 194Q in the Income-tax Act 1961 (hereinafter referred to as "the Act") which takes effect from 1st day of .....

Tags : Guidelines, Section 194Q of IT Act, 1961

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News

ITAT, Delhi: Income Tax Penalty Cannot be Imposed Unless Assessee Obliged In Law(05.04.2022)

Income Tax Appellate Tribunal, Delhi observed that the penalty of income tax under section 271(1)(c) of the Income Tax Act, 1961 cannot be obligatory .....

Tags : Income Tax Appellate Tribunal, Delhi, income tax, section 271(1)(c) of the Income Tax Act, 1961, assessee

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ITAT, Delhi: Expenditure of Royalty for Technical Know-How Can Be Treated as Revenue Expenditure(06.04.2022)

Income Tax Appellate Tribunal, Delhi has held that the royalty expenditure for the use of know-how can be treated as revenue expenditure under Income .....

Tags : Income Tax Appellate Tribunal, royalty expenditure, use of know-how, Income Tax Act, 1961

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ITAT, Delhi: Expenditure of Royalty for Technical Know-How Can Be Treated as Revenue Expenditure(06.04.2022)

Income Tax Appellate Tribunal, Delhi has held that the royalty expenditure for the use of know-how can be treated as revenue expenditure under Income .....

Tags : Income Tax Appellate Tribunal, royalty expenditure, use of know-how, Income Tax Act, 1961

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ITAT, Delhi: Expenditure of Royalty for Technical Know-How Can Be Treated as Revenue Expenditure(06.04.2022)

Income Tax Appellate Tribunal, Delhi has held that the royalty expenditure for the use of know-how can be treated as revenue expenditure under Income .....

Tags : Income Tax Appellate Tribunal, royalty expenditure, use of know-how, Income Tax Act, 1961

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ITAT, Delhi: Expenditure of Royalty for Technical Know-How Can Be Treated as Revenue Expenditure(06.04.2022)

Income Tax Appellate Tribunal, Delhi has held that the royalty expenditure for the use of know-how can be treated as revenue expenditure under Income .....

Tags : Income Tax Appellate Tribunal, royalty expenditure, use of know-how, Income Tax Act, 1961

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ITAT, Delhi: Depreciation not Allowable On Non-Compete Fee(06.04.2022)

Income Tax Appellate Tribunal, Delhi has observed that the depreciation is not allowable on non-compete fee under section 32 of the Income Tax Act, 19.....

Tags : Income Tax Appellate Tribunal, depreciation, non-compete fee, section 32 of the Income Tax Act, 1961

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ITAT, Kolkata: Limitation for Revisionary Jurisdiction Runs from Assessment Date Order(06.04.2022)

Income Tax Appellate Tribunal, Kolkata has observed that the limitation period for exercising revisionary jurisdiction runs from the date of assessmen.....

Tags : Income Tax Appellate Tribunal, Kolkata, limitation period, revisionary jurisdiction, assessment order, Section 263 of Income Tax Act, 1961

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ITAT: Refund of Sewage Tax Constitute ‘Business Income’(23.05.2022)

Income Tax Appellate Tribunal (ITAT), Mumbai bench has held that the refund of sewage tax would be assessed as business income as the same was earlier.....

Tags : ITAT, Sewage Tax, Income-Tax Act, 1961

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ITAT: Product Development Expenditure is ‘Revenue’ in Nature(23.05.2022)

Income Tax Appellate Tribunal (ITAT), Pune bench has held that the expenditure incurred on testing and validation of the products is revenue in nature.....

Tags : ITAT, Income-Tax Act, 1961, Product Development Expenditure, Revenue

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ITAT: Investments Converted into Stock-in-Trade Can Avail Exemption U/S 10(38)(23.05.2022)

Income Tax Appellate Tribunal (ITAT), Pune has held that investment converted into stock in trade can avail exemption u/s 10(38) of Income Tax Act 196.....

Tags : ITAT, Income-Tax Act, 1961, Stock Trade, Investment

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Meghalaya HC: Order Can’t be Passed U/s 148A(d) Without Taking Into account the Assessee’s Reply(23.05.2022)

Meghalaya High Court has held that no order can be passed under Section 148A(d) of the Income Tax Act, 1961, without taking into consideration reply f.....

Tags : Meghalaya High Court, Assessee, Income-Tax Act, 1961

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Meghalaya HC Quashes Re-Assessment on Ground of Non-consideration of Objection Filed by Assessee(24.05.2022)

Meghalaya High Court has quashed a re-assessment under Section 148(d) of the Income Tax Act, 1961 on the ground that the same was passed without consi.....

Tags : Meghalaya High Court, Re-Assessment, Income-Tax Act, 1961

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ITAT: Loss Out of Non-Speculative Transactions Can be Set off Under the Head of Regular Business(25.05.2022)

Income Tax Appellate Tribunal (ITAT) has held that loss arose out of non-speculative transactions can be set off under the head of the regular busines.....

Tags : ITAT, CIT, Income Tax Act, 1961

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Delhi HC: Collection of Service Charges from Donors Cannot Be Ground to Deny Tax Exemption(07.04.2022)

Delhi High Court has observed that the collection of service charges by India HIV AIDS Alliance from the donors cannot be treated as a reason to deny .....

Tags : Delhi High Court, service charges, India HIV AIDS Alliance, section 11, Income Tax Act, 1961, section 12

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Chhattisgarh HC: Assessing Officer Failed to Record Reason for Issue of Notice u/s 148(07.04.2022)

Chhattisgarh High Court has quashed a notice on grounds that the Assessing Officer had failed to record the reason for issue of notice under section 1.....

Tags : Chhattisgarh High Court, section 148 of the Income Tax Act, 1961, Assessing Officer

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Supreme Court: Mere Amalgamation Would Not invalidate Income Tax Proceedings(07.04.2022)

Supreme Court has held that whether corporate death of amalgamating entity upon amalgamation invalidates an order of assessment issued under the Incom.....

Tags : Supreme Court, amalgamation, Income Tax Act, 1961, Section 481 of the Companies Act, 1956

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ITAT, New Delhi: Interest on Enhanced Compensation Does Not Come u/s 56 IT Act(08.04.2022)

Income Tax Appellate Tribunal( ITAT ), New Delhi has observed that received interest on enhanced compensation does not comes under income from other s.....

Tags : Income Tax Appellate Tribunal, received interest, enhanced compensation, Tax Deduction at Source, section 194A of the income tax act, 1961

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ITAT, Pune: Capital Gain Exemption u/s 54F for Purchase of Office Premises not available(08.04.2022)

Income Tax Appellate Tribunal, Pune has observed that the capital gain exemption under section 54F of the Income Tax Act, 1961 is not available in the.....

Tags : Income Tax Appellate Tribunal, capital gain exemption, Income Tax Act, 1961, office premises

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ITAT, Mumbai: Revisional Jurisdiction Invoked for Lack of Inquiry, Not for Inadequate Inquiry(08.04.2022)

Income Tax Appellate Tribunal, Mumbai has ruled that the revisional jurisdiction can be invoked only for lack of inquiry and not for inadequate inquir.....

Tags : Income Tax Appellate Tribunal, Revisional Jurisdiction, lack of inquiry, section 263, Income Tax Act, 1961

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ITAT, Mumbai: Corpus Donations Received by Trust Not Taxable, Even If Trust Is unregistered(18.04.2022)

Income Tax Appellate Tribunal, Mumbai has held that the corpus donations received by a Trust for a specific purpose are not taxable, even if the Trust.....

Tags : Income Tax Appellate Tribunal, Section 12 A of the Income Tax Act, 1961, capital receipt

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ITAT, Mumbai: Corpus Donations Received by Trust Not Taxable, Even If Trust Is unregistered(18.04.2022)

Income Tax Appellate Tribunal, Mumbai has held that the corpus donations received by a Trust for a specific purpose are not taxable, even if the Trust.....

Tags : Income Tax Appellate Tribunal, Section 12 A of the Income Tax Act, 1961, capital receipt

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ITAT, Bangalore Allows Capital Gain Exemption Since Sale Deed was Registered Within Given Time(18.04.2022)

Income Tax Appellate Tribunal, Bangalore has observed that the date of completion of construction of new property is immaterial to allow exemption und.....

Tags : Income Tax Appellate Tribunal, section 54F, Income Tax Act, 1961, statutory period

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ITAT, Chennai: Penalty Can’t be Levied Based on Estimate Addition(18.04.2022)

Income Tax Appellate Tribunal, Chennai has observed that the order of penalty under section 271(1)(c) of the Income Tax Act, 1961 cannot be levied mer.....

Tags : Income Tax Appellate Tribunal, section 271(1)(c) of the Income Tax Act, 1961

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ITAT, Delhi: TDS u/s 194D Inapplicable to Reinsurance Commission(18.04.2022)

Income Tax Appellate Tribunal, Delhi has observed that the provisions of Tax Deducted at Source under section 194D of the Income Tax Act, 1961 is not.....

Tags : Income Tax Appellate Tribunal, Tax Deducted at Source, section 194D of the Income Tax Act, 1961

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ITAT, Delhi: Framing of Reassessment u/s 147 of IT Act against Non-Existing Entity Void Ab-initio(18.04.2022)

Income Tax Appellate Tribunal, Delhi has ruled that the re-assessment under section 147 and section 143(3) of the Income Tax Act, 1961 is not sustaina.....

Tags : Income Tax Appellate Tribunal, section 147, section 143(3) of the Income Tax Act, 1961

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Delhi HC Directs Revenue to Grant Immunity Under Section 270AA(26.04.2022)

Delhi High Court has observed that the assessee cannot be prejudiced by the inaction of the Assessing Officer, directing the revenue to grant immunity.....

Tags : Delhi High Court, Section 270AA of the Income Tax Act, 1961, Assessing Officer

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ITAT, Mumbai: Deemed Dividend Would Not Attract Loans and Advances Out of Commercial Consideration(26.04.2022)

Income Tax Appellate Tribunal, Mumbai has observed that the provisions of deemed dividend under Section 2(22)(e) of the Income Tax Act, 1961 would be .....

Tags : Income Tax Appellate Tribunal, Deemed Dividend, Section 2(22)(e), Income Tax Act, 1961

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ITAT, Bangalore: Digital Data Recovered During Search has Evidentiary Value(27.04.2022)

Income Tax Appellate Tribunal, Bangalore has observed that the digital data recovered by the income tax department has evidentiary value during the se.....

Tags : Income Tax Appellate Tribunal, digital data, income tax department, Income Tax Act, 1961

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ITAT, Kolkata: Adjudicating Authorities Cannot Grant Approval U/S 10(23C) With Retrospective Effect(27.04.2022)

Income Tax Appellate Tribunal, Kolkata has ruled that the adjudicating authorities under the Income Tax Act, 1961 cannot grant approval under section .....

Tags : Income Tax Appellate Tribunal, Income Tax Act, 1961, section 10(23C), retrospective

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ITAT, Mumbai: IT Law Doesn't Bar Assessing Officer to go Beyond Reasons Where Re-Assessment Initiated(28.04.2022)

Income Tax Appellate Tribunal, Mumbai has observed that there is no bar under the law that the Assessing Officer is entitled to confine assessment on .....

Tags : Income Tax Appellate Tribunal, Assessing Officer, Income Tax Act, 1961, sections 147, sections 148

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ITAT, Bangalore: Transactions Between Trust and Trustee Not Covered U/S 269SS of Income Tax Act(28.04.2022)

Income Tax Appellate Tribunal, Bangalore has ruled that the managing trustee of the society is not covered by the expression any other persons stirrin.....

Tags : Income Tax Appellate Tribunal, section 269SS, 269T of the Income Tax Act, 1961

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ITAT: Income Tax Penalty U/S 271E Cannot be Levied In Absence of Regular Assessment(13.05.2022)

Income Tax Appellate Tribunal, Ahmedabad has ruled that the income tax penalty under Section 271E of the Income Tax Act, 1961 cannot be levied in the .....

Tags : Income Tax Appellate Tribunal, Income Tax Act, 1961, Section 271E, assessee

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ITAT: Non-Cooperation With Dept Cannot be Sole Ground for Addition U/S 69A(13.05.2022)

Income Tax Appellate Tribunal, Ahmedabad has ruled that mere non-cooperation with the department cannot be the sole ground to make an addition under S.....

Tags : Income Tax Appellate Tribunal, Section 69A, Income Tax Act, 1961

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Calcutta HC: Reassessment Order Passed Without Issuance of Notice Is Invalid(16.05.2022)

Calcutta High Court has ruled that the reassessment order passed without issuance of notice under Section 148 of the Income Tax Act, 1961 is not valid.....

Tags : Calcutta High Court, Section 148, Income Tax Act, 1961

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ITAT, Pune: Revisional Jurisdiction Cannot be Invoked Sans Illegality in Original Re-Assessment(16.05.2022)

Income Tax Appellate Tribunal (ITAT), Pune while quashing a revisional jurisdiction under Section 263 of the Income Tax Act, 1961, has ruled that the .....

Tags : Income Tax Appellate Tribunal (ITAT), Pune, revisional jurisdiction, Section 263, Income Tax Act, 1961

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ITAT, Pune: Revisional Jurisdiction Cannot be Invoked Sans Illegality in Original Re-Assessment(16.05.2022)

Income Tax Appellate Tribunal (ITAT), Pune while quashing a revisional jurisdiction under Section 263 of the Income Tax Act, 1961, has ruled that the .....

Tags : Income Tax Appellate Tribunal (ITAT), Pune, revisional jurisdiction, Section 263, Income Tax Act, 1961

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ITAT, Kolkata: Disallowance U/S 14A Not to be Considered While Computing Book Profit(16.05.2022)

Income Tax Appellate Tribunal, Kolkata has ruled that the disallowance under Section 14A of the Income Tax Act, 1961 cannot be considered while comput.....

Tags : Income Tax Appellate Tribunal, Section 14A, Income Tax Act, 1961, book profit

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Delhi HC: Change of Opinion Can’t be Reason to Believe to Obtain Income to Initiate Re-Assessment(18.05.2022)

Delhi High Court while dismissing an appeal by the Income tax department, has ruled that mere change of opinion cannot be a reason to believe that the.....

Tags : Delhi High Court, Income tax department, Sections 147, Sections 148, Income Tax Act, 1961

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ITAT, Pune: Exemption of Capital Gain u/s 54F not available for Purchase of Office Premises(11.04.2022)

Income Tax Appellate Tribunal, Pune has observed that the exemption of capital gain under section 54F of the Income Tax Act, 1961 is unavailable if th.....

Tags : Income Tax Appellate Tribunal, capital gain, section 54F of the Income Tax Act, 1961, sale consideration

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ITAT, Mumbai: Revisional Jurisdiction Can be Invoked for Lack of Inquiry, Not for Inadequate Inquiry(11.04.2022)

Income Tax Appellate Tribunal, Mumbai has observed that the revisional jurisdiction under section 263 of the Income Tax Act, 1961 can be invoked only .....

Tags : Income Tax Appellate Tribunal, revisional jurisdiction, section 263 of the Income Tax Act, 1961, lack of inquiry, inadequate inquiry

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ITAT, Mumbai: Reasons Mentioned in Notice for Re-Assessment Cannot be Improved Later(11.04.2022)

Income Tax Appellate Tribunal, Mumbai has observed that the reasons specified in the re-assessment notice under section 148 of the Income Tax Act, 196.....

Tags : Income Tax Appellate Tribunal, section 148 of the Income Tax Act, 1961, re-assessment notice

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ITAT, Mumbai: Architect Fee Paid in Connection with Transfer of Development Rights Allowable(11.04.2022)

Income Tax Appellate Tribunal, Mumbai has observed that the architect fee paid by the assessee regarding the transfer of development rights are allowa.....

Tags : Income Tax Appellate Tribunal, architect fee, assesse, section 48 of the Income Tax Act, 1961, capital gain

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ITAT, Mumbai: Reasons Mentioned in Notice for Re-Assessment Cannot be Improved Later(11.04.2022)

Income Tax Appellate Tribunal, Mumbai has observed that the reasons specified in the re-assessment notice under section 148 of the Income Tax Act, 196.....

Tags : Income Tax Appellate Tribunal, section 148 of the Income Tax Act, 1961, re-assessment notice

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ITAT, Mumbai: Reasons Mentioned in Notice for Re-Assessment Cannot be Improved Later(11.04.2022)

Income Tax Appellate Tribunal, Mumbai has observed that the reasons specified in the re-assessment notice under section 148 of the Income Tax Act, 196.....

Tags : Income Tax Appellate Tribunal, section 148 of the Income Tax Act, 1961, re-assessment notice

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ITAT, Bangalore: Service Tax Collected But Not Remitted Can be Disallowed u/s 43B of Income Tax Act(18.04.2022)

Income Tax Appellate Tribunal, Bangalore has ruled that the amount of service tax collected under section 43B of the Income Tax Act, 1961 but not remi.....

Tags : Income Tax Appellate Tribunal, service tax, section 43B of the Income Tax Act, 1961

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ITAT, Chennai: Provisions of Sec 44AD Not Applicable to Commission Agents(18.04.2022)

Income Tax Appellate Tribunal, Chennai has observed that the provisions of Section 44AD of the Income Tax Act, 1961 cannot be applied to commission ag.....

Tags : Income Tax Appellate Tribunal, Section 44AD of the Income Tax Act, 1961, commission agents

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ITAT, Delhi: Fulfillment of Twin Conditions is Mandatory for Invoking Jurisdiction u/s 263(19.04.2022)

Income Tax Appellate Tribunal, Delhi has observed that fulfillment of twin conditions is obligatory for invoking the jurisdiction under section 263 of.....

Tags : Income Tax Appellate Tribunal, section 263 of the Income Tax Act, 1961, jurisdiction

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ITAT, Delhi: Royalty Cannot be Endorsed to Providing Customized Research Advisory Services(19.04.2022)

Income Tax Appellate Tribunal; Delhi has observed that customized research advisory services are not taxable under the head Royalty under the relevant.....

Tags : Income Tax Appellate Tribunal, Royalty, Income Tax Act, 1961, customized research advisory services

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Madras HC: Signing of Statement Admitting Tax Liability Not Lead to Self-Assessment(20.04.2022)

Madras High Court has ruled that the signing of a statement by the taxpayer admitting tax liability under the stress of investigation and making payme.....

Tags : Madras High Court, section 74 of the Central Goods and Services Tax Act, 1961, taxpayer, tax liability

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ITAT, Ahmedabad: TDS on Car Hiring Charges Paid Above Rs. 1.8 Lakhs U/S 194I of Income Tax Act(20.04.2022)

Income Tax Appellate Tribunal, Ahmedabad has observed that charges of car hiring falls under the provision of section 194I of the Income Tax Act, 1961.....

Tags : Income Tax Appellate Tribunal, section 194I of the Income Tax Act, 1961, Rs. 1.8 lakhs, Tax Deducted at Source

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ITAT, Mumbai: Data Retrieved From Pen Drive Can’t be Sole Evidence For Re-Assessment(28.04.2022)

Income Tax Appellate Tribunal, Mumbai has held that the data retrieved from the pen drive seized during the search can’t be a sole basis for re-assess.....

Tags : Income Tax Appellate Tribunal, data retrieved, Income Tax Act, 1961, section 147, section 148, section 65B (4), Indian Evidence Act, 1872

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SC: No Deemed Registration in Case of Non-deciding of S. 12AA Application(28.04.2022)

Supreme Court has observed that there cannot be a deemed registration in case of non-deciding of an application filed under section 12AA (2) of the In.....

Tags : Supreme Court, section 12AA (2), Income Tax Act, 1961, deemed registration

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ITAT, Jaipur: FDRs Interest Made for Business Purposes Shall be Treated as Business Income(29.04.2022)

Income Tax Appellate Tribunal, Jaipur has ruled that the interest income received from the Fixed Deposit Receipt made for business purposes and for ge.....

Tags : Income Tax Appellate Tribunal, Fixed Deposit Receipt, Income from Other Sources, Income Tax Act, 1961

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ITAT, Bangalore: Assessee Couldn’t Submit Evidence for Payment of Brokerage for Sale of Property(29.04.2022)

Income Tax Appellate Tribunal, Bangalore has permitted 1% of the sale consideration as brokerage for the sale of the property since the assessee could.....

Tags : Income Tax Appellate Tribunal, brokerage, Income Tax Act, 1961, assessee

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ITAT, Mumbai: No TDS on Payments to Foreign Insurers, Rules(29.04.2022)

Income Tax Appellate Tribunal, Mumbai has observed that any payment prepared by the assessee company to such foreign insurers would not be chargeable .....

Tags : Income Tax Appellate Tribunal, Section 195(1), Income Tax Act, 1961, foreign insurers

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ITAT, Delhi: Penalty Notice Issued Without Applying Mind in Stereotyped manner is Not Valid(30.03.2022)

Income Tax Appellate Tribunal, Delhi has observed that a penalty notice issued in a stereotyped manner under section 271(1)(c) of the Income Tax Act, .....

Tags : Delhi Income Tax Appellate Tribunal, stereotyped, Section 271(1)(c) of the Income Tax Act, 1961

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Delhi High Court Holds That Assessee Is Eligible For Immunity and Tax Payer Should Be Incentivised(01.04.2022)

Delhi High Court has ruled that the action of income tax authorities to deny the benefit of immunity from penalty under Section 270AA of Income Tax Ac.....

Tags : Delhi High Court, Section 270AA of Income Tax Act, 1961, Section 270A, Tax Payer

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Kerala HC: Non Release of Seized Documents in Supreme Court is Illegal(01.04.2022)

Kerala High Court has held that the income tax department is unauthorized to retain the seizure of title deeds under Section 132 of the Income Tax Act.....

Tags : Kerala High Court, income tax department, title deeds, Section 132 of the Income Tax Act, 1961, Special Leave Petition

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Calcutta HC Quashes Re-Assessment Passed Without Application of Mind(04.04.2022)

Calcutta High Court has observed that the re-assessment passed under section 148 of the Income Tax Act, 1961 without the application of mind is not su.....

Tags : Calcutta High Court, section 148 of the Income Tax Act, 1961, Quashment of Re-Assessment

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ITAT, Mumbai: Revisional Jurisdiction Can’t be Invoked , Order of Assessment Without Reasons(04.04.2022)

Income Tax Appellate Tribunal, Mumbai, has observed that the revisional jurisdiction under section 263 of Income Tax Act, 1961 cannot be invoked while.....

Tags : Income Tax Appellate Tribunal, revisional jurisdiction, Section 263 of the Income Tax Act, 1961, M/s Reliance Payment Solutions Pvt Ltd

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ITAT, Bangalore: Irrecoverable Advances for Land for Real Estate Development Business Allowable(02.05.2022)

Income Tax Appellate Tribunal, Bangalore has ruled that the advances agreed for purchase of land in the normal course of business of carrying on real .....

Tags : Income Tax Appellate Tribunal, Income Tax Act, 1961, Real estate development

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ITAT, Ahmedabad: Undisclosed Sale Consideration of Property Can Only Assessable as Capital Gain(02.05.2022)

Income Tax Appellate Tribunal, Ahmedabad has ruled that the undisclosed sale consideration of the property can be subjected to tax as capital gain und.....

Tags : Income Tax Appellate Tribunal, capital gain, section 48, Income Tax Act, 1961, Undisclosed sale consideration

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Allahabad HC: Reassessment Order Not Valid If Notice by Assessing Authority Is Without Jurisdiction(09.05.2022)

Allahabad High Court has held that once the notice under Section 148 of the Income Tax Act, 1961 issued by the assessing authority was declared withou.....

Tags : Allahabad High Court, Section 148, Income Tax Act, 1961, re-assessment order

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ITAT: Salary Reimbursement based on Cost to Cost Cannot Attract TDS Liability u/s 195(09.05.2022)

Income Tax Appellate Tribunal, Bangalore has ruled that Tax Deduction at Source is not applicable to reimbursement of salary based on the cost to cost.....

Tags : Income Tax Appellate Tribunal, Section 195, Income Tax Act,1961, Tax Deduction at Source

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ITAT Deletes Addition u/s 68 of IT Act, Says Firm not Taxable for Capital introduced by Partner(09.05.2022)

Income Tax Appellate Tribunal, Chennai has observed that the Firm cannot be made taxable for the capital introduced by the Partner as section 68 of th.....

Tags : Income Tax Appellate Tribunal, section 68, Income Tax Act, 1961

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ITAT, Ahmedabad: Third Party Shareholders Renouncing Rights Shares is Liable to Tax U/S 56(2)(10.05.2022)

Income Tax Appellate Tribunal, Ahmedabad has ruled that third party shareholders renouncing rights shares in favour of the assesse are liable to tax u.....

Tags : Income Tax Appellate Tribunal, assesse, Section 56(2), Income Tax, 1961

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ITAT, Mumbai: Architect Fee Paid in Connection with Transfer of Development Rights Allowable(11.04.2022)

Income Tax Appellate Tribunal, Mumbai has observed that the architect fee paid by the assessee regarding the transfer of development rights are allowa.....

Tags : Income Tax Appellate Tribunal, architect fee, assesse, section 48 of the Income Tax Act, 1961, capital gain

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Supreme Court Upholds Constitutional Validity of Amendments Related to Charitable Trust Registration(11.04.2022)

Supreme Court has upheld the constitutional legality of the recent amendments made in the Finance Act, 2020 with regard to the new provisions regardin.....

Tags : Supreme Court, constitutional legality, Finance Act, 2020, Income Tax Act, 1961, religious trusts

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ITAT, Bangalore: No Rationale in Making Additions to Income on Violation of RBI Notifications(11.04.2022)

Income Tax Appellate Tribunal, Bangalore has observed that there is no rationale in the action of the Assessing Officer of making additions to income .....

Tags : Income Tax Appellate Tribunal, rationale, Assessing Officer, assesse, Section 68 of the Income Tax Act, 1961, Reserve Bank of India

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ITAT, Bangalore: Agricultural Land Not Converted at Time of Sale Not Included as Capital Gain(11.04.2022)

Income Tax Appellate Tribunal, Bangalore has observed that since the agricultural land was not converted at the time of sale, the sale consideration s.....

Tags : Income Tax Appellate Tribunal, agricultural land, sale consideration, Income Tax Act, 1961, assessee

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Delhi HC: Exemption Cannot be Denied to Charitable Entity for Advertising Scholarship(12.04.2022)

Delhi High Court has observed that the exemption under the provisions of the Income Tax Act, 1961 can’t be denied to a charitable entity merely becaus.....

Tags : Delhi High Court, exemption, Income Tax Act, 1961, scholarship

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DIRECT TAXATION - Addition for Unexplained Share Capital and Share Premium Can’t be Made Prior to 2013 Amendment: ITAT(27.03.2019)

Income Tax Appellate Tribunal (ITAT) has held that addition in respect of share capital and premium by treating the same as unexplained cannot be made.....

Tags : Income Tax Appellate Tribunal, ITAT, Income Tax Act, 1961

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DIRECT TAXATION - Manufacture of Herbal Products Eligible for IT Deduction: Madras HC(28.03.2019)

Madras High Court has held that manufacture of the herbal products would be eligible for deduction under Section 80IA of the Income Tax Act, 1961.

Tags : Madras HC, 80IA of the Income Tax Act, 1961

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SC Stays Madras HC Judgment on TDS Liability of Christian Nuns & Missionaries(10.05.2019)

Supreme Court has stayed Madras HC judgment which had ruled that salaries received by missionaries and nuns of Catholic Church are liable to be subjec.....

Tags : Supreme Court, Tax Deduction at Source, IT Act, 1961, Section 192

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ITAT: Purchase of Land before Sale of Capital Asset ineligible for Deduction(10.05.2019)

Income Tax Appellate Tribunal (ITAT) has held that the capital gain exemption under Section 54 of the Income Tax Act, 1961 cannot be availed in case o.....

Tags : Income Tax Appellate Tribunal, Section 54, Income Tax Act, 1961

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ITAT: Revisional Jurisdiction Can’t be Exercised on Issue not Covered in Re-Assessment(10.05.2019)

Income Tax Appellate Tribunal (ITAT) has held that Commissioner of Income Tax cannot invoke revisional jurisdiction under Section 263 of Income Tax Ac.....

Tags : Income Tax Appellate Tribunal, Section 263, Income Tax Act, 1961

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Delhi HC: Assessment Can’t be Re-Opened Merely by Re-Appreciating the Existing Circumstances(08.11.2017)

Delhi High Court while quashing demand against Airtel has observed that re-assessment under Section 147/148 of the Income Tax Act, 1961 cannot be made.....

Tags : Delhi High Court, Income Tax Act, 1961, Airtel

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Allahabad High Court Rules that Non-Speculative Business Loss Can be Set off Against Business Income(09.11.2017)

Allahabad HC has ruled that non-speculative business loss can be set off against business income of the assessee under the provisions of the Income Ta.....

Tags : Allahabad HC, Income Tax Act, 1961

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Government Prescribes Procedure to Furnish Form 67 to Claim Foreign Tax Credit(26.09.2017)

Central Government has prescribed the procedure to be followed to furnish Form 67 to claim foreign tax credit under the provisions of the Income Tax A.....

Tags : foreign tax credit, Income Tax Act, 1961

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ITAT: Rent From Hoardings Received by Co-operative Housing Society Taxable as ‘House Property Income’(04.10.2017)

In an important ruling, Ahmadabad bench of ITAT has held that the rent received by a Co-operative housing society by letting out space for hoardings a.....

Tags : ITAT, Income from House Property, Income Tax Act, 1961

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ITAT: Penalty not to be Imposed When Legal Heir Revises Return, Voluntarily Offers Income to Tax(04.10.2017)

ITAT, Mumbai while quashing penalty proceedings against the legal heir of assessee where he revised the return and voluntarily offered the additional .....

Tags : ITAT Mumbai, Section 271(1)(c) of IT Act, 1961

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Wrong Name in Assessment Order Can’t be Cured by Invoking Section 292B: ITAT(19.07.2018)

Income Tax Appellate Tribunal (ITAT) held that mentioning of wrong name in an assessment order cannot be cured by invoking Section 292B of Income Tax .....

Tags : Income Tax Appellate Tribunal, Section 292B of Income Tax Act, 1961

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Delhi High Court Held That Findings of Fact Recorded by ITAT, Cannot Be Interfered(08.03.2022)

Delhi High Court has observed that in an appeal to the High Court under Section 260A of the Income Tax Act, 1961 there can be no interference with the.....

Tags : Delhi High Court , Income Tax Act, 1961

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Delhi High Court: Application For Compounding Of Offence U/S 276CC IT Act Cannot Be Rejected(08.03.2022)

Delhi High Court has held that an application for compounding of the offence under Income Tax Act, 1961 cannot be rejected on the ground that Assessee.....

Tags : Delhi High Court, Chief Commissioner of Income Tax, Section 276CC of Income Tax Act, 1961

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Delhi HC Quashes Reassessment Notice, There Is No Rational Nexus To Believe Escapement Of Income(08.03.2022)

Delhi High Court has nullified the reassessment notice issued under Section 148 of Income Tax Act, 1961 on the grounds that the reason to believe was .....

Tags : Delhi High Court, Section 148, Income Tax Act, 1961, Reassessment Notice

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Calcutta HC: Reasons Recorded in 142(1) Notice Not Existing at Issue of Re-Assessment Notice(05.04.2022)

Calcutta High Court has observed that the reasons mentioned in the notice under Section 142(1) and Section 147 of the Income Tax Act, 1961 were not ex.....

Tags : Calcutta High Court, Section 142(1), Section 147 of the Income Tax Act, 1961, re-assessment notice

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ITAT, Delhi: Interest Can’t be Levied on Additional Income Declared under Modified Return(20.04.2022)

Income Tax Appellate Tribunal, Delhi has ruled that the interest under sections 234B and 234C of the Income Tax Act, 1961 for non/short payment of adv.....

Tags : Income Tax Appellate Tribunal, Income Tax Act, 1961, advance tax installment, advance pricing agreement

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ITAT, Delhi: Interest Can’t be Levied on Additional Income Declared under Modified Return(20.04.2022)

Income Tax Appellate Tribunal, Delhi has ruled that the interest under sections 234B and 234C of the Income Tax Act, 1961 for non/short payment of adv.....

Tags : Income Tax Appellate Tribunal, Income Tax Act, 1961, advance tax installment, advance pricing agreement

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ITAT Hyderabad: Ignorance of Law Concerning Compulsory Audit Not Reasonable for Deleting Penalty(21.04.2022)

Income Tax Appellate Tribunal, Hyderabad has held that mere ignorance of law under Section 44AB of the Income Tax Act, 1961 for compulsory audit of ac.....

Tags : Income Tax Appellate Tribunal, ignorance of law, Section 44AB of the Income Tax Act, 1961, Section 273B

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Chhattisgarh HC: Issuance of Reassessment Notice Valid on Ground Disclosure of Bogus Purchase Bills(21.04.2022)

Chhattisgarh High Court has observed that the reassessment notice under Section 148 of the Income Tax Act,1961 is valid on the grounds of disclosure p.....

Tags : Chhattisgarh High Court, reassessment, Section 148 of the Income Tax Act,1961, bogus

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ITAT: Section 147 of IT Act is not an Alternative to Section 263 of IT Act(06.06.2022)

Income Tax Appellate Tribunal (ITAT), Delhi bench while quashing Assessment Order under Section 147 of Income-Tax Act, 1961 without Jurisdiction has h.....

Tags : ITAT, Income-Tax Act, 1961, Alternative

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ITAT: Payment Made by Mobile Service Provider for Roaming Can’t be Considered as Technical Service(06.06.2022)

Income Tax Appellate Tribunal (ITAT), New Delhi, has held that payment made by a one mobile service provider to another for roaming cannot be consider.....

Tags : ITAT, Income-Tax Act, 1961. Roaming, Technical Service

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Delhi High Court Quashes Reassessment Order Issued Without Considering Reply Filed by Assessee(07.06.2022)

Delhi High Court has quashed the reassessment order issued by the department under Section 148A(d) of the Income Tax Act, without considering the repl.....

Tags : Delhi High Court, Income Tax Act, 1961, Reassessment

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ITAT, Bangalore: Income Tax Penalty Can’t be Imposed on Expenditure Due to Wrong Professional Advice(29.04.2022)

Income Tax Appellate Tribunal, Bangalore has ruled that the income tax penalty under section 271(1) of the Income Tax Act, 1961 cannot be imposed for .....

Tags : Income Tax Appellate Tribunal, income tax, section 271(1), Income Tax Act, 1961, Chartered Accountant

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ITAT, Bangalore: Subsidy Expenditure Does Not Attract TDS Provision(29.04.2022)

Income Tax Appellate Tribunal, Bangalore has ruled that subsidy expenditure not attracts Tax Deducted at Source provision and set asides the order dis.....

Tags : Income Tax Appellate Tribunal, Tax Deducted at Source, Section 40(a)(ia), Income Tax Act, 1961

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ITAT, Delhi: Revisional Jurisdiction Can be Invoked in Very Gross Case of Inadequacy in Inquiry(29.04.2022)

Income Tax Appellate Tribunal, Delhi has ruled that the Revisional jurisdiction under section 263 of the Income Tax Act, 1961 can be invoked in a very.....

Tags : Income Tax Appellate Tribunal, revisional jurisdiction, section 263, Income Tax Act, 1961

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ITAT, Delhi: Amendments to Sections 43B and 36(1)(va) IT Act Can’t Have Retrospective Effect(02.05.2022)

Income Tax Appellate Tribunal, Delhi has ruled that the amendments to sections 43B and 36(1)(va) of the Income Tax Act, 1961 cannot have retrospective.....

Tags : Income Tax Appellate Tribunal, sections 43B, sections 36(1)(va), Income Tax Act, 1961, retrospective effect

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Delhi HC: Writ Remedy Cannot be Invoked in Tax Matters(02.05.2022)

Delhi High Court has held that the writ remedy under Article 226 of the Indian Constitution cannot be invoked in tax matters as the Income Tax Act, 19.....

Tags : Delhi High Court, article 226, Indian Constitution, Income Tax Act, 1961

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Non-Compliance of S. 148A Notice: Rajasthan HC asks Income Tax Dept to Follow SC Judgment(19.05.2022)

Rajasthan High Court has directed the income tax department to proceed with the notices quashed earlier under Section 148A of Income-Tax Act, 1961, in.....

Tags : Supreme Court, Rajasthan High Court, Section 148A Income-Tax Act 1961, Finance Act

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ITAT, Delhi: Re-Assessment Based on Incorrect and Irrelevant Facts is Invalid(10.05.2022)

Income Tax Appellate Tribunal, Delhi has held that the re-assessment under section 148 of the Income Tax Act, 1961 invoked on the basis of incorrect a.....

Tags : Income Tax Appellate Tribunal, Income Tax Act, 1961, section 148

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Allahabad HC quashes Re-Assessment Order; Says Notice Issued Without Jurisdiction is Invalid(12.05.2022)

Allahabad High Court has held that once the notice under Section 148 of the Income Tax Act, 1961, issued by the assessing authority was declared witho.....

Tags : Allahabad High Court, Section 148, Income Tax Act, 1961, jurisdiction

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Allahabad HC Quashes Re-Assessment Order; Says Notice Issued Without Jurisdiction is Invalid(12.05.2022)

Allahabad High Court has held that once the notice under Section 148 of the Income Tax Act, 1961, issued by the assessing authority was declared witho.....

Tags : Allahabad High Court, Section 148, Income Tax Act, 1961, jurisdiction

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Delhi HC: Sufficiency or Correctness of Material Need not be Considered During Issue of Notice(12.04.2022)

Delhi High Court has observed that the sufficiency or correctness of the material is not a thing to be considered at the stage of issue of notice unde.....

Tags : Delhi High Court, Section 148 of the Income Tax Act, 1961

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Delhi HC: Scholarship by Hamdard Foundation Eligible for Exemption Under Income Tax Act(12.04.2022)

Delhi High Court has upheld the factual findings that the merit-cum scholarship/financial assistance provided by Hamdard National Foundation was not c.....

Tags : Delhi High Court, factual findings, merit-cum scholarship, financial assistance, Hamdard National Foundation, Section 11 of Income Tax Act, 1961

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ITAT, Delhi Deletes Penalty Against Lahmeyer Holding GambH(12.04.2022)

Income Tax Appellate Tribunal , Delhi has granted relief to Lahmeyer holding that the penalty cannot be levied based on fact that the assessee under s.....

Tags : Income Tax Appellate Tribunal, Lahmeyer Holding GambH, section 44BBB of the Income Tax Act, 1961, permanent establishment, bonafide

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Bombay HC: Re-Assessment at Behest of Audit Party Invalid(13.04.2022)

Bombay High Court has observed that the re-assessment under section 147 of the Income Tax Act, 1961 is bad in law since the same was at the request of.....

Tags : Bombay High Court, section 147 of the Income Tax Act, 1961, audit party

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ITAT: Prima Facie Belief That There is Escape of Income is Sufficient Proof to Re-Open Assessment(23.06.2022)

Income Tax Appellate Tribunal (ITAT), Pune Bench has held that prima facie belief that there is the escape of income is sufficient proof to initiate r.....

Tags : ITAT, Income Tax Act, 1961, Reassessment

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