13 December 2021


Search Results for Tag : Income

Judgments

Assessing Officer cannot reopen assessment on erroneous assumptions(15.09.2015)

To reopen a concluded income tax assessment for escaped income, a reason to suspect cannot be a reason to believe, which must be rational and bear a d.....

Tags : Tax, assessment, escaped income, belief

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Commissioner cannot usurp Department’s plausible view(11.05.2016)

View taken by Assessing Officer, so long as it is a possible view, cannot be interfered by Commissioner under Section 263 of Income Tax Act 1961.
<.....

Tags : Income tax, expenses, further information

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Deduction under Section 10A would be made while computing gross total income of eligible undertaking under Chapter IV of Act(16.12.2016)

The true and correct meaning and effect of provisions of Section 10A of Income Tax Act, 1961 is the principal issue arising for determination. Appella.....

Tags : Deduction, Computation, Gross total income

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Profits of the foreign enterprise are taxable only where the said enterprise carries on its core business through a permanent establishment(22.07.2020)

Present appeal by the Department revisits the question as to the taxability of income attributable to a “permanent establishment” set up in a fixed pl.....

Tags : Project Office, Taxability, Income

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In the absence of any new tangible material, the case could not be reopened on mere change of opinion(01.06.2021)

The material facts are that, the assessee being resident corporate assessee stated to be engaged in power generation, real estate, securities etc. was.....

Tags : Escapement, Income Reassessment, Legality

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Receipt of the order passed under Section 263 of the IT Act by the assessee has no relevance for the purpose of counting the period of limitation(07.10.2021)

The Assessing Officer (AO) passed an assessment order under Section 143 (3) of the Income Tax Act ( IT Act) for the assessment year (AY) 2008-¬09 vide.....

Tags : Income, Assessment, Time period

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Notifications & Circulars

Income-Tax (29th Amendment) Rules, 2021(13.09.2021)

In exercise of the powers conferred by second proviso to clause (i) sub-section (1) of section 142 read with section 295 of the Income-tax Act, 1961 (.....

Tags : Income-tax, Prescribed

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CBDT grants further relaxation in electronic filing of Income Tax forms 15CA/15CB(20.07.2021)

As per the Income-tax Act, 1961, there is a requirement to furnish Form 15CA/15CB electronically. Presently, taxpayers upload the Form 15CA, along wit.....

Tags : Relaxation, Electronic filing, Income Tax forms

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Income Tax Amendment (19th Amendment), Rules, 2021(07.07.2021)

In exercise of the powers conferred by proviso to section 50 read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Dire.....

Tags : Income Tax, Amendment, Rules

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Central Government hereby notifies 'Haryana Labour Welfare Board' a Board constituted by the State Government, in respect of the specified income arising to that Board(14.07.2021)

In exercise of the powers conferred by clause (46) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies for .....

Tags : Notification, Board, Income

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Central Government hereby notifies 'Himachal Pradesh Computerization of Police Society'a body established by the State Government, in respect of the specified income arising to that body(14.07.2021)

In exercise of the powers conferred by clause (46) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies for .....

Tags : Notification, Society, Income

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Appointment date for the purpose of some provisos and sub-sections of Income-Tax Act, 1961(01.09.2021)

In exercise of the powers conferred by the second proviso to sub-section (1) of section 245-O, sub-section (2) of section 245P, sub-section (4) of sec.....

Tags : Appointment date, Release, Income-Tax

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Format, procedure and guidelines for submission of Statement of Financial Transactions for Dividend income(20.04.2021)

1. Section 285BA of the Income Tax Act, 1961 and Rule 114E requires specified reporting persons to furnish statement of financial transaction (SFT). <.....

Tags : Procedure, Guidelines, Dividend income

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CBDT further extends date for filing Income Tax Returns and Audit Reports(08.10.2018)

The due date for filing of Income Tax Returns and Audit Reports for Assessment Year 2018-2019 is 30th September, 2018 for certain categories of taxpay.....

Tags : Income Tax Returns, Date, Extension

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Asset classification and income recognition following the expiry of Covid-19 regulatory package(07.04.2021)

The Hon'ble Supreme Court of India has pronounced its judgement in the matter of Small Scale Industrial Manufacturers Association vs UOI & Ors. and ot.....

Tags : Asset classification, Income recognition

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Central Government notifies 'Mysore Palace Board', Karnataka, a board constituted by the Government of Karnataka, in respect of the specified income arising to that Board(09.04.2019)

S.O.1537(E).--In exercise of the powers conferred by clause (46) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby.....

Tags : Board, Constitution, Income from Palace

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Guidelines under sub-section (4) of section 194-O, sub-section (3) of section 194Q and sub-section (1-I) of section 206C of the Income Tax Act, 1961(25.11.2021)

1. Finance Act, 2020 inserted a new section 194-O in the Income-tax Act 1961 (hereinafter referred to as "the Act") which mandates that with effect fr.....

Tags : Guidelines, Provisions, Income Tax

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Procedure for exercise of option under sub-section (1) of Section 245M and intimation thereof by furnishing and upload of Form No. 34BB under sub-Rule (1) of Rule 44DA of Income-Tax Rules, 1962(24.05.2021)

In exercise of the powers conferred by the Department of Revenue, Ministry of Finance, under sub-rule (3) and sub-rule (4) of Rule 44DA of the Income-.....

Tags : Form, Income Tax

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Filing of Revised Income Tax Returns by the Tax Payers Post De-Monetisation of Currency(14.12.2016)

Under the existing provisions of Section 139(5) of the Income-tax Act, 1961 ('Act'), Revised Return can only be filed if any person, who has filed a r.....

Tags : Income Tax, Returns, Filing

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Government invites comments of Stakeholders and General Public on Proposed Amendments to Income-Tax Rules, 1962 by 4th September, 2018(20.08.2018)

Income-tax Rules, 1962 (I.T. Rules) prescribe Form No. 13 for filing an application for seeking a certificate under Section 197 and/or under Section 2.....

Tags : Comments, Income-Tax Rules, Amendment

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Income - Tax (Seventh Amendment) Rules, 2017(05.04.2017)

In exercise of the powers conferred by section 139A and section 285BA, read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Boa.....

Tags : Rules, Amendment, Income-tax

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Lease rent from letting out buildings/developed space along with other amenities in an Industrial Park/SEZ- to be treated as business income(25.04.2017)

The issue whether income arising from letting out of premises /developed space along with other amenities in an Industrial Park/SEZ is to be charged u.....

Tags : Lease rent, Industrial Park, Business income

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Government extends due date for filing of Income Tax Returns from 30th September, 2016 to 17th October, 2016(12.09.2016)

The due date for filing of Income tax returns by tax payers whose accounts are required to be audited under the Income Tax Act is the 30th September o.....

Tags : Income Tax Returns, Filing, Extension of date

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Exemption to Interest Income on Specified Off-shore Rupee Denominated Bonds(17.09.2018)

Interest payable by an Indian company or a business trust to a non-resident, including a foreign company, in respect of rupee denominated bond issued .....

Tags : Interest Income, Denominated Bonds Exemption

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Draft Notification proposing Amendment of Rules 2C, 2CA and 11AA and for Nos. 10G, 56 and 56G of the Income-Tax Rules, 1962 placed in public domain for inputs from stakeholders and general public(29.10.2018)

Currently, for grant of approval under sub-clauses (iv) and (v) of clause (23C) of Section 10 of the Income-tax Act, 1961 (the Act), for exemption of .....

Tags : Draft Notification, Amendment, Income-Tax Rules

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Amendment in Rule 114H of Income-tax Rules, 1962(22.06.2016)

Rule 114H of the Income Tax Rules 1962 has been amended to provide sufficient time to reporting financial institutions for completing due diligence in.....

Tags : Income tax rules, reportable accounts, deadline

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Clarifications on the Income Declaration Scheme, 2016(14.07.2016)

The Central Board of Direct Taxes released additional clarifications on the Income Declaration Scheme 2016.

In answers to ten additional qu.....

Tags : income declaration scheme, revision, directors, partners

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Compulsory manual selection of cases for scrutiny during FY 2016-17(13.07.2016)

The Central Board of Direct Taxes laid down fresh criteria and procedure for manual selection of returns or cases for compulsory scrutiny during the 2.....

Tags : manual selection, income tax, compulsory scrutiny

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Clarifications on Income Declaration Scheme, 2016(27.06.2016)

The Central Board of Direct Taxes issued further clarifications to the recently announced Income Tax Declaration Scheme, 2016.

Elaborations.....

Tags : income tax, black money, declaration, clarifications

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New updated Version of Income Tax Return Statistics for Assessment Year 2012-13 released(19.08.2016)

Central Board of Direct Taxes (CBDT) had proactively released data relating to direct tax collections, PAN allocation and distribution of income in th.....

Tags : Statistics, Income Tax Return, updated Version

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'Doubling Farmers' Income by 2022' – Measures(29.09.2016)

Government of India in the Union Budget 2016-17 had announced its resolve to double the income of farmers by 2022. Several steps have been taken towar.....

Tags : Income, Doubling, Farmers, Measures

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CBDT notifies Income Tax Return Forms for Assessment Year 2018-2019(05.04.2018)

The Central Board of Direct Taxes (CBDT) has notified Income Tax Return Forms (ITR Forms) for the Assessment Year 2018-19. For Assessment Year 2017-18.....

Tags : CBDT, Forms, Income tax

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CBDT endeavours to reduce litigation over bad debt(30.05.2016)

The Central Board of Direct Taxes bolstered Departmental policies to reduce litigation arising from assessees writing off sums as ‘bad debt’.

.....

Tags : income tax, bad debt, irrecoverable, reducing litigation

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IT dues payable in advance at authorised bank branches(16.05.2016)

Advance income tax can be paid at authorised banks instead of just with the Reserve Bank of India. Of the 29 banks authorised to acceptance tax remitt.....

Tags : Income tax, advance, authorised banks

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Paperless tax assessment expanded to Hyderabad and Kolkata(25.05.2016)

Scheme for e-assessment for income tax has been extended to include Hyderabad and Kolkata for Financial Year 2016-2017.

The ‘paperless’ sch.....

Tags : paperless, email, income tax, scrutiny

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Income Tax Simplification Committee reveals recommendations(25.01.2016)

The Income Tax Simplification Committee, headed by former Justice R.V. Easwar, has released its first.....

Tags : Income tax, simplification, recommendations

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Income Tax Rules on Fund Manager regime(15.03.2016)

The Central Board of Direct Taxes released the Income-Tax (5th Amendment) Rules, 2016 providing guidelines for the application of Section 9A of the In.....

Tags : Fund manager, offshore, income tax

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Interest income to be included in tax return(01.01.1900)

The Central Board of Direct Taxes notified persons earning interest income that interest credited or received on deposits is taxable unless exempt und.....

Tags : Income tax return, interest income, inclusion

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Wealth tax return not required 2016-2017 onwards(01.04.2016)

With the Central Government’s recent decision to abolish the wealth tax, the read»



More Forms for e-ITR, more security(04.04.2016)

The Central Board of Direct Taxes announced the electronic filling and filing of Forms 1 and 4S for income tax returns. Furthering the shift to electr.....

Tags : Income tax, electronic filing, 2016

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AOs to not issue penalty notices under Sections 271D,E of IT Act(26.04.2016)

The Central Board of Direct Taxes set forth a “Departmental View” to assuage conflicting notions on the limitation for imposition of penalty under Sec.....

Tags : income tax, penalty notice, limitation

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Proceeds from unlisted share sale to default to ‘Capital Gain’ head(05.05.2016)

The Central Board of Direct Taxes directed its offices that income from transfer of unlisted shares irrespective of period of holding would be taxable.....

Tags : Unlisted shares, sale, capital gain, income tax

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Income Declaration Scheme 2016 to open 1 June 2016(14.05.2016)

The Income Declaration Scheme 2016 incentivising declaration of black money will commence 1 June 2016.

Monies declared under the scheme wi.....

Tags : black money, income tax, window

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ITR-V verification pending? Now use EVC(09.05.2016)

The Central Board of Direct Taxes allowed taxpayers to verify their electronic returns by means of Electronic Verification Code.

As far bac.....

Tags : Income tax, verification, evc, itr-v

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MAT no longer applicable to foreign companies(24.09.2015)

Government of India has decided that with effect from 01.04.2001, the provisions of Section 115JB of the Income Tax Act, 1961 will not be applicable t.....

Tags : Mat, 115jb, income tax, foreign company

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Income Tax (11th Amendment) Rules, 2015(07.08.2015)

The Government made amendments to the Income-tax Rules, 1962 with regard to registration of persons, due diligence and maintenance of information; and.....

Tags : income tax rules, registration, persons

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CBDT amends Income-tax Rules, 1962(17.08.2015)

The Central Board of Direct Taxes made amendments to the Income-tax Rules, 1962, inserting Rule 126: 'Computation of period of stay in India in certai.....

Tags : Income tax, rule, sea voyage

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Income-tax (15th Amendment) Rules, 2015(12.10.2015)

Central Board of Direct Taxes amended the Income-tax Rules, 1962 with the Income-tax (15th Amendment) Rules, 2015. These modify Rule 11DD, substituti.....

Tags : Income tax, rules, amendment, fifteen, 2015

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Use of email based communication for paperless Assessment Proceedings(19.10.2015)

Central Board of Direct Taxation has begun a pilot program of using email to correspond with taxpayers. The project is expected to be run in non-corpo.....

Tags : Income tax, pilot, email, correspondence, 2015

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Draft to determine company’s ‘Place of Effective Management’(23.12.2015)

The Ministry of Finance has released draft guidelines proposing principles to determine the ‘place of effective management’ of a company, for the purp.....

Tags : Income tax, company, effect management, draft, principles

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LPG subsidy not available to those with taxable income of over Rs. 10 lakhs(28.12.2015)

The Government has revoked the subsidy on LPG cylinders for consumers (or spouses) that had taxable income of more than Rs. 10 lakhs during the previo.....

Tags : Lpg, subsidy, 2016, taxable income

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Clarification of 'initial assessment year' in Section 80IA (5) of the IT Act(15.02.2016)

The Central Board of Direct Taxes issued a clarification to the ‘initial assessment year’ for the purposes of Section 80IA(5) of the Income Tax Act, 1.....

Tags : Income tax, initial assessment year, deduction claim

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Pay IT dues in advance at RBI or authorised bank branches(15.02.2016)

The Reserve Bank of India has authorized twenty nine agency banks to accept payments of income tax. The move hopes to reduce the heavy rush for remitt.....

Tags : Income tax, payment, agency banks, march

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Income-tax (3rd Amendment) Rules, 2016(01.03.2016)

The Central Board of Direct Taxes notified Income-tax (3rd Amendment) Rules, 2016 amending the Income-tax Rules, 1962. The Rules substitute provisions.....

Tags : income tax, appeal, form 35

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Central Board of Direct Taxes (CBDT) invites comments from stakeholders on Draft Income Computation and Disclosure Standards on Real Estate Transactions by 26th May, 2017(11.05.2017)

The Committee constituted by the Finance Minister to suggest the areas in respect of which further Income Computation and Disclosure Standards (ICDS) .....

Tags : Comments, Invitation, Income Computation

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E-filing of Income Tax Returns registers an increase of 19%(06.05.2019)

There have been some incorrect reports in media pertaining to reduction in numbers of Income Tax Returns(ITR) e-filed during Financial Year(F.Y.) 2018.....

Tags : E-filing, Income Tax, Returns

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CBDT issues Draft Notification for Amendment of Form No 10B of the Income-tax Rules, 1962(21.05.2019)

Section 12A of the Income-tax Act, 1961 (the Act) provides for conditions for applicability of Sections 11 and 12 of the Act. One such condition under.....

Tags : Notification, Amendment, Form No 10B, Income-tax Rules

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System-based asset classification - UCBs(12.08.2020)

1. Please refer to the Master Circular DCBR.BPD. (PCB) MC No.12/09.14.000/2015-16 dated July 1, 2015 containing consolidated instructions on income re.....

Tags : Asset classification, UCBs, Income Recognition

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News

ITAT, Mumbai Deletes Tax Claim on Vodafone Rights Issue(15.09.2020)

Income Tax Appellate Tribunal, Mumbai has deleted the addition of Rs 795 Crores by tax authorities as income received from nine Mauritian entities tha.....

Tags : Income Tax Appellate Tribunal, Tax Claim on Vodafone Rights Issue

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ITAT, Bangalore: No Restriction in Challenging Intimation Passed on Ratification of Mistake(16.09.2020)

Income Tax Appellate Tribunal (ITAT), Bangalore has held that there is no restriction in challenging intimation passed on ratification of mistake unde.....

Tags : Income Tax Appellate Tribunal, Ratification of Mistake

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ITAT, Delhi Allows Exemption to Association of State Road Transport Undertaking(29.09.2020)

Income Tax Appellate Tribunal (ITAT), New Delhi has allowed the exemption under Section 11 and 12 of the Income Tax Act, 1961 to Association of State .....

Tags : Income Tax Appellate Tribunal, Association of State Road Transport Undertaking

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#Major Changes Implementing From Today: New Tax Collected at Source (TCS) Regime(01.10.2020)

Income Tax Department has issued guidelines for applicability of Tax Collected at Source (TCS) provision which requires an e-commerce operator to dedu.....

Tags : Income Tax Department, Tax Colleced at Source, E-Commerce Operator

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ITAT, Delhi Gives Relief on DDT by Local Companies on Dividends to Foreign Shareholders(15.10.2020)

Income-Tax Appellate Tribunal (ITAT), Delhi has ruled that dividend distribution tax (DDT) payable by Indian companies on dividends distributed to non.....

Tags : Income Tax Appellate Tribunal, Dividend Distribution Tax

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Delhi HC Issues Notices in Plea Challenging 'Faceless Income Tax Appeal Scheme 2020'(20.10.2020)

Delhi High Court has issued a notice to Union of India and Income Tax Department on a petition challenging the 'Faceless Income Tax Appeal Scheme, 202.....

Tags : Delhi High Court, Faceless Income Tax Appeal Scheme 2020

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Income Tax Appellate Tribunal Revokes Penalty on Jamsetji Tata Trust(29.10.2020)

Income Tax Appellate Tribunal (ITAT) has revoked a Rs. 37 Crores penalty imposed on the Jamsetji Tata Trust by the income tax department, rejecting it.....

Tags : Income Tax Appellate Tribunal, Jamsetji Tata Trust

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ITAT, Ahmedabad: Deduction Can be Claimed under R&D for Development of Mechanism(03.11.2020)

Income Tax Appellate Tribunal (ITAT), Ahmedabad has held that the deduction can be claimed under Research and Development (R&D) for Amount incurred to.....

Tags : Income Tax Appellate Tribunal, Deduction under R&D

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Allahabad HC Refuses to Quash Charges Against Commissioner of Income Tax(18.11.2020)

Allahabad High Court has refused to quash charges in respect of offences of cheating, criminal conspiracy and Corruption against Commissioner of Incom.....

Tags : Allahabad High Court, Commissioner of Income Tax

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ITAT, Mumbai: Mobilisation Fees Not ‘Royalty’ Under India-Singapore Tax Treaty(18.11.2020)

Income Tax Appellate Tribunal (ITAT), Mumbai has held that the mobilisation fees received from the time charter of the vessel would not fall within de.....

Tags : Income Tax Appellate Tribunal, Mobilisation Fees

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ITAT, Bangalore: Deduction Cannot be Denied on Non-Completion of Residential House(19.11.2020)

Income Tax Appellate Tribunal (ITAT), Bangalore has held that the deduction under Section 54 of the Income Tax Act, 1961 cannot be denied for non-comp.....

Tags : Income Tax Appellate Tribunal, Non-Completion of Residential House

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ITAT, Ahmedabad: Transaction Not Colorable Because Assessee Claimed Depreciation on Goodwill(19.11.2020)

Income Tax Appellate Tribunal (ITAT), Ahmedabad has held that the transaction cannot be regarded as a colorable device merely on the basis that assess.....

Tags : Income Tax Appellate Tribunal, Depreciation on Goodwill

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ITAT, Bangalore: EY Entitled to Deduction Under Section 10AA on Voluntary Transfer Pricing Adjustment(25.11.2020)

Income Tax Appellate Tribunal (ITAT), Bangalore has held that the assessee is entitled to deduction under Section 10AA of the Income Tax Act, 1961 on .....

Tags : Income Tax Appellate Tribunal, EY, Voluntary Transfer Pricing Adjustment

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ITAT, Mumbai: Company Granting Bonus to Employees or Shareholder Entitled to Tax Benefits(25.11.2020)

Income Tax Appellate Tribunal (ITAT), Mumbai has held that the company which is granting bonuses to its employees or shareholders is entitled to tax b.....

Tags : Income Tax Appellate Tribunal, Company Granting Bonus

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Income Tax Appellate Tribunal (ITAT), Bangalore Confirms Disallowance Against Nike India(25.11.2020)

Income Tax Appellate Tribunal (ITAT), Bangalore has confirmed disallowance against Nike India, stating that the burden of expenditure for new product .....

Tags : Income Tax Appellate Tribunal, Nike India

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SC Asks Madras HC to Decide Constitutional Validity of Section 40(a)(iib) of Income Tax Act(26.11.2020)

Supreme Court has directed the Madras High Court to decide the constitutional validity of Section 40(a)(iib) of the Income Tax Act, 1961.

Tags : Supreme Court, Constitutional Validity of Section 40(a)(iib) of Income Tax Act

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ITAT, New Delhi Deletes Addition Against Hindustan Coca Cola Beverages(27.11.2020)

Income Tax Appellate Tribunal (ITAT), New Delhi has deleted the addition against Hindustan Coca Cola Beverages and has held that no tax is applicable .....

Tags : Income Tax Appellate Tribunal, Hindustan Coca Cola Beverages

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ITAT, Jaipur: Exemption u/s 11 and 12 Allowable on Donation by Charitable Trust(01.12.2020)

Income Tax Appellate Tribunal (ITAT), Jaipur has given relief to Rajasthan Cricket Association and held that the exemption under Section 11 and 12 of .....

Tags : Income Tax Appellate Tribunal, Exemptions on Donations by Charitable Trust

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ITAT, Mumbai: Taxpayer Can Add Price Paid for Amenities to Arrive atTotal Cost of Acquisition(02.12.2020)

Income-Tax Appellate Tribunal (ITAT), Mumbai has held that the taxpayer can add the price paid for amenities to a builder’s group company to arrive at.....

Tags : Income Tax Appellate Tribunal, Total Cost of Acquisition

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ITAT, Mumbai: No TDS on Sales Commission Paid to Overseas Agents(04.12.2020)

Income Tax Appellate Tribunal (ITAT), Mumbai has held that tax cannot be detected at source on Sales Commission paid to Overseas Agents not having Per.....

Tags : Income Tax Appellate Tribunal, Sales Commission Paid to Overseas Agents

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ITAT, Bangalore: No TDS Applicable on Reimbursement of Actual Cab Expenses(04.12.2020)

Income Tax Appellate Tribunal (ITAT), Bangalore has held that no TDS (Tax Deducted at Source) is applicable on the reimbursement of the actual cab exp.....

Tags : Income Tax Appellate Tribunal, Reimbursement of Cab Expenses

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ITAT, Mumbai: No Disallowance of Interest on Borrowed Capital for Business Purposes(04.12.2020)

Income Tax Appellate Tribunal (ITAT), Mumbai has held that interest paid on borrowed funds used for business purposes cannot be disallowed.

Tags : Income Tax Appellate Tribunal, Disallowance of Interest on Borrowed Capital

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ITAT, Mumbai: Data Processing Cost Paid by KBC Bank Branch to Head Office Isn’t Royalty(04.12.2020)

Income Tax Appellate Tribunal (ITAT), Mumbai has upheld the order passed by CIT(A) holding that the Data Processing Cost paid by the KBC Bank Branch t.....

Tags : Income Tax Appellate Tribunal, KBC Bank Branch

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ITAT, Bangalore Confirms Disallowance of Advertisement Expenses(08.12.2020)

Income Tax Appellate Tribunal (ITAT), Bangalore has confirmed the disallowance of advertisement expenses relating to the construction of the swimming .....

Tags : Income Tax Appellate Tribunal, Advertisement Expenses

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ITAT: No Tax Applicable on India-Singapore Tax Treaty(08.12.2020)

Income Tax Appellate Tribunal (ITAT) has held that no tax applicable on the shipping income of foreign vessels under the India-Singapore Tax Treaty.

Tags : Income Tax Appellate Tribunal, India-Singapore Tax Treaty

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ITAT, Bangalore Stays Recovery of Outstanding Tax Arrears Against Google India(14.12.2020)

Income Tax Appellate Tribunal (ITAT), Bangalore has stayed the recovery of outstanding tax arrears to the tune of Rs.1260.56 Crores against Google Ind.....

Tags : Income Tax Appellate Tribunal, Google India

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ITAT, Bangalore Directs Assessing Officer to Re-Adjudicate Matter of Wipro GE Healthcare(14.12.2020)

Income Tax Appellate Tribunal (ITAT), Bangalore has directed the Assessing Officer to re-adjudicate the matter of Wipro GE Healthcare in respect of tr.....

Tags : Income Tax Appellate Tribunal, Wipro GE Healthcare

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ITAT: Share Application Money is ‘Capital Asset’ Under Income Tax Act(18.12.2020)

Income Tax Appellate Tribunal (ITAT), Mumbai has held that Share Application Money is ‘Capital Asset’ for the purpose of Income Tax Act, 1961.

Tags : Income Tax Appellate Tribunal, Share Application Money

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ITAT, Mumbai: Cess Paid Can be Deducted Under Head ‘Profits and Gains of Business or Profession’(22.12.2020)

Income Tax Appellate Tribunal (ITAT), Mumbai has held that the cess paid can be deducted while computing income chargeable under the head “profits and.....

Tags : Income Tax Appellate Tribunal, Cess Paid

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ITAT, Mumbai: No Tax on Compensation Received for Loss of Trees(23.12.2020)

Income Tax Appellate Tribunal (ITAT), Mumbai has held that no Tax is applicable on Compensation received for loss of Trees.

Tags : Income Tax Appellate Tribunal, Compensation for Loss of Trees

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Delhi HC: ITAT Ought to Set Aside Ex-Parte Order(24.12.2020)

Delhi High Court has held that the Income Tax Appellate Tribunal (ITAT) is ought to set aside ex-parte order, irrespective of final order decided the .....

Tags : Delhi High Court, Income Tax Appellate Tribunal, Ex-Parte Order

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ITAT, Mumbai: Tata Trusts to Continue to be Exempt from Payment of Taxes(29.12.2020)

Income Tax Appellate Tribunal, Mumbai has quashed revisionary orders passed by the Commissioner (exemptions), which would have resulted in three Tata .....

Tags : Income Tax Appellate Tribunal, Tata Trusts

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Ministry of Finance Extends Due Date for Filing of Income Tax Returns(31.12.2020)

Ministry of Finance has extended the due date for filing of income tax returns for the financial year 2019-2020 (AY 2020-21) as follows: (A) The due d.....

Tags : Ministry of Finance, Due Date of Filing Income Tax Returns

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Ministry of Finance Extends Due Date for Filing of Income Tax Returns(31.12.2020)

Ministry of Finance has extended the due date for filing of income tax returns for the financial year 2019-2020 (AY 2020-21) till 10th January, 2021. .....

Tags : Ministry of Finance, Due Date of Filing Income Tax Returns

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Delhi HC: Failure to Comply with Section 144C of Income Tax Act Invalidates Assessment Order(04.01.2021)

Delhi High Court has held that the failure of the assessing officer to adhere to the "mandatory requirement" of Section 144C (1) of the Income Tax Act.....

Tags : Delhi High Court, Failure to Comply with Section 144C of Income Tax Act

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ITAT, Bangalore: Registration has to be Granted if No Evidence of Malafide Activities(05.01.2021)

Income Tax Appellate Tribunal (ITAT), Bangalore has allowed the application for the registration holding that the registration has to be granted if th.....

Tags : Income Tax Appellate Tribunal, Registration of Trust

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SC: Calculation of Notional Income of Homemakers Based on Work, Labour and Sacrifices(06.01.2021)

Supreme Court has said the calculation of notional income of homemakers must be based on their work, labour and sacrifices, stating that it is in furt.....

Tags : Supreme Court, Calculation of Notional Income

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ITAT, Bangalore: Losses on Account of Exchange Fluctuation Allowed as Deduction(06.01.2021)

Income Tax Appellate Tribunal (ITAT), Bangalore has held that losses on account of exchange fluctuation on forward contracts are allowable as a deduct.....

Tags : Income Tax Appellate Tribunal, Losses on Exchange Fluctuation

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ITAT, Mumbai: Addition of Unabated Assessment Without Incriminating Seized Material Not Sustainable(07.01.2021)

Income Tax Appellate Tribunal (ITAT), Mumbai has held that the addition of unabated assessment without incriminating seized material for assessment un.....

Tags : Income Tax Appellate Tribunal, Addition of Unabated Assessment

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Gujarat High Court Asks CBDT to Decide on Extension of Deadline by January 12(11.01.2021)

Gujarat High Court has directed Central Board of Direct Taxation (CBDT) to take a decision by 12th January, 2021 on the extension of filing of Income .....

Tags : Gujarat High Court, Extension of Deadline for Filing Income Tax Returns

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Delhi HC: Remand Power Not to be Exercised by ITAT in Routine Matter(19.01.2021)

Delhi High Court has held that the remand is not a power to be exercised by Income Tax Appellate Tribunal in a routine manner but to be used sparingly.....

Tags : Delhi High Court, Income Tax Appellate Tribunal

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ITAT: Vodafone Idea Not Liable to Deduct TDS on Discount Extended to Pre-paid Distributors(22.01.2021)

Income Tax Appellate Tribunal (ITAT), Delhi has held that the Vodafone Idea Ltd. is not liable to deduct TDS on discount extended to its pre-paid dist.....

Tags : Income Tax Appellate Tribunal, Vodafone Idea Ltd.

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ITAT, Delhi Deletes Adjustments of TPO on AMP Expenses of Ray-Ban(27.01.2021)

Income Tax Appellate Tribunal (ITAT), Delhi has given relief to Ray-Ban deleting the adjustments made by the Transfer Pricing Officer (TPO) on account.....

Tags : Income Tax Appellate Tribunal, Ray-Ban

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ITAT, Delhi Deletes Additions on Passing of Expiry Date of Product in Relief to Hindustan Coca Cola(27.01.2021)

Income Tax Appellate Tribunal (ITAT), Delhi in a relief to Hindustan Coca Cola has deleted the additions of Rs. 20.89 Lakhs on account of passing of t.....

Tags : Income Tax Appellate Tribunal, Hindustan Coca Cola

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ITAT, Delhi Allows Deloitte to Deduct Expenditure on Suit Against Partner as Business Expenditure(01.02.2021)

Income Tax Appellate Tribunal (ITAT), Delhi has held that the expenditure incurred by Deloitte Haskins & Sells towards defending suit against the part.....

Tags : Income Tax Appellate Tribunal, Deloitte Haskins & Sells

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ITAT, Allahabad: No Tax Applicable on Interest Income Linked to Power Plant(04.02.2021)

Income Tax Appellate Tribunal (ITAT), Allahabad has held that the no tax is applicable on the interest income linked with the power plant set up as it.....

Tags : Income Tax Appellate Tribunal, Interest Income Linked to Power Plant

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ITAT, Bangalore: Assessee Living in Joint Family, Gold Credit to be Given to All Members(05.02.2021)

Income Tax Appellate Tribunal, Bangalore has ruled that when the assessee is living in joint family, gold credit provided by the Commissioner of Incom.....

Tags : Income Tax Appellate Tribunal, Gold Credit

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ITAT, Pune: Sale Consideration for Sale of Software Products is Business Income(15.02.2021)

Income Tax Appellate Tribunal (ITAT) Pune has ruled that the sale consideration received for the sale of software products from the end-users, distrib.....

Tags : Income Tax Appellate Tribunal, Sale Consideration for Sale of Software Products

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ITAT, Chennai: Simpliciter Interest Received for Delay in Payment Not Income from Business(16.02.2021)

Income Tax Appellate Tribunal (ITAT), Chennai has held that simpliciter interest received for delay in payment cannot be considered as income generate.....

Tags : Income Tax Appellate Tribunal, Simpliciter Interest

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ITAT, Bangalore Quashes Re-assessment Proceedings Against Nike India Pvt. Ltd.(17.02.2021)

Income Tax Appellate Tribunal (ITAT), Bangalore has quashed re-assessment proceedings against Nike India Pvt. Ltd, which was reopened more than 4 year.....

Tags : Income Tax Appellate Tribunal, Nike India Pvt. Ltd.

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ITAT, Mumbai: Provisions of Book Profit Not Applicable When No Income Tax Payable(19.02.2021)

Income Tax Appellate Tribunal (ITAT), Mumbai has ruled that the provisions relating to Book Profit will not be applicable when there is no income tax .....

Tags : Income Tax Appellate Tribunal, Book Profit

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ITAT, Bangalore: Assessee in Principle Entitled to Claim Deduction of Gratuity(22.02.2021)

Income Tax Appellate Tribunal (ITAT), Bangalore has ruled that assessee in principle is entitled to claim a deduction of gratuity paid before the appe.....

Tags : Income Tax Appellate Tribunal, Deduction of Gratuity

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ITAT, Mumbai Allows Payment by Tata Chemicals for Using ‘TATA’ Logo as Business Deduction(22.02.2021)

Income Tax Appellate Tribunal (ITAT), Mumbai has allowed Rs 3.7 Crores to be paid by Tata Chemicals for using the ‘TATA’ logo as a business deduction.

Tags : Income Tax Appellate Tribunal, Tata Chemicals

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ITAT, Mumbai: Leaseholder’s Expenses Not Capital Expenditure(23.02.2021)

Income Tax Appellate Tribunal (ITAT) Mumbai, has ruled that lease-holder’s expenses are not liable to be considered as capital expenditure for the pur.....

Tags : Income Tax Appellate Tribunal, Leaseholder’s Expenses

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ITAT, Delhi Accepts Harish Salve’s Deduction of Foreign Scholarship as Business Expense(01.03.2021)

Income Tax Appellate Tribunal, New Delhi, has accepted the claim of Senior Advocate Harish Salve for deduction of the foreign scholarship given by him.....

Tags : Income Tax Appellate Tribunal, Harish Salve

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ITAT, Delhi Allows Hero FinCorp to Delete Disallowance of Expenses Against Leased Rent(08.03.2021)

Income Tax Appellate Tribunal (ITAT), Delhi has provided a relief to Hero FinCorp by deleting the disallowance of expenses claimed against lease rent.

Tags : Income Tax Appellate Tribunal, Hero FinCorp

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ITAT, Chennai Directs AO to Allow Expenditure at Head Office Against Interest Income(08.03.2021)

Income Tax Appellate Tribunal (ITAT), Chennai has directed the Assessing Officer to allow expenditure incurred at Head Office except for director sala.....

Tags : Income Tax Appellate Tribunal, Expenditure at Head Office

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ITAT, Mumbai: Uber India Not Liable to Deduct TDS for Payments Made to Drivers(09.03.2021)

Income Tax Appellate Tribunal (ITAT), Mumbai has held that Uber India is not liable to deduct tax at source (TDS) for payments made to the drivers, po.....

Tags : Income Tax Appellate Tribunal, Uber India

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ITAT, Bangalore: Income of Assessee to be Estimated at 8% of Gross Turnover(10.03.2021)

Income Tax Appellate Tribunal (ITAT), Bangalore has ruled that the income of the assessee be estimated at 8% of the gross turnover if books of account.....

Tags : Income Tax Appellate Tribunal, Income of Assessee

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CBDT Notifies Amendment to Rule 10V for Computation of Remuneration Payable to Fund Managers(11.03.2021)

Central Board of Direct Taxes (CBDT) has notified Amendment to Rule 10V for Computation of Remuneration payable to Fund Managers. The Board notified t.....

Tags : Central Board of Direct Taxes, Income-tax (2nd Amendment) Rules, 2021

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ITAT, Mumbai Denies Refund of Foreign Taxes Paid by Bank of India(12.03.2021)

Income Tax Appellate Tribunal (ITAT), Mumbai has denied in a recent order a refund in respect of foreign taxes aggregating to Rs 182.6 crore paid by B.....

Tags : Income Tax Appellate Tribunal, Bank of India

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ITAT, Bangalore Extends Stay of Collection of Outstanding Tax Demand Against Google India(15.03.2021)

Income Tax Appellate Tribunal (ITAT), Bangalore has allowed the further extension of stay of collection of outstanding tax demand to the tune of Rs.12.....

Tags : Income Tax Appellate Tribunal, Google India

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ITAT, Cuttack: Interest Not Leviable if TDS Paid Before Completion of Proceedings(15.03.2021)

Income Tax Appellate Tribunal (ITAT), Cuttack has ruled that no interest is leviable if Tax Deducted at Source (TDS) is timely deducted and paid to th.....

Tags : Income Tax Appellate Tribunal, Interst on TDS

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ITAT, Mumbai: Activities Undertaken by Builders Association Not Trade, Commerce or Business(16.03.2021)

Income Tax Appellate Tribunal (ITAT), Mumbai has allowed the exemption under section 11(1)(a) of the Income Tax Act, 1961 as activities undertaken by .....

Tags : Income Tax Appellate Tribunal, Activities Undertaken by Builders Association

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ITAT, Delhi: Notice u/s 143(2) to be Served within 6 Months(18.03.2021)

Income Tax Appellate Tribunal (ITAT), Delhi has ruled that the notice issued under section 143(2) of the Income tax Act, 1961 has to be served upon th.....

Tags : Income Tax Appellate Tribunal, Notice u/s 143(2)

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CBDT Issues Clarification on Continuation of Concessional Rate of Tax on Interest Income of FPIs(18.03.2021)

Central Board of Direct Taxes (CBDT) has issued the clarification on the continuation of the concessional rate of tax on interest income of Foreign Po.....

Tags : Central Board of Direct Taxes, Concessional Rate of Tax on Interest Income of FPIs

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ITAT, Delhi: Entire Reassessment Proceedings Invalid if Assessee Precluded from Raising Objections(22.03.2021)

Income Tax Appellate Tribunal (ITAT), Delhi has ruled that the entire reassessment proceedings invalid, if assessee precluded from raising objection a.....

Tags : Income Tax Appellate Tribunal, Reassessment Proceedings

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ITAT, Kolkata Allows Long-Term Capital Loss from Sale of Government Securities(23.03.2021)

Income Tax Appellate Tribunal (ITAT), Kolkata has allowed the Long-Term Capital Loss arising from the sale of Government Securities after applying the.....

Tags : Income Tax Appellate Tribunal, Long-Term Capital Loss from Sale of Government Securities

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ITAT, Bangalore: Shortage of Manpower on Account of Merger Sufficient for Condonation of Delay(24.03.2021)

Income Tax Appellate Tribunal, Bangalore has stated that shortage of manpower and lack of guidance/expertise in taxation, on account of merger of Stat.....

Tags : Income Tax Appellate Tribunal, Condonation of Delay

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ITAT, Delhi: Deduction u/s 80HHC to be Computed after Reducing Deduction u/s 80IA(02.04.2021)

Income Tax Appellate Tribunal, Delhi has held that deduction allowed under Section 80-IA of Income Tax Act, 1961 has to be reduced from the profits fo.....

Tags : Income Tax Appellate Tribunal, Deduction u/s 80HHC

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CBDT Notifies Scrapping of Certain Forms for Income Tax Deductions(05.04.2021)

Central Board of Direct Taxes (CBDT) has notified that Form 10G, 56, 3CF-I, 3CF-II and 3CF-III under the Income Tax Act, 1961 ceased to be effective o.....

Tags : Central Board of Direct Taxes, Forms for Income Tax Deductions

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ITAT, Mumbai: Incidental Activities of Trust of Charitable Purpose Not Commercial Activities(06.04.2021)

Income Tax Appellate Tribunal (ITAT), Mumbai has held that where the purpose of the trust is relief to poor, education, or medical relief, the other a.....

Tags : Income Tax Appellate Tribunal, Incidental Activities of Trust of Charitable Purpose

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ITAT, Jaipur Allows Deduction u/s 54F on Residential House Property Purchased in Name of Wife(07.04.2021)

Income Tax Appellate Tribunal (ITAT), Jaipur has allowed the deduction under section 54F of the Income Tax Act, 1961 in respect of residential house p.....

Tags : Income Tax Appellate Tribunal, Deduction u/s 54F on Residential House Property

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Kerala High Court Rejects Plea by Income Tax Officer Charged for Leaking Informant's Identity(30.05.2019)

Kerala High Court has refused to quash the disciplinary proceedings initiated against an Income Tax officer for allegedly leaking the identity of an i.....

Tags : Kerala High Court, Income Tax Officer

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ITAT Lucknow : Rent from Sub-Letting of Warehouse is “Income from Other Sources”(04.06.2019)

Income Tax Appellate Tribunal (ITAT) Lucknow has ruled that the income received by the Assessee by sub-letting a warehouse for commercial purpose woul.....

Tags : ITAT Lucknow, Income from other sources

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Income Tax Department Extends Deadline for Employers to Issue Form 16 and Form 24Q(05.06.2019)

Income Tax Department has extended the deadline for employers to issue Form 16 TDS certificate for financial year 2018-19 to its employees till July 1.....

Tags : Income Tax Department, Form 16, Form 24Q

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ITAT Bangalore: Income from Sale of Cocoons Taxable as “Other Income”(12.06.2019)

Income Tax Appellate Tribunal (ITAT), Bangalore has noted that the income received from the sale of cocoons is not agricultural income and is taxable .....

Tags : ITAT Bangalore, Other Income

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ITAT Delhi: Rent from Fit-Out Hire Charges Will Fall Under Business Income(13.06.2019)

Income Tax Appellate Tribunal (ITAT), Delhi has noted that the income received from Fit-out Hire Charges would constitute “business income” under the .....

Tags : ITAT Delhi, Business Income

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Kerala High Court Rejects Income Tax Officers Request to Nullify Misconduct Proceedings(18.06.2019)

Kerala High Court has rejected a petition by the Commissioner of Income Tax (Appeals) wherein the officer pleaded to vacate the order of the Ernakulam.....

Tags : Kerala High Court, Income Tax Officers

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ITAT, Jaipur: Defect in Notice would invalidate Penalty Proceedings(26.06.2019)

Income Tax Appellate Tribunal (ITAT), Jaipur Bench has held that the defect in the notice issued by the income tax department would nullify the entire.....

Tags : Income Tax Appellate Tribunal, Invalidation of penalty proceedings

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Union Budget, 2019 – Income Tax Rate Increases(05.07.2019)

Union Finance Minister Nirmala Sitharaman has increased the income tax rate to 3 % for those earning Rs 2 to 5 crore and to 7 % for those above Rs 5 c.....

Tags : Union Budget 2019, Income Tax Rate

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Union Budget, 2019: No Change in Income Tax Slabs(05.07.2019)

Union Finance Minister Nirmala Sitharaman has informed there is no change in the income tax slabs being followed currently.

Tags : Union Budget 2019, Income Tax

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Income Tax Return Deadline for Financial Year 2018-19 Extended to August 31(24.07.2019)

Ministry of Finance has extended the deadline for filing income tax return for Financial Year 018-19 by individuals to August 31, 2019 from July 31, 2.....

Tags : Income Tax Return, Deadline

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Bombay High Court: Interest from Motor Accident Compensation not Subject to Income Tax(12.08.2019)

Bombay High Court has ruled that the income tax should not have been deducted from the interest on the motor accident compensation awarded by the cour.....

Tags : Bombay High Court, Income Tax

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Government Notifies E-Assessment Scheme 2019 for Faceless Scrutiny of Income Tax Return(16.09.2019)

Central Government has notified that the E-assessment Scheme, 2019 that aims to completely eliminate the interactions between the tax authorities and .....

Tags : E-Assessment Scheme 2019, Income Tax Return

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CBDT Extends Deadline for Filing of Income Tax Returns for J&K and Ladakh(26.12.2019)

Central Board of Direct Taxes has again extended the deadline for filing of all kinds of income tax returns to January 31, 2020, in the newly-created .....

Tags : CBDT, Income Tax Returns

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CBDT Extends Deadline for Compounding of Income Tax Offences(06.01.2020)

Central Board of Direct Taxes has extended the last date for taxpayers to avail a “one- time” facility to apply for compounding of income tax offences.....

Tags : CBDT, Income Tax Offences

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Central Board of Direct Taxes Notifies Changes in Income Tax Return Forms(06.01.2020)

Central Board of Direct Taxes has notified changes in Income Tax Returns Forms whereby individual taxpayers owning house property in joint ownership a.....

Tags : Central Board of Direct Taxes, Income Tax Return Forms

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Income Tax Appellate Tribunal, Bangalore: Delay in Furnishing Audit Reports is Mere Technical Breach(09.01.2020)

Income Tax Appellate Tribunal, Bangalore has held that the delay in furnishing audit reports results only in the technical venial breach which does no.....

Tags : Income Tax Appellate Tribunal, Audit Reports

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Gujarat High Court: Probability or Improbability of Realisation to be Considered in Realistic Manner(15.01.2020)

Gujarat High Court has held that the probability or improbability of realization has to be considered in a realistic manner and there is no real accru.....

Tags : Gujarat High Court, Probability or Improbability of Realisation, Income

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ITAT Delhi: Exemption to Agricultural Lands Bought not for Business Purposes Allowed(17.01.2020)

Income Tax Appellate Tribunal, Delhi has allowed exemption on agricultural lands bought without an intention to purchase the land for any business pur.....

Tags : Income Tax Appellate Tribunal, Exemption on Agricultural Lands

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ITAT: Normal Business Advances Not in Nature of ‘Loan’ are Not Deemed Dividend(21.01.2020)

Income Tax Appellate Tribunal, Delhi has held that the transaction where advance is received in the normal course of business and which is not taken a.....

Tags : Income Tax Appellate Tribunal, Business Advances, Deemed Dividend

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ITAT Erases Addition by TPO on Transaction of Rendering Marketing Services of Channel Placement Right(23.01.2020)

Income Tax Appellate Tribunal (ITAT), Mumbai has deleted the addition by Transfer Pricing Officer on the ground that the transaction of rendering mark.....

Tags : Income Tax Appellate Tribunal, Addition on Transaction of Rendering Marketing Services

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ITAT Mumbai Allows Depreciation on Goodwill Resulting from Acquisition of Business Unit(28.01.2020)

Income Tax Appellate Tribunal (ITAT) Mumbai has allowed depreciation on goodwill resulting from the acquisition of Business Unit of Lee & Muirhead Pvt.....

Tags : Income Tax Appellate Tribunal, Depreciation on Goodwill

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ITAT Cuttack: Non-Availability of PAN of Deductee Cannot be Used to Escape from Filing TDS(28.01.2020)

Income Tax Appellate Tribunal (ITAT), Cuttack has held that the non-availability of a Permanent Account Number (PAN) of the deductee is not an excuse .....

Tags : Income Tax Appellate Tribunal, Non- Availability of PAN, Filing of TDS

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ITAT, Pune Allows Claim for Set-off of Loss by Husband Invested in Wife’s Business(30.01.2020)

Income Tax Appellate Tribunal, Pune has held that the wife’s separate income can be clubbed into husbands total income and in the case of any loss inc.....

Tags : Income Tax Appellate Tribunal, Clubbing of Husband and Wife's Incomes

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ITAT, Mumbai: Dividend Derived from Shares Held as Stock in Trade Cannot be Disallowed(31.01.2020)

Income Tax Appellate Tribunal (ITAT), Mumbai has held that the dividend which is derived from the Shares which are ‘stock in shares’ will not be compu.....

Tags : Income Tax Appellate Tribunal, Dividend Derived from Shares Held as Stock in Trade

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ITAT, Delhi: No TDS on Payment of External Development Charges Not Made Out of Statutory Liability(31.01.2020)

Income Tax Appellate Tribunal (ITAT), Delhi has held that the Assessee is not required to deduct Tax Deducted at Source (TDS) as the payment of Extern.....

Tags : Income Tax Appellate Tribunal, TDS on Payment of External Development Charges

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Union Budget 2020-201: Govt Committed to Double Farmers’ Income by 2022(01.02.2020)

Finance Minister noted while presenting the Union Budget 2020-2021 that the Central Government is committed to doubling farmers’ income by 2022 and wi.....

Tags : Union Budget 2020-2021, Farmers' Income

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#Union Budget 2020-2021: Simplied Personal Income Tax Regime Introduced(01.02.2020)

Central Government has introduced a new simplified personal income tax regime. The same is as follows (i)Individual to pay tax 10% for income Rs. 5 to.....

Tags : Union Budget, Personal Income Tax Regime

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ITAT, Bangalore: Capital Gain Deduction Allowable for House Purchased Outside India(05.02.2020)

Income Tax Appellate Tribunal (ITAT), Bangalore has allowed a claim of deduction under Section 54/54F of the Income Tax Act, 1961 on a house purchased.....

Tags : Income Tax Appellate Tribunal, Capital Gain Deduction on House Purchased Outside India

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ITAT, Bangalore: No Disallowance of Interest Expenses on Account of Non-Deduction of TDS(12.02.2020)

Income Tax Appellate Tribunal (ITAT), Bangalore has held that there should be no disallowance of interest expenses on account of non- deduction of Tax.....

Tags : Income Tax Appellate Tribunal, No Disallowance of Interest Expenses

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ITAT, Chennai Disallows Deduction Claim on Receipts from Carbon Credit(12.02.2020)

Income Tax Appellate Tribunal (ITAT), Chennai has held that the receipts from the sale of the carbon credit are liable to be treated as the capital re.....

Tags : Income Tax Appellate Tribunal, Deduction Claim on Receipts from Carbon Credit

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ITAT, Kolkata Quashes Re-Assessment Proceedings Against Price Waterhouse & Co.(13.02.2020)

Income Tax Appellate Tribunal (ITAT), Kolkata has quashed the re-assessment proceedings against Price Waterhouse & Co. and held that to reopen the ass.....

Tags : Income Tax Appellate Tribunal, Re-Assessment Proceedings Against Price Waterhouse & Co.

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ITAT, Delhi: Pre-Operative Expenses Cannot be Allowed as Business Expense(14.02.2020)

Income Tax Appellate Tribunal (ITAT), Delhi has held that the expenses which are incurred before the operation of a company are called preoperative ex.....

Tags : Income Tax Appellate Tribunal, Pre-Operative Expenses

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ITAT, Ahmedabad: Letting Out of Property and Furniture for Film Exhibition is Business Activity(14.02.2020)

Income Tax Appellate Tribunal (ITAT), Ahmedabad has held that the income received from Film Exhibition Business that has been leased out to another pa.....

Tags : Income Tax Appellate Tribunal, Letting Out of Property and Furniture for Film Exhibition

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ITAT, Cochin: Financial Crisis and Labour Unrest Sufficient Reasons to Condone Delay in Filing Appeal(18.02.2020)

Income Tax Appellate Tribunal (ITAT), Cochin has held that the reasons such as financial crisis and labour unrest are enough grounds for condoning the.....

Tags : Income Tax Appellate Tribunal, Condone Delay in Filing Appeal

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ITAT, Bangalore: Royal Challengers Eligible for Tax Deduction for Contribution(18.02.2020)

Income Tax Appellate Tribunal (ITAT), Bangalore has allowed tax deduction to Royal Challengers Sports Pvt. Ltd. on its contribution of Rs. 15 Crores t.....

Tags : Income Tax Appellate Tribunal, Tax Deduction for Contribution, Royal Challengers

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Telangana High Court: Summoning Income Tax Returns Does Not Violate Right to Privacy(18.02.2020)

Telangana High Court has held that a direction to produce income tax returns in Court will not violate the right to privacy under Article 21 of the Co.....

Tags : Telangana High Court, Summoning Income Tax Returns

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ITAT, Delhi: License Fee Paid to Indian Railway Allowable as Depreciation(18.02.2020)

Income Tax Appellate Tribunal (ITAT), Delhi has held that depreciation under section 32 of the Income Tax Act, 1961 is allowable in respect of the amo.....

Tags : Income Tax Appellate Tribunal, License Fee Paid to Indian Railway

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ITAT, Ahmedabad Imposes Penalty on Assessee for Delay in Filing Appeal and Non-Appearance(18.02.2020)

Income Tax Appellate Tribunal (ITAT), Ahmedabad has imposed a penalty of Rs. 5000 on an Assessee on the grounds of a delay of 358 days in filing an ap.....

Tags : Income Tax Appellate Tribunal, Penalty on Assessee for Delay in Filing Appeal

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ITAT, Pune: License Fees for Use of Industrial Parks Assessable as ‘Business Income’(18.02.2020)

Income Tax Appellate Tribunal (ITAT), Pune has recently held that the license fees received for the use of Industrial Parks should be assessed as busi.....

Tags : Income Tax Appellate Tribunal, License Fees for Use of Industrial Parks

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ITAT, Bangalore: Belated Payment of Service Tax Collected Can be Allowed on Actual Payment(18.02.2020)

Income Tax Appellate Tribunal (ITAT), Bangalore has held that belated paid service tax collected to Government exchequer can be allowed on actual paym.....

Tags : Income Tax Appellate Tribunal, Belated Payment of Service Tax

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ITAT, Mumbai: Penalty Cannot be Levied for Genuine Omissions in Income Tax Returns(19.02.2020)

Income Tax Appellate Tribunal (ITAT), Mumbai has held that genuine omissions must be excluded from the levy of penalty under Section 271 (1) (a) of th.....

Tags : Income Tax Appellate Tribunal, Genuine Omissions in Income Tax Returns

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ITAT, Bangalore Extends Stay Period for Google India Due to Delay in Disposal of Appeal(19.02.2020)

Income Tax Appellate Tribunal (ITAT), Bangalore has granted an extension of stay period to Google India citing a reason for the delay in non-disposal .....

Tags : Income Tax Appellate Tribunal, Google India

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ITAT, Mumbai: Society Imparting Training to State Govt. Employees Eligible for Tax Exemption(19.02.2020)

Income Tax Appellate Tribunal (ITAT), Mumbai has held that the society formed to impart training to the State Government employees is eligible for inc.....

Tags : Income Tax Appellate Tribunal, Society Imparting Training to State Govt. Employees

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Madras High Court: E- Assessments Alone by Income Tax Department Can Lead to Erroneous Assessments(24.02.2020)

Madras High Court has stated that the e-proceedings facility provided by the income tax department from 2017-18 can lead to erroneous assessments as o.....

Tags : Madras High Court, E- Assessments by Income Tax Department

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ITAT, Mumbai: Interest on Investments in Co-operative Bank Eligible for Deduction(24.02.2020)

Income Tax Appellate Tribunal (ITAT), Mumbai has held that the interest income earned by a co-operative society on its investments held with a co-oper.....

Tags : Income Tax Appellate Tribunal, Interest on Investments in Co-operative Bank

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ITAT, Bangalore: Reimbursement of Vehicle Expenses by Cab Owners Not Subject to TDS(27.02.2020)

Income Tax Appellate Tribunal (ITAT), Bangalore has held that the payments made by the cab owners which are in the nature of reimbursement of vehicle .....

Tags : Income Tax Appellate Tribunal, Reimbursement of Vehicle Expenses by Cab Owners

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ITAT, Chennai: Wife Eligible for Capital Gain Deduction Towards House Purchased in Husband’s Name(27.02.2020)

Income Tax Appellate Tribunal (ITAT), Chennai has held that the wife is eligible for deduction under Section 54 of the Income Tax Act, 1961 for the in.....

Tags : Income Tax Appellate Tribunal, Wife Eligible for Capital Gain Deduction

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ITAT, Mumbai: Income From Cloud Hosting Services not Taxable Under ‘Royalty’(27.02.2020)

Income Tax Appellate Tribunal (ITAT), Mumbai has ruled that, Income from Cloud Hosting Services not Taxable under the head ‘Royalty’ within the meanin.....

Tags : Income Tax Appellate Tribunal, Income From Cloud Hosting Services

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ITAT, Bangalore: Foreign Exchange Loss on Repayment of Borrowings is Revenue Expenditure(27.02.2020)

Income Tax Appellate Tribunal (ITAT), Bangalore has granted relief to Cafe Coffee Day and held that foreign exchange loss due to the reinstatement of .....

Tags : Income Tax Appellate Tribunal, Foreign Exchange Loss on Repayment of Borrowings

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ITAT, Ahmedabad: Deduction on Legal and Professional Fees Incurred to Improve Day to Day Working(02.03.2020)

Income Tax Appellate Tribunal (ITAT), Ahmedabad has held that general deduction on Legal and Professional Fees incurred for the improvement of day to .....

Tags : Income Tax Appellate Tribunal, Deduction on Legal and Professional Fees

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ITAT, Ahmedabad: Expenses on Interest Payment on Loans Not Added While Computing Book Profit(02.03.2020)

Income Tax Appellate Tribunal (ITAT), Ahmedabad has held that expenses on account of interest payment on loans could not be added while computing book.....

Tags : Income Tax Appellate Tribunal, Computing Book Profit

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ITAT, Pune: Stamp Value Would be Full Consideration Only if Payment Made Through Bank(02.03.2020)

Income Tax Appellate Tribunal (ITAT), Pune has observed that the stamp value on the date of agreement to sell shall be considered as full value of con.....

Tags : Income Tax Appellate Tribunal, Stamp Value

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ITAT, Bangalore Deletes Penalty on TDS Default by SBI on LTC Payments(02.03.2020)

Income Tax Appellate Tribunal (ITAT), Bangalore has deleted the penalty proceedings initiated by the tax department against the State bank of India ( .....

Tags : Income Tax Appellate Tribunal, Penalty on TDS Default by SBI

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ITAT, Chandigarh: Cancellation of Registration to Society Cannot be Ground for Imposing Penalty(02.03.2020)

Income Tax Appellate Tribunal (ITAT), Chandigarh has held that penalty under Section 271(1) (a) of the Income Tax Act, 1961 cannot be levied on a char.....

Tags : Income Tax Appellate Tribunal, Cancellation of Registration to Society

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ITAT, Delhi: Unsigned Balance Sheets Not Admissible as Evidence(02.03.2020)

Income Tax Appellate Tribunal (ITAT), Delhi has held that the unsigned balance sheets by Auditor or the Director of Company cannot be treated as relia.....

Tags : Income Tax Appellate Tribunal, Unsigned Balance Sheets

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ITAT, Bangalore: Hindu Undivided Family Cannot be Taxed After Its Partition(02.03.2020)

Income Tax Appellate Tribunal (ITAT), Bangalore has held that once partition is completed and the Hindu Undivided Family (HUF) is dissolved, such HUF .....

Tags : Income Tax Appellate Tribunal, Hindu Undivided Family

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ITAT, Kolkata: Swapping Company Shares Among Shareholders Does Not Attract Addition u/s 68(03.03.2020)

Income Tax Appellate Tribunal (ITAT), Kolkata has held that the provisions of Section 68 of the Income Tax Act, 1961 would not be applicable in case o.....

Tags : Income Tax Appellate Tribunal, Swapping Company Shares

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ITAT, Pune: French Company Can’t be Taxed for Rendering IT Support Services to Indian Entities(03.03.2020)

Income Tax Appellate Tribunal (ITAT), Pune bench has held that the Information Technology (IT) support services rendered by a French Company to an Ind.....

Tags : Income Tax Appellate Tribunal, French Company Rendering IT Support

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ITAT, Mumbai: Wrong Assumption or Incorrect Application Would Make Order Liable for Revision(04.03.2020)

Income Tax Appellate Tribunal (ITAT), Mumbai has held that the wrong assumption of facts or incorrect application of the law would make the order liab.....

Tags : Income Tax Appellate Tribunal, Wrong Assumption or Incorrect Application

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ITAT, Bangalore: Warrant Expenses are Deductible from Book Profit(11.03.2020)

Income Tax Appellate Tribunal (ITAT), Bangalore has held that the warrant expenses should be deducted from the book profit under Section 115JB of the .....

Tags : Income Tax Appellate Tribunal, Warrant Expenses

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ITAT, Mumbai: Rent from Children Cannot be Treated as Tool for Evasion(11.03.2020)

Income Tax Appellate Tribunal (ITAT), Mumbai has held that the rent received from son and daughter of the Assessee could not be treated as a tax evasi.....

Tags : Income Tax Appellate Tribunal, Rent from Children

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ITAT, Mumbai: Reimbursement of Equipment Lost in Hole is Capital Receipt(12.03.2020)

Income Tax Appellate Tribunal (ITAT), Mumbai has held that the reimbursement received by the Assessee-Company on account of equipment lost in hole is .....

Tags : Income Tax Appellate Tribunal, Equipment Lost in Hole

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ITAT, Pune: Addition for Unexplained Cash Credit Can’t be Merely on Suspicion(12.03.2020)

Income Tax Appellate Tribunal (ITAT), Pune has held that additions for unexplained cash credits under Section 68 of the Income Tax Act, 1961 cannot be.....

Tags : Income Tax Appellate Tribunal, Unexplained Cash Credit

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ITAT, Delhi: No Income Tax on Compensation Received on Compulsory Acquisition of Agricultural Land(12.03.2020)

Income Tax Appellate Tribunal (ITAT), Delhi has held that income tax cannot be levied on the compensation or enhanced compensation received on compuls.....

Tags : Income Tax Appellate Tribunal, Compensation on Compulsory Acquisition of Agricultural Land

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ITAT, Cochin Denies Tax Exemption to Trust on Micro Finance Activity(12.03.2020)

Income Tax Appellate Tribunal (ITAT), Cochin has held that micro finance activity cannot be treated as charitable in nature for the purpose of allowin.....

Tags : Income Tax Appellate Tribunal, Micro Finance Activity

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ITAT, Mumbai: No Penalty If Non-Furnishing of Tax Audit Report was Due to Bona Fide Reasons(18.03.2020)

Income Tax Appellate Tribunal (ITAT), Mumbai has held that the penalty under Section 271B of the Income Tax Act, 1961 is not leviable if there are bon.....

Tags : Income Tax Appellate Tribunal, Non-furnishing of Tax Audit Report

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ITAT, Mumbai: Taxpayer Can Opt a Method Resulting in Lowest Tax Liability(19.03.2020)

Income Tax Appellate Tribunal (ITAT), Mumbai has held that if there exist two methods for tax payment, the Assessee can opt the method which would res.....

Tags : Income Tax Appellate Tribunal, Lowest Tax Liability

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ITAT, Chennai Allows Depreciation on ATMs(23.03.2020)

Income Tax Appellate Tribunal (ITAT), Chennai has held that the Automated Teller Machines (ATM) would be eligible for the higher rate of depreciation .....

Tags : Income Tax Appellate Tribunal, Depreciation on ATM

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ITAT, Kolkata: No Addition on Share Premium if Shares Allotted Under Barter System(24.03.2020)

Income Tax Appellate Tribunal (ITAT), Kolkata has held that the Assessing Officer cannot invoke the provisions of Section 68 of the Income Tax Act, 19.....

Tags : Income Tax Appellate Tribunal, Addition on Share Premium

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ITAT, Pune: Income Tax Act, 1961 Has No Provisions to Condone Delay in Filing Misc. Applications(25.03.2020)

Income Tax Appellate Tribunal (ITAT), Pune, while dismissing a bunch of miscellaneous applications, has held that the Income Tax Act, 1961 does not ha.....

Tags : Income Tax Appellate Tribunal, Condonation of Delay in Filing Miscellaneous Applications.

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SC Allows NDTV's Appeal to Quash Income Tax Re-Assessment Notice(06.04.2020)

Supreme Court has allowed the appeal of New Delhi Television Ltd (NDTV) to quash the notice issued by the Income Tax Department seeking to re-open its.....

Tags : Supreme Court, New Delhi Television Ltd, Income Tax Re-Assessment Notice

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Finance Ministry Issues Directions to Clear Pending Income Tax Refunds(09.04.2020)

Finance Ministry has unveiled a raft of measures to ensure availability of cash in the system, including speeding up of held-up refunds worth Rs 18,00.....

Tags : Finance Ministry, Pending Income Tax Refunds

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SC Upholds Constitutional Validity of Section 43B(f) of Income Tax Act(27.04.2020)

Supreme Court has upheld the constitutional validity of clause (f) of Section 43B of the Income Tax Act, 1961, reversing the judgment of the Calcutta .....

Tags : Supreme Court, Constitutional Validity of Section 43B(f) of Income Tax Act

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SC: No Income Tax Liability for UAE Exchange in India(27.04.2020)

Supreme Court has ruled that no income tax can be levied on its liaison offices in India in respect of the principal business carried by it in United .....

Tags : Supreme Court, Income Tax Liability for UAE Exchange

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ITAT, Kolkata: Disallowance of Deduction of Interest Income Should be Restricted to Net Interest(08.05.2020)

Income Tax Appellate Tribunal (ITAT), Kolkata has held that disallowance of deduction under Section 80IB(10) of the Income Tax Act, 1961 in respect of.....

Tags : Income Tax Appellate Tribunal, Disallowance of Deduction of Interest Income

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ITAT, Bangalore: Name of Assessee’s Son on Purchase Document Not to Affect Deduction(11.05.2020)

Income Tax Appellate Tribunal (ITAT), Bangalore has held that the Assessee cannot be denied the 50% of deduction under Section 54 of the Income Tax Ac.....

Tags : Income Tax Appellate Tribunal, Purchase Document

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Bombay HC: Contraband Found During Income Tax Search Does Not Amount to Seizure(25.05.2020)

Bombay High Court has held that when officers stumble upon a contraband during an income tax raid, it does not amount to 'seizure' under the Narcotics.....

Tags : Bombay High Court, Contraband Found During Income Tax Raid

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Government: Firms Must Disclose Securities Deals Above Rs 10 lakh by May 31(17.05.2017)

Government has asked all companies to disclose shares and bond transactions involving Rs 10 lakh or more in a financial year to Income Tax department .....

Tags : Firms, shares, bonds, income tax

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Delhi High Court: 'Financial Capacity' Relevant Factor for Application for Waiver of Interest(23.05.2017)

Delhi High Court, while confirming rejection of an application seeking waiver of interest held that financial capacity of assessee is a relevant facto.....

Tags : Delhi High Court, Income Tax Act

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Delhi HC: Document Seized From Broker Cannot be Used as Evidence to Initiate Re-assessment(24.05.2017)

Delhi High Court has held that materials seized from a real estate broker relating to assessee cannot be used as an evidence to initiate re-assessment.....

Tags : Delhi High Court, Re-assessment, Income Tax Act

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ITAT, Kolkata: Re-Assessment Without Any ‘Fresh Tangible Materials’ is Bad in Law(24.05.2017)

Kolkata bench of Income Tax Appellate Tribunal has ruled that re-assessment solely based on original assessment records and without any fresh tangible.....

Tags : Kolkata, Income Tax Appellate Tribunal, Re-Assessment

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ITAT Mumbai Says 'Sponsoring Foreign Trips of Doctors for Business Promotion is Expenditure'(29.05.2017)

Mumbai ITAT has held that sponsoring foreign trips of doctors for business promotion is allowable as expenditure under provisions of Income Tax Act.

Tags : Mumbai ITAT, foreign trips, Income Tax Act

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ITAT, Mumbai: No Income Tax on Gift made by HUF to its Member(29.05.2017)

ITAT, Mumbai has held that Gift given by an HUF to its member is not taxable in hands of member under Income Tax Act since “HUF” can be treated as “re.....

Tags : ITAT, Mumbai, Gift, Income Tax

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ITAT,Hyderabad: No Penalty If Assessee Discloses Correct Income During Scrutiny(30.05.2017)

Income Tax Appellate Tribunal (ITAT), Hyderabad has held that penalty under Section 271(1)(c) of Income Tax Act is not leviable in a case where assess.....

Tags : Income Tax Appellate Tribunal (ITAT), Hyderabad

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Delhi HC: No Notice Needed to Search & Seize 'Undisclosed Money' Deposited in 3rd Party A/C(31.05.2017)

Delhi High Court held that ‘Undisclosed Money’ deposited in a third parties’ Bank Account can be subject to search and seizure under Income Tax Act ev.....

Tags : Delhi High Court, Undisclosed Money, Income Tax Act

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ITAT, Delhi: Commissioner Sanction Not Required for Contribution towards EPF Under EPF Act(31.05.2017)

ITAT Delhi has held that approval by Commissioner of Income Tax is not a mandatory requirement to allow deduction of contribution towards EPF under se.....

Tags : ITAT Delhi, Income Tax Act, Employees provident Fund Act

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Allahabad HC Says 'No' to Benefit u/s 80G of IT Act on Mere Fulfillment of Conditions u/s 10(23)(c)(06.06.2017)

Allahabad High Court has held that benefit of Section 80G of Income Tax Act cannot be granted to assessee merely on ground that it satisfies all condi.....

Tags : Allahabad High Court, Income Tax Act

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ITAT Kolkata: Shareholding by Subsidiary Co. Irrelevant While Considering ‘Deemed Dividend’ Liability(09.06.2017)

ITAT Kolkata has held that shareholding by Subsidiary Company is irrelevant while considering ‘deemed dividend’ liability of Holding Company under sec.....

Tags : ITAT Kolkata, Income Tax Act

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ITAT Hyderabad: Return by Govt Agency Can't be Rejected For Not Furnishing Audit Report(09.06.2017)

Income Tax Appellate Tribunal (ITAT), Hyderabad has held that income tax return filed by a Government agency cannot be rejected by authorities merely .....

Tags : Income Tax Appellate Tribunal, Audit Report

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CBDT: Trade Advances cannot be treated as ‘Deemed Dividend’(14.06.2017)

Central Board of Direct Taxes (CBDT) has clarified that trade advances would not attract provisions of “deemed dividend” under provisions of Section 2.....

Tags : Central Board of Direct Taxes, Income Tax Act

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ITAT, Bengaluru: No Exemption to Society For Investment in Fixed Asset using Loan Amount(15.06.2017)

ITAT, Bengaluru has held that assessee-society is not entitled to exemption in respect of investment in fixed asset using loan amount under section 11.....

Tags : ITAT, Bengaluru, Income Tax Act

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ITAT, Bangalore: Income of Minor Beneficiaries Can be Clubbed to Income of Parents(19.06.2017)

ITAT, Bangalore has held that income of minor beneficiaries can be clubbed to income of parents under section 64(1)(a) of Income Tax Act, 1961.

Tags : ITAT, Bangalore, Minor, Income

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Gujarat High Court: Mere Rejection of a Claim Would Not Attract Penalty Under Income Tax Act(20.06.2017)

Gujarat High Court has held that penalty cannot be levied on assessee solely on ground of rejection of a claim under Income Tax Act, 1961.

Tags : Gujarat High Court, Income Tax Act

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CBDT Notifies Rule 10CB for Secondary Adjustments u/s 92CE of IT Act, 1961(21.06.2017)

Central Board of Direct Taxes (CBDT) has notified Rule 10CB for operationalising the provisions of secondary adjustment under Section 92CE of IT Act, .....

Tags : Income Tax

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Government: Aadhaar Mandatory for PAN application Form from July 1(29.06.2017)

Income Tax Amendment Rules [Income Tax (17th Amendment) Rules, 2017] which makes quoting Aadhaar mandatory for PAN Application from July-1, has been n.....

Tags : Income Tax Amendment Rules, Aadhaar, PAN

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CBDT: Property Advance Above Rs. 20,000 Must be Disclosed in Audit Report(05.07.2017)

Central Board of Direct Taxes (CBDT) has notified that property advance of Rs. 20,000 should be disclosed in audit report u/s 44AB of Income Tax Act.

Tags : Central Board of Direct Taxes, Income Tax Act

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Govt: NRIs Not Having Indian Bank Accounts to get Income Tax Refund in Foreign Bank Account(26.07.2017)

Government has said that Income Tax Refunds will be credited to Foreign Bank Account also for Non-Residents who is not having bank account in India.

Tags : Income Tax Refunds

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#Income Tax: IT Department Starts Accepting Returns Without Linking PAN-Aadhaar(31.07.2017)

Income Tax department has started accepting returns without linking PAN with Aadhaar Number upto 5 lakhs. This is due to people are facing problems wi.....

Tags : Income Tax, PAN, Aadhar

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#Income Tax: Returns Can Now Be Filed Till August 5, Deadline Extended(31.07.2017)

The last date for filing of Income Tax Returns (ITRs) for the financial year 2016-17 has been extended to August 5.

Tags : income tax returns

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#Income Tax: PAN-Aadhaar Linkage Can be Done till Aug 31, Not Mandatory for Filing Return Now(01.08.2017)

Central Board of Direct Taxes (CBDT) has clarified that PAN-Aadhaar linkage can be done till August 31st, 2017 and it’s not mandatory for Filing Incom.....

Tags : Income Tax

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Bombay High Court: No Addition Can be Made in Respect of Unutilized Cenvat Credit to Closing Stock(04.08.2017)

Bombay High Court, while upholding Tribunal order deleting addition in respect of unutilized Cenvat credit to closing stock, has held that irrespectiv.....

Tags : Bombay High Court, Income Tax Act

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Bombay HC: Income from Turnkey- Contract of Plantation Would Not Constitute ‘Agricultural Income’(09.08.2017)

Bombay High Court has held that income from turnkey- contract of plantation would not constitute ‘agricultural income’ for the purpose of section 2(1A.....

Tags : Bombay High Court, Agricultural Income

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SC: Co-operative Societies Engaged in Banking Biz Not Eligible for Deduction u/s 80P of IT Act(16.08.2017)

Supreme Court has ruled that co-operative societies engaged in banking business for public are not eligible for deduction u/s 80P of Income Tax Act, 1.....

Tags : Supreme Court, Income Tax Act

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J&K HC: Supplying Audio of Back Ground Sound to a Film Already Shot Amounts to “Manufacture”(16.08.2017)

Jammu & Kashmir High Court has held that activity of supplying audio of back ground sound to film already shot by customers, would amount to manufactu.....

Tags : Jammu & Kashmir High Court, Income Tax Act

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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: Interest on Enhanced Compensation Recd. under LA Act Not Subject to Capital Gain Tax(28.09.2017)

Income Tax Appellate Tribunal (ITAT) has held that the interest received on enhanced compensation for land compulsorily acquired under the Land Acquis.....

Tags : Income Tax Appellate Tribunal, Capital Gain, Land Acquisition Act

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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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Gujarat HC Upholds Vires of Provision Denying Deduction for Payments to Eligible Project or Scheme(04.10.2017)

Gujarat HC has upheld vires of Sub-section 7 of Section 35AC of Income Tax Act according to which benefit of deduction under Section 35AC of Act is no.....

Tags : Gujarat HC, Section 35AC of Income Tax Act

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Govt Extends Deadline for Income Tax Audit & Return Filing to Nov 7(01.11.2017)

Central Government has declared that due date for tax audit and return filing under the provisions of Income Tax Act is extended to November 7th. Earl.....

Tags : Government, Income Tax Audit

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ITAT, Bangalore: Addition Cannot be Made If Gift is Invalid(06.11.2017)

Income Tax Appellate Tribunal, Bangalore has ruled that if the gift is invalid then no addition can be done in respect of the same under the provision.....

Tags : Income Tax Appellate Tribunal, Bangalore

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ITAT Bangalore: No Penalty If Assessee Admitted Income During Search and Paid Tax(07.11.2017)

Income Tax Appellate Tribunal (ITAT), Bangalore held that penalty under Section 271AAA of the Income Tax Act should not be levied if the assessee admi.....

Tags : Income Tax Appellate Tribunal, Section 271AAA of the Income Tax Act

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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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Madras High Court: Aadhaar Mandatory for Filing IT Returns(09.11.2017)

Madras HC while rejecting the plea for exemption from quoting Aadhaar number while filing income tax returns has held that the provisions of Section 1.....

Tags : Madras HC, Income Tax Act, aadhaar number, Income Tax Returns

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Delhi HC Strikes Down Certain Parts of ICDS Provisions and CBDT Notifications(09.11.2017)

Delhi High Court has struck down Parts II, III, VI, VII and VIII of the Income Computation and Disclosure Standards (ICDS) and certain connected Notif.....

Tags : Delhi High Court, Income Computation and Disclosure Standards, Central Board of Direct Taxes

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Madras HC Rejects Plea For Filing I-T Return Sans Aadhaar Number, Enrolment ID(10.11.2017)

Madras High Court has refused to allow filing of Income Tax return without producing Aadhaar number and enrolment ID.

Tags : Madras High Court, Income Tax

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Delhi HC Strikes Down Parts Of ICDS Provisions And CBDT Notifications(13.11.2017)

Delhi High Court has struck down certain portions of Parts I, II, III, IV, VI, VII and VII of Income Computation and Disclosure Standards (ICDS) and c.....

Tags : Delhi High Court, Income Computation and Disclosure Standards

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No TDS Since Roaming Charges Is Not Fee for Technical Services: ITAT, Chennai(07.12.2017)

Income Tax Appellate Tribunal (ITAT), Chennai has held that roaming charges cannot be considered as fee for technical services, hence there is no need.....

Tags : Income Tax

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Madras High Court Sets Aside Notices by I-T Dept Against Chidambaram, Family(03.01.2018)

Madras High Court has set aside a batch of notices issued by the Income Tax department against former Union Finance Minister P Chidambaram and his fam.....

Tags : Madras High Court, Income Tax

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Tax Arrears of Deceased Assessee Can’t be Recovered Out of Wife's Personal Property: Gujarat HC(23.01.2018)

Gujarat High Court has said that Tax Arrears of a deceased assessee cannot be recovered out of the personal properties of wife.

Tags : Gujarat High Court, Income Tax

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Supreme Court: Rule 8D of Income Tax Rules Prospective in Operation(05.02.2018)

Supreme Court has affirmed a Bombay High Court judgment holding that Rule 8D of Income Tax Rules is prospective in operation and could not have been a.....

Tags : Supreme Court, Income Tax

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Interest Income from Capital Gains Bonds is Taxable as ‘Other Income’: ITAT Mumbai(07.02.2018)

Mumbai bench of Income Tax Appellate Tribunal (ITAT) has held that interest income earned from capital gains bonds would be taxable under the head oth.....

Tags : Income Tax Appellate Tribunal

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Supreme Court Denies Relief to Suspended Senior IT Official in DA Case(15.02.2018)

Supreme Court has refused to interfere with the time frame fixed by the Uttarakhand High Court for disposal of a disproportionate asset case against a.....

Tags : Supreme Court, Income Tax

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Deduction U/S 80-IB is Permissible Even If Construction is Not Acc. to Approved Plan: Bombay HC(15.02.2018)

Bombay High Court has held that the deduction under section 80-IB is available to the assessee-Builder, even if the construction is not according to t.....

Tags : Bombay High Court, Builder, Income Tax

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Receipt from Compulsory Acquisition of Agricultural Land is Not Taxable: ITAT, Raipur(20.02.2018)

Raipur bench of Income Tax Appellate Tribunal (ITAT) has proclaimed that capital gain arising out of sale of agricultural land under compulsory acquis.....

Tags : Income Tax, Acquisition

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Sales Tax Subsidy is Capital Receipt, Not Taxable: ITAT, Kolkata(20.02.2018)

Kolkata bench of Income Tax Appellate Tribunal has held that sales tax subsidy is capital receipt and it is not taxable.

Tags : Income Tax, Sales Tax

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Voluntary Surrender of Income Without Disclosing Its’ Source Would Not Avoid Penalty: Delhi HC(22.02.2018)

Delhi High Court has held that voluntary surrender of income without disclosing its source cannot rescue assessee from facing penal consequences under.....

Tags : Delhi High Court, Income Tax

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Voluntary Surrender of Income Without Disclosing Its’ Source Would Not Avoid Penalty: Delhi HC(22.02.2018)

Delhi High Court has held that voluntary surrender of income without disclosing its source cannot rescue assessee from facing penal consequences under.....

Tags : Delhi High Court, Income Tax

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No TDS Liability Since Commission to Foreign Agent is Not Subject to Income Tax in India: ITAT(06.03.2018)

Kolkata bench of Income Tax Appellate Tribunal (ITAT) has ruled that there is no Tax Deducted at Source ( TDS ) liability in the hands of the Assesse.....

Tags : Income Tax

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Salaried Persons Not Required to Maintain Books of Accounts: ITAT, Kolkata(07.03.2018)

Kolkata bench of ITAT has ruled that a salaried person is not required to maintain books of accounts unless he is engaged in business or profession.

Tags : Income Tax

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SC Grants Exemption to Persons Donating Money for Construction of Specified Hospital(14.03.2018)

Supreme Court has held that persons who want to donate money for construction of the specified hospital by the petitioner, Prashanti Medical Services .....

Tags : Supreme Court, Income Tax

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CIT Has No Power to Cancel or Withdraw 12A Registration: Supreme Court(15.03.2018)

Supreme Court has held that the Commissioner of Income Tax (CIT) has no power to cancel or withdraw or recall the registration certificate granted und.....

Tags : Supreme Court, Income Tax

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Supreme Court: Entire Interest Outgo on Borrowings Cannot be Treated as Expenditure(19.03.2018)

Supreme Court has partly upheld the tax department’s view that investors, be it companies or individuals, cannot take double advantage: first, avoid t.....

Tags : Supreme Court, Income Tax

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Madras High Court Quashes I-T Order Against Kalanithi Maran(29.03.2018)

Madras High Court has set aside an order of the income tax department declaring him as the principal officer of Spicejet Ltd, thereby making him liabl.....

Tags : Madras High Court, Income Tax

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I-T Department Notifies Rules Relaxing Norms on Foreign Fund Managers(17.03.2016)

Income-Tax Department has notified rules relaxing certain earlier conditions governing foreign fund managers in a bid to encourage them to move to Ind.....

Tags : Income-Tax Department , foreign fund managers

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PAN Must for Cash Payment of Hotel Bill over Rs 50,000 from Tomorrow(31.12.2015)

Furnishing PAN has been made mandatory from tomorrow for cash transactions such as hotel or foreign travel bills exceeding Rs 50,000. Department of In.....

Tags : PAN , Department of Income Tax

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Delhi HC Stays Fresh Tax Demand on Vodafone(04.01.2016)

Delhi High Court has directed Income-Tax (I-T) department not to give effect to any fresh assessment against Vodafone for assessment year 2011-12 till.....

Tags : Delhi High Court, Income-Tax (I-T) department , Vodafone

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Bombay High Court: Eye Treatment Can’t be Considered Professional Expenditure(30.10.2015)

Bombay High Court has said that expenses incurred for getting eyes treated cannot be claimed as a professional deduction under the Income Tax (IT) law.....

Tags : Bombay High Court, Income Tax (IT) law

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Pune ITAT: Higher Education Abroad Is No Bar for Claiming Interest on Edu Loans for Tax Deduction(02.12.2015)

Pune Income-tax Appellate Tribunal (ITAT) has held that deduction for interest paid on educational loans taken for higher studies will be allowed from.....

Tags : Pune Income-tax Appellate Tribunal , Edu Loans for Tax Deduction

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CBDT Notifies New Income Tax Department Authority to Deal with Black Money Window(18.12.2015)

Central Board of Direct Taxation (CBDT) has notified new Income Tax department authority which will now be empowered to receive due taxes and penalty .....

Tags : Central Board of Direct Taxation, Income Tax department authority, Black Money Window

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Bombay High Court Quashes Income Tax Appellate Tribunal Ruling in Rs 8500 crore Transfer Pricing Case(09.10.2015)

Bombay High Court has quashed and set aside an order of Income Tax Appellate Tribunal, which had ruled that I-T department had powers to raise tax dem.....

Tags : Bombay High Court ,Income Tax Appellate Tribunal,Vodafone India

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Income Tax Dept Notifies New Return Forms for 2016-17 for Wealthy Individuals(01.04.2016)

Income Tax Dept has notified new tax return forms for 2016-17, which require wealthy individuals to mandatorily disclose details about assets like lan.....

Tags : Income Tax Dept , Wealthy Individuals, New Return Forms

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Income Tax Department Issues Guidelines for E-Communication to Tax Payers(05.02.2016)

Government, in order to ease communication with the Income-Tax Department, has allowed tax payers to reply to notices using their registered email add.....

Tags : Income Tax Department , Tax Payers

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I-T Clarification on US Tax Law Enforcement(22.02.2016)

Income Tax Department has clarified that all upcoming reporting in May 2016 for purpose of adhering to the US Foreign Account Tax Compliance Act (FATC.....

Tags : Income Tax Department, US Foreign Account Tax Compliance Act

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Income Declaration & Tax Dispute Resolution Schemes to Come into Force from Tomorrow(31.05.2016)

Central Board of Direct Taxes (CBDT) has said that the Income Declaration Scheme, 2016 and the Direct and Indirect Tax Dispute Resolution Schemes 2016.....

Tags : Central Board of Direct Taxes, Income Declaration Scheme, 2016, Tax Dispute Resolution Schemes

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Four New Forms Under Domestic Black Money Window Notified by Income Tax Department(03.06.2016)

Income Tax department has notified four new forms for those who wish to declare their untaxed funds and properties under the one-time domestic black m.....

Tags : Income Tax Department, Form

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Income Tax Department Launches 'E-Nivaran' to Fast Track Taxpayer Grievances(18.05.2016)

Income Tax Department has launched a special electronic grievance redressal system called 'e-nivaran' in order to fast track taxpayer grievances and e.....

Tags : Income Tax Department, e-nivaran

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Delhi High Court: Allow Lawyers to File I-T Return Sans Aadhaar(10.04.2018)

Delhi High Court has ordered the Income Tax Department to allow lawyers to file tax returns without their details of Aadhaar card.

Tags : Delhi High Court, Income Tax

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Govt. Amends Income Tax Rules, Inserts New Column for Transgenders in PAN Application Form(10.04.2018)

Central Board of Direct Taxes (CBDT) has introduced a new column for Transgenders in PAN Application Form i.e., Form 49A and Form 49AA by amending the.....

Tags : Income Tax, PAN

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Govt Amends Income Tax Rules, Withdraws Exemption of Transport Allowance of Rs. 1,600 pm(10.04.2018)

Central Board of Direct Taxes (CBDT) has notified the Income Tax (Third Amendment) Rules, 2018 wherein the Government has withdrawn the exemption of T.....

Tags : Income Tax, Transport Allowance

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Exemption Under IT Act Available Only to Institutions That Impart Education: Uttarakhand HC(13.04.2018)

Uttarakhand High Court has held that education institutions can avail exemption under Section 10(23C) (vi) of the Income Tax Act only if they exist so.....

Tags : Uttarakhand High Court, Income Tax Act

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New Income Tax Return Form for Salaried Class Available in Portal: IT Dept(19.04.2018)

Income Tax Department has said that the latest ITR-1 form, largely used by the salaried tax payers is now available in the official portal for e-filin.....

Tags : Income Tax

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Imposing Tax on Un-Communicated Proposal Amounts to Natural Justice Violation: Madras HC(21.05.2018)

Madras High Court has ruled that imposing a tax on proposals that are uncommunicated to the Assessee shall amount to the violation of the principles o.....

Tags : Madras High Court, Income Tax

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SC: Exemption Claimed u/s 80-IB Won't be Taken into Count While Availing Benefits u/s 80-IC(23.05.2018)

Supreme Court has held that the periods for which deductions were availed earlier by an assessee u/s 80-IA and S. 80-IB of Income Tax Act would not be.....

Tags : Supreme Court, Income Tax

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Angel Investments in Small Start-ups Get Tax Exemption(28.05.2018)

Income Tax Department has exempted from tax the investments that small start-ups receive from angel investors above their fair valuation.

Tags : Income Tax Department, Start-ups

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ITAT, Mumbai: Taxpayers Can Change ‘Self-occupied’ House to Cut Tax Outgo(08.06.2018)

Mumbai bench of Income Tax Appellate Tribunal (ITAT) has upheld the right of a taxpayer to change his selection of a house property that would be trea.....

Tags : Income Tax, House Property

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Interest-free Loan from Employer Taxable: ITAT, Mumbai(13.06.2018)

Income Tax Appellate Tribunal, Mumbai (ITAT) has said that interest-free loans extended by an employer are taxable in the hands of an employee as a pe.....

Tags : Income Tax, Loan

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Prior Notice Must for Initiating Reassessment Proceeding: ITAT, Amritsar(20.06.2018)

ITAT Amritsar held that notice under Section 148 or 142(1) of the Income Tax Act which is served upon the deceased assessee or his sole legal heir is .....

Tags : Income Tax Department, Notice

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Bank Not Liable to Deduct TDS from Interest Paid to Noida Authority: ITAT, Delhi(20.06.2018)

Delhi Bench of Income Tax Appellate Tribunal (ITAT) has held that Axis bank is not liable to deduct TDS from the interest paid or credited to Noida Au.....

Tags : Income Tax, TDS

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Penalty Notice u/s 274 Should Specify Grounds: ITAT, Delhi(25.06.2018)

Delhi Bench of Income Tax Appellate Tribunal (ITAT) has held that there is no justification imposing the penalty without mentioning the grounds specif.....

Tags : Income Tax, Notice

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No Deduction for Acquiring Distribution Rights of Films If It is Not Commercially Exploited: KHC(04.07.2018)

Kerala High Court has held no deduction under Rule 9B of Income Tax Rules, 1962 is allowed in absence of commercial exploitation of feature films.

Tags : Kerala High Court, Income Tax

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Property Tax Paid in Respect of Leased Property is Allowable as Expenditure: ITAT(09.07.2018)

Delhi bench of Income Tax Appellate Tribunal (ITAT) has held that tenant is eligible for deduction in respect of the amount of property tax paid on le.....

Tags : Income Tax, Lease, Property

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Payments Made for Air Freight Not Taxable in India: ITAT, Delhi(09.07.2018)

Delhi Bench of Income Tax Appellate Tribunal (ITAT) has held that payments made for Air Freight by the assessee (company) to such airline companies or.....

Tags : Income Tax, Air Freight

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Tax Defaulters Need Not Apprehend Immediate Arrest on Issuance of Show Cause Notice: Karnataka HC(09.07.2018)

Karnataka High Court has observed that there need not be any apprehension of immediate arrest or detention in civil prison on issuance of a show cause.....

Tags : Karnataka High Court, Income Tax

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Assessment Merely Based on Statements Recorded by CBI is Invaild: ITAT(10.07.2018)

Bengaluru bench of Income Tax Appellate Tribunal has held that additions made merely on the basis of statements recorded by the CBI is not valid .

Tags : Income Tax, CBI

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Honorarium Paid to Chairman of Govt Company is Business Expenditure: ITAT(13.07.2018)

Delhi bench of Income Tax Appellate Tribunal in has held that honorarium paid to Chairman of a Government Company is allowable as business expenditure.....

Tags : Income Tax, Business Expenditure

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Mushroom is An ‘Agricultural Product’, No Tax on its Production: ITAT(17.07.2018)

Hyderabad bench of Income Tax Appellate Tribunal (ITAT) has held that the income from production and sale of Mushroom can be termed as ‘agricultural i.....

Tags : Income Tax

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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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Financial Crisis is a ‘Reasonable Cause’ for Delayed Deposit of TDS: ITAT(19.07.2018)

Income Tax Appellate Tribunal (ITAT) held that financial crisis can be a reasonable cause for not depositing the TDS amount with the Government accoun.....

Tags : Income Tax Appellate Tribunal, Section 273B of IT Act

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No Due Date Extension for Income Tax Return Filing: CBDT(23.07.2018)

Central Board of Direct Taxes (CBDT) has clarified that the due date for filing Income Tax Return shall not be extended beyond 31st July, 2018.

Tags : Income Tax

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Assessee Has to Prove Tax Exemption: Supreme Court(31.07.2018)

Supreme Court has held that onus of proving a tax exemption where the guidelines aren’t clear would be on the assessee, and he cannot claim the benefi.....

Tags : Supreme Court, Income Tax

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Gujarat High Court Allows ITR Filing Sans Aadhaar(07.08.2018)

Gujarat High Court has allowed a man to file his income tax return (ITR) manually instead of doing it online which requires linkage to Aadhaar card, a.....

Tags : Gujarat High Court, Aadhaar, Income Tax

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Payment of Tax Before Issue of SCN Not a Bar to Impose Penalty: Delhi High Court(08.08.2018)

Delhi High Court has held that the payment of tax amount before the issuance of show cause notice would not absolve the assessee from imposing penalty.....

Tags : Delhi High Court, Income Tax

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Madras High Court: Depreciation Allowable on Non-Competent Fee and Brand Equity(14.08.2018)

Madras High Court has held that depreciation under Section 32 of Income Tax Act, 1961 is allowable on the non-competent fee and brand equity.

Tags : Madras High Court, Income Tax

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No Tax Benefit to Industry If It Has No Control Over Manufacturing Process: Bombay HC(14.08.2018)

Bombay High Court has held that benefit of deduction under section 80-IB of Income Tax Act, 1961 cannot be given to an industry if it does not have an.....

Tags : Bombay High Court, Income Tax

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Bombay High Court: Income Tax from Foreign Company Rendered in India is Taxable(20.08.2018)

Bombay High Court has held that a company or individual who renders services to a foreign company in India and receives remuneration in foreign exchan.....

Tags : Bombay High Court, Income Tax

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Bombay High Court: Income Tax from Foreign Company Rendered in India is Taxable(20.08.2018)

Bombay High Court has held that a company or individual who renders services to a foreign company in India and receives remuneration in foreign exchan.....

Tags : Bombay High Court, Income Tax

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Bombay HC Slams I-T Department over Wrong Tax Demand(17.10.2016)

Bombay HC has pulled up Income Tax Department after it found that department had slapped a notice on an individual even though the search and seizure .....

Tags : Bombay HC, Income Tax,

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Bombay HC Slams Assessing Officer For Holding Back Company’s Refund(21.10.2016)

Bombay HC has slammed an I-T Assessing Officer for holding back refunds without sufficient reasons of Group M India, world's largest Media Investment .....

Tags : Bombay HC, Income Tax, Assessing Officer, Group M India

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Supreme Court Dismisses IT Department’s Appeal Against RCom(23.11.2016)

Supreme Court has dismissed Income Tax (IT) Department’s appeal seeking to tax proceeds of $1.5-billion Foreign Currency Convertible Bonds (FCCBs) iss.....

Tags : Supreme Court, Income Tax, Foreign Currency Convertible Bonds, Reliance Communications

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Supreme Court Rules, Income from Palace Rents Not Taxable Under IT Law(06.12.2016)

Supreme Court has held that income earned by erstwhile rulers of a princely state or their heirs by renting out a portion of residential palace was no.....

Tags : Supreme Court, erstwhile rulers, princely state, residential palace, Income Tax

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SC: Erstwhile Rulers Need Not Pay Tax On Income From Leasing Palaces(13.12.2016)

Supreme Court has held that Erstwhile rulers are not required to pay tax on income earned by letting out a portion of their residential palace.

Tags : Supreme Court, Erstwhile rulers, residential palace, income tax

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Punjab & Haryana HC Seeks Government’s Reply to Telcos’ Understated Income(14.12.2016)

Punjab & Haryana HC has sought responses from Government, Ministry of Communications, Ministry of Electronics & Information Technology and Comptroller.....

Tags : Punjab & Haryana High Court, telecom companies, Understated Income

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Revenue Department Extends Return Filing Date for Large Taxpayers to Oct 17(12.09.2016)

Revenue Department has extended the date to October 17 for filing of tax returns by assesses who are required to submit audited accounts in view of th.....

Tags : Revenue Department, Income Declaration Scheme, Filing Date

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Govt. Postpones ICDS Norms Enforcement By a Year(07.07.2016)

Govt. has said that Income Computation and Disclosure Standards (ICDS) will now be applicable from the current fiscal year as against 2015-16 notified.....

Tags : Govt. , Income Computation and Disclosure Standards (ICDS)

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CIC: Duly Consider Public Interest While Deciding RTI on ITR(16.08.2016)

Central Information Commission (CIC) has directed Income Tax department to "duly consider the larger public interest" while responding to an RTI requ.....

Tags : Central Information Commission , Income Tax department

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Mumbai ITAT Rules, Property Co-Ownership doesn’t Mean Joint I-T Liability(16.08.2016)

Mumbai Income-Tax Appellate Tribunal (ITAT) has ruled that if a spouse has not invested in a property and is merely a co-holder, then on sale of such .....

Tags : Mumbai Income-Tax Appellate Tribunal, Joint I-T Liability

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I-T Department Notifies Rules for Foreign Tax Credit(01.07.2016)

Income-Tax Department has notified rules for Foreign Tax Credit, providing clarity on tax credit available to Indian resident taxpayers on foreign inc.....

Tags : Income-Tax Department, Foreign Tax Credit

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ITAT Clarifies on Rent Deposits(07.06.2016)

Mumbai Bench of Income Tax Appellate Tribunal (ITAT) has observed that the notional interest on security deposit paid by an employer to the landlord c.....

Tags : Income Tax Appellate Tribunal, ITAT, security deposit

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CBDT Notifies Tax Exemption to Startups from 'Rigour' of Section 56(2)(viib) of Income Tax Act(20.06.2016)

Central Board of Direct Taxes (CBDT) has notified tax exemption on investments above fair market rate for startups. The exemption is provided to start.....

Tags : Central Board of Direct Taxes, section 56(2)(viib) of Income Tax Act, startups

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Income-Tax Tribunal: Gains from Penny Stocks Not Bogus(22.06.2016)

Income-Tax Tribunal has ruled that gains from penny stocks cannot be termed as bogus just because the Securities and Exchange Board of India is inquir.....

Tags : Income-Tax Tribunal , Securities and Exchange Board of India , Penny Stocks

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No Income Tax Deduction to Law Firm for Expenses Incurred for Pleasure Tour by Counsels: ITAT(08.01.2019)

Income Tax Appellate Tribunal (ITAT), Delhi, has held that no income tax deduction can be given to the law firm, Luthra & Luthra, for the expenses inc.....

Tags : ITAT, Income Tax Deduction to Law Firm,Pleasure Tour by Counsels

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CIVIL - SC Sets Aside Bombay HC Order Penalising Senior Tax Official(08.03.2019)

Supreme Court has set aside an order by Bombay High Court that had imposed a fine on Deputy Commissioner of Income Tax (Mumbai) and made adversarial r.....

Tags : Supreme Court, Deputy Commissioner of Income Tax (Mumbai)

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DIRECT TAXATION - SC Sets Aside Bombay HC Order Penalising Senior Tax Official(08.03.2019)

Supreme Court has set aside an order by Bombay High Court that had imposed a fine on Deputy Commissioner of Income Tax (Mumbai) and made adversarial r.....

Tags : Supreme Court, Deputy Commissioner of Income Tax (Mumbai)

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INSOLVENCY - I-T Department, Other Tax Agencies can Initiate Insolvency: NCLAT(22.03.2019)

National Company Law Appellate Tribunal (NCLAT) has held that Income Tax department of central government and other local authorities “who are entitle.....

Tags : NCLAT, Income Tax Department, Insolvency

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INSOLVENCY - I-T Department, Other Tax Agencies can Initiate Insolvency: NCLAT(22.03.2019)

National Company Law Appellate Tribunal (NCLAT) has held that Income Tax department of central government and other local authorities “who are entitle.....

Tags : NCLAT, Income Tax Department, Insolvency

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DIRECT TAXATION - Bombay HC Grants Tax Relief to Karan Johar's Dharma Productions(26.03.2019)

Bombay High Court has granted tax relief to Karan Johar who heads Dharma Production by dismissing the appeal filed by the Income Tax department which .....

Tags : Bombay High Court, Karan Johar, Income Tax department

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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 - ITAT Rejects Fake Claim for Deduction of Rent Paid to Mother as Same Was an Afterthought(27.03.2019)

Income Tax Appellate Tribunal (ITAT) has disallowed a fake claim for deduction because it was established that the rent paid to mother was nothing, bu.....

Tags : Income Tax Appellate Tribunal, ITAT, Rent Deduction, false claim

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DIRECT TAXATION - Delay in Statutory Audit is Reasonable Cause for Delayed Filing of Tax Audit Report: ITAT(27.03.2019)

Income Tax Appellate Tribunal (ITAT) has held that the delay in completion of statutory audit can be a reasonable cause for delay in filing of the tax.....

Tags : Income Tax Appellate Tribunal, ITAT, statutory audit, tax audit report

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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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DIRECT TAXATION - ITAT: Mere Suspicion that Expenditure is for Non-Business Purposes Can’t be a Ground for Addition(28.03.2019)

Income Tax Appellate Tribunal (ITAT) has held that addition cannot be made merely on the ground that the expenditure is for non-business purposes.

Tags : Income Tax Appellate Tribunal, ITAT

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Section 50C can’t be Applied When Property Sold Under Pressure: ITAT(05.04.2019)

Income Tax Appellate Tribunal (ITAT), Chennai bench has held that the provisions of Section 50C of the Income Tax Act, 1961 cannot be applied when the.....

Tags : ITAT, Chennai Bench, Section 50 C Income Tax Act

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CBDT Notifies Income Tax Return Forms for AY 2019-20(05.04.2019)

Central Board of Direct Taxes (CBDT) has notified the income tax return forms for the Assessment Year 2019-20.

Tags : CBDT, Income Tax Return Forms, AY 2019-2020

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IT Law Doesn’t Bar Partners to Draw Remuneration from More than One Firms: ITAT(15.04.2019)

Income Tax Appellate Tribunal (ITAT), Kolkata bench has held that the income tax law does not prohibit a partner from drawing remuneration/ salary fro.....

Tags : Income Tax Appellate Tribunal, Remuneration, Partnership Firm

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Re-Assessment Can’t Be Done Merely Because Some Aspects of Deduction Claim Not Examined: Gujarat HC(26.09.2018)

Gujarat High Court has held that Re-Assessment under Section 147/ 148 of the Income Tax Act, 1961 cannot be re-opened merely on the ground that some a.....

Tags : Gujarat High Court, Assessment, Income Tax

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CBDT Extends Due Date for Filing Income Tax Returns and Audit Reports to Oct 31st(09.10.2018)

Central Board of Direct Taxes (CBDT) has further extended due date for filing Income Tax Returns and Audit Reports to October 31st.

Tags : CBDT, Income Tax Returns

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Central Information Commission Slams Income Tax ‘Informer’ for Using RTI to Earn Incentives(03.10.2016)

Central Information Commission has admonished a Right to Information (RTI) applicant who was allegedly seeking massive information from the Income Tax.....

Tags : Central Information Commission, RTI, Income Tax Department

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ITAT, Mumbai: Individuals Paying for Residential Houses Will Get Complete Tax Benefits(02.05.2017)

Income Tax Appellate Tribunal (Mumbai bench) has held that if entire investment for purchase of a new residential house, along with stamp duty and reg.....

Tags : Income Tax Appellate Tribunal, Residential Houses

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ITAT, Ahmedabad: Salary Deducted For Not Serving Notice Period is Not Taxable Income(03.05.2017)

Income Tax Appellate Tribunal (ITAT), Ahmedabad has ruled that an amount deducted from an employee's salary for not serving out a notice period cannot.....

Tags : Income Tax Appellate Tribunal, Notice Period

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SC: Word ‘Payable’ In Section 40(A) (ia) of Income Tax Act Also Covers Amount Already 'Paid'(04.05.2017)

Supreme Court has held that though the word used in Section 40(a)(ia) of Income Tax Act, is ‘payable’, it would also cover situations where amount i.....

Tags : Supreme Court, Income Tax Act, Section 40(A) (ia)

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Income Tax Department Activates e-filing Facility for All ITRs(05.05.2017)

Income Tax Department has activated e-filing facility for all categories of Income Tax Returns (ITRs) for assessment year 2017-18.

Tags : Income Tax Department, e-filing

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Supreme Court: Expenditure Incurred To Earn Dividend Income On Shares Not Deductible(11.05.2017)

Supreme Court has held that Section 14A of Income Tax Act would apply to dividend income on which tax is payable under Section 115-O of Act.

Tags : Supreme Court, Income Tax

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Supreme Court Fines Income Tax Department Rs 10 Lakh for 'Misleading' It(29.08.2018)

Supreme Court has imposed a fine of Rs 10 lakh on the Income Tax department for reportedly trying to mislead it.

Tags : Supreme Court, Income Tax

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Income Tax Dept Cautions Taxpayers to File Returns by 31st August, 2018(30.08.2018)

Income Tax Department has advised the taxpayers to file income tax returns by the deadline of 31st August 2018, the last date for persons whose accoun.....

Tags : Income Tax

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Govt. Extends Date for Filing of Income Tax Returns for Taxpayers in Kerala(30.08.2018)

Central Board of Direct Taxes (CBDT) has extended the due date for furnishing Income Tax Returns from 31st August, 2018 to 15th September, 2018 for al.....

Tags : Income Tax

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Late Fee Can’t be Levied While Processing TDS Statement: ITAT, Cuttack(31.08.2018)

Income Tax Appellate Tribunal (ITAT), Cuttack has held that the late fee under Section 234E of the Income Tax Act cannot be levied while processing th.....

Tags : Income Tax, TDS

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CBDT Notifies Income Tax Exemption to Press Trust of India(06.09.2018)

Central Board of Direct Taxes (CBDT) has notified Income Tax Exemption to Press Trust of India.

Tags : Income Tax, Press Trust of India

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CBDT Notifies Rules to Determine Fair Market Value of Inventories Converted to Capital Asset(06.09.2018)

Central Board of Direct Taxes (CBDT) has notified the rules relating to the determination of Fair Market Value of inventories converted into capital a.....

Tags : Income Tax, Market Value

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No Penalty Since Assessee Surrenders Income During Assessment Proceedings: ITAT(18.09.2018)

Delhi Bench of ITAT has held that penalty under Section 271AAA of Income Tax Act, 1961 cannot be levied if assessee surrendered the income during the .....

Tags : ITAT, Income Tax, Surrender of income

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Supreme Court Rejects Urgent Hearing Pleas on Tax Breaks For Parties(26.12.2016)

Supreme Court has refused to grant an urgent hearing on a PIL challenging Constitutional Validity of income tax exemptions to registered political par.....

Tags : Supreme Court, income tax, political parties

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Himachal Pradesh HC Turns Down Virbhadra’s Plea Challenging IT Dept Order(27.12.2016)

Himachal Pradesh High Court has dismissed petitions filed by Chief Minister Virbhadra Singh, his wife Pratibha and son Vikramaditya challenging orders.....

Tags : Himachal Pradesh High Court, Virbhadra Singh, Income Tax

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Government Amends Income Tax Rules, Direct Banks to Obtain PAN of A/cs, Except Savings(09.01.2017)

Income Tax rules have been amended to provide that banks shall obtain and link PAN or Form No 60 (where PAN is not available) in all existing bank acc.....

Tags : Income Tax rules, PAN, Form No 60

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Government: Bank Deposits Before April 01, 2016 Can be Declared Under PMGKY(19.01.2017)

Govt has clarified that deposits in bank accounts made before 1 April 2016 can also be declared under Pradhan Mantri Garib Kalyan Yojana (PMGKY), the .....

Tags : Bank Deposits, Pradhan Mantri Garib Kalyan Yojana, income disclosure scheme

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CBDT: No TDS or Advance Tax Credit For Disclosure Made Under PMGKY(19.01.2017)

Central Board of Direct Taxes (CBDT) has clarified that no credit will be allowed against advance tax paid or Tax Deducted at Source (TDS) or Tax Coll.....

Tags : Central Board of Direct Taxes, Pradhan Mantri Garib Kalyan Yojana, income disclosure scheme, TDS, TCS

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Govt: PMGKY Not Applicable on Jewellery, Stocks, Immovable Properties, Foreign Accounts(19.01.2017)

Government has clarified that only unaccounted domestic cash holding can be declared through Pradhan Mantri Garib Kalyan Yojna (PMGKY) and not jewelle.....

Tags : Pradhan Mantri Garib Kalyan Yojana, income disclosure scheme

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Supreme Court Seeks Govt Reply Over Vacancies in ITAT(24.01.2017)

Supreme Court has sought Government's response on plea seeking appointment of President and Vice Presidents in different Benches of Income Tax Appella.....

Tags : Supreme Court, Income Tax Appellate Tribunals, Vacancy ,

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Madras HC Stays Income Tax Case Against Chidambaram, Family(27.01.2017)

Madras High Court has stayed proceedings initiated by Income Tax Department against former Union Minister P. Chidambaram, his wife and Senior Advocate.....

Tags : Madras High Court, P. Chidambaram, Income Tax

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Supreme Court Refuses To Entertain Plea Against Disclosure of Income Sources by Poll Candidates(30.01.2017)

Supreme Court has refused to hear petition filed by Lucknow-based NGO Lok Prahari seeking disclosure of sources of income by candidates for Parliament.....

Tags : Supreme Court, Disclosure of Income, Elections

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ITAT, Delhi: Propagation of Yoga Qualifies as Medical Relief(21.02.2017)

Delhi bench of Income Tax Appellate Tribunal (ITAT) has granted exemption status under Sections 11 and 12 of the Income Tax Act to Baba Ramdev’s Patan.....

Tags : Income Tax Appellate Tribunal, Patanjali

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ITAT Delhi Orders Cairn UK to Pay Rs 10,000 Cr Tax For Transfer of Shares to Cairn India(15.03.2017)

Income Tax Appellate Tribunal, Delhi (ITAT), has ordered UK's Cairn Energy Plc to pay Rs 10,000 crore capital gains tax on transfer of ownership from.....

Tags : Income Tax Appellate Tribunal, Delhi, Cairn India

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Supreme Court: Companies Cannot Claim 'Premium' Received on Shares as 'Deduction'(29.03.2017)

Supreme Court has held that premium collected by companies on its subscribed share capital does not come within the ambit of “capital employed in busi.....

Tags : Supreme Court,Income Tax Act, Company

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ITAT, Hyderabad: Joint Holder in Husband’s Salary Account Not Undisclosed Foreign Account(01.06.2021)

Income Tax Appellate Tribunal (ITAT) Hyderabad has dismissed an appeal by the revenue department wherein it ruled that being a joint account holder in.....

Tags : Income Tax Appellate Tribunal, Undisclosed Foreign Account

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ITAT, Delhi: Revision of Orders Prejudicial to Revenue Not to be Invoked for Computational Error(02.06.2021)

Income Tax Appellate Tribunal (ITAT), Delhi has ruled that the provision related to revision of orders prejudicial to revenue under Section 263 of the.....

Tags : Income Tax Appellate Tribunal, Revision of Orders

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ITAT: Royalty from Operator Agreement not Chargeable to Income Tax Under Indo-US Tax Treaty(30.11.2021)

Income Tax Appellate Tribunal (ITAT), Delhi has held that royalty from Operator agreement not chargeable to Income Tax under Indo-US Tax Treaty.

Tags : Income Tax Appellate Tribunal, Royalty from Operator Agreement

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CBDT Reduces Time Limit to Re-open Income Tax Assessments(07.12.2021)

Central Board of Direct Taxes (CBDT) has reduced the Time limit to re-open Income Tax assessment from 6 years to 3 years. The assessment can be reopen.....

Tags : Central Board of Direct Taxes, Re-open Income Tax Assessments

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ITAT, Delhi: Addition Cannot be Made on Evidence of Third Party(09.12.2021)

Income Tax Appellate Tribunal (ITAT), Delhi has held that the Addition cannot be made on evidence of third party without granting the cross-examinatio.....

Tags : Income Tax Appellate Tribunal, Addition on Evidence of Third Party

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ITAT Allows Deduction on Expense of Education Cess in Relief to PC Jewellers(09.12.2021)

Income Tax Appellate Tribunal (ITAT) has granted the deduction on Expense of Education Cess as it does not fall under capital expense, personal expen.....

Tags : Income Tax Appellate Tribunal, Relief to PC Jewellers

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CBDT Notifies Conditions for Exemption of Income Accrued or Received by Non-Resident(13.12.2021)

Central Board of Direct Taxes (CBDT) has notified conditions for exemption of income accrued or received by, non-resident as a result of transfer of n.....

Tags : Central Board of Direct Taxes, Exemption of Income Accrued or Received by Non-Resident

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ITAT, Delhi: Indian Youth Centre Trust Eligible for Income Tax Benefits(15.12.2021)

Income Tax Appellate Tribunal (ITAT), Delhi has held that the Indian Youth Centre Trust is eligible for income tax benefits under section 11 of the In.....

Tags : Income Tax Appellate Tribunal, Indian Youth Centre Trust

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Bombay HC Rejects Petition Challenging Show Cause Notice Issued By Income Tax Department(20.12.2021)

Bombay High Court has rejected a petition filed by Maharashtra Cabinet Minister Chhagan Bhujbal challenging a show cause notice issued by the Income T.....

Tags : Bombay High Court, Show Cause Notice Issued By Income Tax Department

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ITAT, Bangalore: Omission to Serve Notice u/s 143(2) of Income Tax Act is Not a Curable Defect(21.12.2021)

Income Tax Appellate Tribunal (ITAT), Bangalore, while deleting an assessment order held that the omission to serve a notice under section 143(2) of t.....

Tags : Income Tax Appellate Tribunal, Omission to Serve Notice

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ITAT, Amritsar: Assessee to Claim Deduction of Employees Share of ESI and PF(24.12.2021)

Income Tax Appellate Tribunal (ITAT), Amritsar has held that the assessee to claim deduction of employee’s share of Employees’ State Insurance and Pro.....

Tags : Income Tax Appellate Tribunal, Deduction of Employees Share of ESI and PF

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ITAT: VAT Expenses on Deemed Import Eligible to be Set Off Against VAT Output(31.12.2021)

Income Tax Appellate Tribunal (ITAT), Ahmedabad has held that the Value Added Tax (VAT) expenses on deemed import are eligible to be set off against t.....

Tags : Income Tax Appellate Tribunal, VAT Expenses on Deemed Import

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Delhi HC Directs Income Tax Department To Reconsider The Issuance of Certificate With NIL Deduction(07.01.2022)

Delhi High Court directed the Income Tax Department to reevaluate the issue of issuance of the certificate with ‘NIL’ deduction of income tax after gr.....

Tags : Delhi High Court, Income Tax Department, Certificate, Opportunity Of Being Heard

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Income Tax Re-Assessment Notice to a Dead Person is Invalid: Bombay HC(23.04.2019)

Bombay High Court has held that income tax notice sent in the name of a dead person is invalid though the information regarding the death was not give.....

Tags : Bombay High Court, Income Tax Re-Assessment Notice, Dead Person

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Bombay HC to CBDT: Reconsider Its Proposal to Incentivise CIT (A) to Enhance Assessments(25.04.2019)

Bombay High Court has asked Central Board of Direct Taxes ( CBDT ) to reconsider its decision to incentivize the Commissioner of Income Tax (Appeals) .....

Tags : Central Board of Direct Taxes , Bombay High Court, Commissioner of Income Tax (Appeals)

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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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ITAT: Mistake Committed by Advocate is Reasonable Cause for Condonation of Delay(10.05.2019)

Income Tax Appellate Tribunal (ITAT) has held that the mistake committed by Advocate is a reasonable cause for condonation of delay in filing appeals.

Tags : Income Tax Appellate Tribunal, condonation of delay

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ITAT, Mumbai: Interest Income Earned by HSBC Bank Not Eligible to Tax(14.07.2020)

Income Tax Appellate Tribunal (ITAT), Mumbai has ruled that interest income of Rs 1,498 crore earned by HSBC Bank during the assessment year 2015-16 f.....

Tags : Income Tax Appellate Tribunal, HSBC Bank

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ITAT, Delhi Allows Taxmann Publication Claim of Depreciation on Intangible CMS Software(16.07.2020)

Income Tax Appellate Tribunal (ITAT), Delhi has directed the Assessing Officer to allow the Assessee, Taxmann Publication to claim depreciation on the.....

Tags : Income Tax Appellate Tribunal, Taxmann, Depreciation on CMS Software

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ITAT, Jodhpur Grants Tax Exemption to Charitable Trust Providing Mid-Day Meals(16.07.2020)

Income Tax Appellate Tribunal (ITAT), Jodhpur has allowed income tax exemption to a charitable Trust engaging in the activity of providing mid-day mea.....

Tags : Income Tax Appellate Tribunal, Charitable Trust Providing Mid-Day Meals

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ITAT, Mumbai Confirms Addition of Undisclosed Income of Renu T. Tharani(20.07.2020)

Income Tax Appellate Tribunal, Mumbai has allowed the sum of Rs 196 Crores held by HSBC Private Bank, Switzerland, in the name of Tharani Family Trust.....

Tags : Income Tax Appellate Tribunal, Renu T. Tharani

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ITAT, Delhi: No Tax on Compensation for Acquisition of Agricultural Land by State Govt(15.04.2021)

Income Tax Appellate Tribunal (ITAT), Delhi has held that no tax shall be payable on compensation for acquisition of agricultural land by the state go.....

Tags : Income Tax Appellate Tribunal, Compensation for Acquisition of Agricultural Land

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ITAT, Ahmedabad: Shares at Face Value by Amalgamated Company Not Covered Under Income Tax Act(16.04.2021)

Income Tax Appellate Tribunal (ITAT), Ahmedabad has ruled that the Shares at ‘face value’ by the amalgamated company to shareholders in pursuance of s.....

Tags : Income Tax Appellate Tribunal, Shares at Face Value by Amalgamated Company

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Madras HC: ITSC Cannot Force Income Tax Dept to Settle Disputes with Assessees(26.04.2021)

Madras High Court has ruled that Income Tax Settlement Commission (ITSC) cannot force the Income Tax Department to settle disputes with assessees if t.....

Tags : Madras High Court, Income Tax Settlement Commission

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Company can Claim Income Tax Credits on Maintenance of Guest House, Training Hostels: AAR(16.10.2018)

Authority for Advance Ruling, Odisha has granted a ruling on entitlement to take credit of tax paid on various goods and services used for maintenance.....

Tags : AAR, Income Tax Credits

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Karnataka HC: Non-Compliance of SOP Should Not be Ground to Prohibit Candidate from Writing Exam(30.07.2020)

Central Board of Direct Taxes ( CBDT ) has extended the due date of filing Income Tax Returns for the Financial Year 2018-19 to 30th September 2020.

Tags : Central Board of Direct Taxes, Income Tax Returns

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ITAT, Delhi: Actual Receipt of Money by Assessee is Mandatory for Unexplained Cash Credit(29.04.2021)

Income Tax Appellate Tribunal (ITAT), Delhi, while providing the relief to the Zexus Air Services Pvt. Ltd., has ruled that actual receipt of money by.....

Tags : Income Tax Appellate Tribunal, Unexplained Cash Credit

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SC: Deduction Under Section 80-IA Income Tax Act Not Restricted to 'Business Income' Only(29.04.2021)

Supreme Court has held that the scope of sub-section (5) of Section 80- IA of the Income Tax Act, 1961 is limited to determination of quantum of deduc.....

Tags : Supreme Court, Deduction Under Section 80-IA Income Tax Act

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ITAT, Hyderabad: Property Ceases to be Business Asset When No Depreciation Claimed(30.04.2021)

Income Tax Appellate Tribunal (ITAT), Hyderabad has ruled that Property ceases to be a business asset when no depreciation is claimed and profit and g.....

Tags : Income Tax Appellate Tribunal, Property

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CBDT Notifies Pension Fund Named CDPQ Fixed Income XI Inc. Eligible for Exemption(06.05.2021)

Central Board of Direct Taxes (CBDT) has notified a Pension Fund namely CDPQ Fixed Income XI Inc. as eligible for exemption of Income from dividends, .....

Tags : Central Board of Direct Taxes, CDPQ Fixed Income XI Inc.

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ITAT, Chandigarh: Tax Authorities Cannot Evade Responsibility to Collect Correct Taxes(10.05.2021)

Income Tax Appellate Tribunal (ITAT), Chandigarh has held that the Tax authorities cannot evade responsibility to ensure only correct and due taxes ar.....

Tags : Income Tax Appellate Tribunal, Responsibility to Collect Correct Taxes

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ITAT, Hyderabad: Deduction Granted in First Year Cannot be Denied in Subsequent Years(11.05.2021)

Income Tax Appellate Tribunal (ITAT), Hyderabad has ruled that the deduction under section 80IA(4) of the Income Tax Act, 1961 granted in first year c.....

Tags : Income Tax Appellate Tribunal, Deduction Granted in First Year

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Central Govt Notifies Special Courts in Tripura to Deal with Income Tax and Black Money Cases(13.05.2021)

Central Government has notified the constitution of special courts under section 280A(1) of the Income Tax Act, 1961 and section 84 of the Black Money.....

Tags : Central Government, Income Tax and Black Money Cases

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ITAT, Pune: Reimbursement on Welfare Expenses Incurred by Multinationals in India Not Taxable(18.05.2021)

Income Tax Appellate Tribunal (ITAT), Pune has said that reimbursement on welfare expenses incurred by multinationals in India shall not be taxable if.....

Tags : Income Tax Appellate Tribunal, Reimbursement on Welfare Expenses Incurred by Multinationals in India

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ITAT, Mumbai: Forex Gains on Repayment of Interest-free Loan by Relative Not Taxable(19.05.2021)

Income Tax Appellate Tribunal, Mumbai has ordered that foreign exchange gains arising in the hands of an individual, on a repayment of an interest-fre.....

Tags : Income Tax Appellate Tribunal, Forex Gains on Repayment of Interest-free Loan by Relative

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ITAT, Chennai Quashes Income Tax Department Assessment Order Against T.T.V. Dhinakaran(24.05.2021)

Income Tax Appellate Tribunal (ITAT), Chennai has quashed an Income Tax Department assessment order determining undisclosed income of about Rs. 57.43 .....

Tags : Income Tax Appellate Tribunal, T.T.V. Dhinakaran

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Madras HC: State to Consider Issues Related to Unemployment and Lack of Income(28.05.2021)

Madras High Court has observed that there are citizens facing unemployment and lack of income avenues and that these aspects have to be considered by .....

Tags : Madras High Court, Issues Related to Unemployment and Lack of Income

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CBDT Relaxes Electronic Filing of Income Tax Forms 15CA / 15CB in View of Technical Difficulties(15.06.2021)

Central Board of Direct Taxes (CBDT) has relaxed the Electronic Filing of Income Tax Forms 15CA / 15CB, in view of the difficulties reported by taxpay.....

Tags : Central Board of Direct Taxes, Electronic Filing of Income Tax Forms 15CA / 15CB

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ITAT, Pune: Income from Sale of Software License Not ‘Royalty’ Under Indo-US DTAA(17.06.2021)

Income Tax Appellate Tribunal (ITAT), Pune has held that the income from the sale of software license cannot be treated as “royalty” for the purpose o.....

Tags : Income Tax Appellate Tribunal, Income from Sale of Software License

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ITAT, Bangalore: Long Term Capital Loss to be Computed from Date of Possession of Property(22.06.2021)

Income Tax Appellate Tribunal (ITAT), Bangalore has held that long term capital loss is to be computed from the date of possession of Property and not.....

Tags : Income Tax Appellate Tribunal, Long Term Capital Loss

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ITAT, Indore: Revisional Jurisdiction Cannot be Invoked if Assessment Orders Not Erroneous(30.06.2021)

Income Tax Appellate Tribunal (ITAT), Indore has held that revisional jurisdiction under Section 263 of the Income Tax Act, 1961 cannot be invoked if .....

Tags : Income Tax Appellate Tribunal, Revisional Jurisdiction

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ITAT, Mumbai Grants Relief to Red Hat India Pvt Ltd as AO Did Not Follow DRP’s Directions(05.07.2021)

Income Tax Appellate Tribunal (ITAT), Mumbai has ruled that adjustment relating to International Transactions pertaining to the provision of software .....

Tags : Income Tax Appellate Tribunal, Red Hat India Private Limited

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CBDT Extends Electronic Filing of Income Tax Forms 15CA / 15CB(06.07.2021)

Central Board of Direct Taxes (CBDT) has extended the electronic filing of Income Tax Forms 15CA/15CB to 15th July, 2021. Taxpayers can submit the sai.....

Tags : Central Board of Direct Taxes, Electronic Filing of Income Tax Forms 15CA / 15CB

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ITAT, Delhi Upholds Income Tax Addition of 3.9 Crores against Indian Franchise of KFC, Pizza Hut(07.07.2021)

Income Tax Appellate Tribunal (ITAT), Delhi has upheld an Income Tax addition of Rs. 3,91,94,260 against Indian franchise of KFC, Pizza Hut, holding t.....

Tags : Income Tax Appellate Tribunal, KFC, Pizza Hut

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ITAT, Allahabad: Amount of Share of Conversion of Leasehold Land Allowed as Cost of Improvement(12.07.2021)

Income Tax Appellate Tribunal (ITAT), Allahabad has held that the amount paid by a co-owner of the property towards his share for conversion of afores.....

Tags : Income Tax Appellate Tribunal, Amount of Share of Conversion of Leasehold Land

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ITAT, Mumbai Deletes Income Tax Penalty Against Bollywood Actress Preity Zinta(08.09.2021)

Income Tax Appellate Tribunal (ITAT), Mumbai has deleted a penalty order imposed against the actress Preity Zinta. The department has imposed the pena.....

Tags : Income Tax Appellate Tribunal, Preity Zinta

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Finance Ministry Extends Due Date for Filing of Income Tax Returns (ITRs) for FY 2020-2021(10.09.2021)

Central Board of Direct Taxes (CBDT) has extended the due date of filing of income-tax returns and various reports of audit for the Assessment Year 20.....

Tags : Central Board of Direct Taxes, Filing of Income Tax Returns

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ITAT Delhi Upholds CIT (A) Order Disallowing Expenses in Relief to Tulip Star Hotel(13.09.2021)

Income Tax Appellate Tribunal (ITAT), Delhi, in a major relief to Tulip Star Hotel, has upheld an order of the Commissioner of Income Tax (Appeals) w.....

Tags : Income Tax Appellate Tribunal, Tulip Star Hotel

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ITAT, Delhi: TDS Required to be Deductible on Commission to Overseas Agents(15.09.2021)

Income Tax Appellate Tribunal (ITAT), Delhi has held that the Tax Deducted at Source (TDS) is required to be deductible on the amount of commission pa.....

Tags : Income Tax Appellate Tribunal, Commission to Overseas Agents

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ITAT, Jodhpur: Genuineness of Cash in Hand Not Dependent on Time Gap Between Withdrawal and Deposit(20.09.2021)

Income Tax Appellate Tribunal (ITAT), Jodhpur has ruled that mere time gap between Withdrawals and Deposits cannot be a sole basis for suspecting genu.....

Tags : Income Tax Appellate Tribunal, Genuineness of Cash in Hand

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ITAT Grants Conditional Stay to Vodafone Group in Transfer Pricing Case(20.07.2021)

Income Tax Appellate Tribunal (ITAT) has granted a conditional stay to a Vodafone Group Plc entity Vodafone India Services Pvt Ltd (VISPL) in a transf.....

Tags : Income Tax Appellate Tribunal, Conditional Stay to Vodafone Group

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ITAT, Bangalore: Income Tax Deduction Not Allowed to Professional Charges Paid for Acquisition(26.07.2021)

Income Tax Appellate Tribunal (ITAT), Bangalore has held that the income tax deduction cannot be allowed to professional and consultancy charges paid .....

Tags : Income Tax Appellate Tribunal, Professional Charges Paid for Acquisition

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CBDT Amends Rule 12 of Income Tax Rules Dealing with Return of Income(29.07.2021)

Central Board of Direct Taxes (CBDT) has notified Income-tax (20th Amendment) Rules, 2021 which seeks to amend Income-tax Rules, 1962. The Board has a.....

Tags : Central Board of Direct Taxes, Income-tax (20th Amendment) Rules, 2021

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ITAT, Mumbai Directs AO to Set Off MAT Credit in Relief to Tata Motors(30.07.2021)

Income Tax Appellate Tribunal (ITAT), Mumbai has directed the Assessing Officer to set off of (MAT) credit inclusive of surcharge, education cess in a.....

Tags : Income Tax Appellate Tribunal, Tata Motors

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ITAT, Delhi: Provision of Ground Rent Shall Not be Allowable Under Section 43B Income Tax Act(03.08.2021)

Income Tax Appellate Tribunal (ITAT), Delhi has held that the provision of ground rent shall not be allowable under section 43B of the Income Tax Act,.....

Tags : Income Tax Appellate Tribunal, Provision of Ground Rent

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CBDT Notifies Constitution of Special Court for Income Tax and Black Money Cases(06.08.2021)

Central Board of Direct Taxes (CBDT) has notified the constitution of special courts under section 280A(1) of the Income Tax Act, 1961 and section 84 .....

Tags : Central Board of Direct Taxes, Special Court for Income Tax and Black Money Cases

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CBDT Notifies Determination of Income of Specified Fund of Units Held by Non-Residents(11.08.2021)

Central Board of Direct Taxes (CBDT) has inserted Rule 21AJ under Income-tax Rules, 1962 which provides for the determination of income of a specified.....

Tags : Central Board of Direct Taxes, Determination of Income of Specified Fund of Units Held by Non-Residents

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ITAT, Bangalore: Consideration for Sale of Software Not to be Treated as Royalty(13.08.2021)

Income Tax Appellate Tribunal (ITAT), Bangalore has ruled that consideration for the sale of software cannot be treated like royalty.

Tags : Income Tax Appellate Tribunal, Consideration for Sale of Software

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ITAT, Bangalore: Payment to Federation of Indian Mineral Industries Deductible Business Expenditure(24.08.2021)

Income Tax Appellate Tribunal (ITAT), Bangalore has held that the payment made to the federation of Indian Mineral Industries is deductible from the b.....

Tags : Income Tax Appellate Tribunal, Payment to Federation of Indian Mineral Industries

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Delhi HC Asks Director General of Income Tax to Resolve Glitches in Income Tax Portal(31.08.2021)

Delhi High Court has asked the Director General of Income Tax to resolve the glitches in the income tax portal while observing that the new software s.....

Tags : Delhi High Court, Glitches in Income Tax Portal

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ITAT, Bangalore Grants Partial Relief to Google Ireland Where Tribunal Expedited Hearing(06.09.2021)

Income Tax Appellate Tribunal (ITAT), Bangalore has granted partial relief to Google Ireland where the Tribunal expedited the hearing and posted the m.....

Tags : Income Tax Appellate Tribunal, Partial Relief to Google Ireland

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SC: Amount of Income Tax Deductible or Collectible at Source Can be Reduced by Assessee(21.09.2021)

Supreme Court has held that the amount of income tax which is deductible or collectible at source can be reduced by the assessee while calculating adv.....

Tags : Supreme Court, Income Tax Deductible or Collectible at Source

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ITAT, Delhi: Western Union Cannot be Subject to Income Tax for Business Profit Earned in India(22.09.2021)

Income Tax Appellate Tribunal (ITAT), Delhi has held that the Western Union cannot be subject to income tax for the business profit earned in India in.....

Tags : Income Tax Appellate Tribunal, Western Union

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ITAT, Indore: Denial of Opportunity to Cross-Examine Parties Would be Violation of Natural Justice(23.09.2021)

Income Tax Appellate Tribunal (ITAT), Indore has held that the denial of opportunity to the assessee to conduct cross-examination of the parties who h.....

Tags : income Tax Appellate Tribunal, Violation of Natural Justice

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ITAT, Mumbai: Shell India Not Taxable in India for Consideration Received from Resale of Software(27.09.2021)

Income Tax Appellate Tribunal (ITAT), Mumbai has held that Shell India not taxable in India for consideration received from resale/use of the computer.....

Tags : Income Tax Appellate Tribunal, Shell India

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ITAT, Bangalore: Independent Building with More Than One Residential Unit Eligible for Capital Gain(27.09.2021)

Income Tax Appellate Tribunal (ITAT), Bangalore has held that an independent building with more than one residential unit within it shall be eligible .....

Tags : Income Tax Appellate Tribunal, Independent Building with More Than One Residential Unit

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ITAT: Single Transaction of Buying and Selling of Shares Can’t be Treated as Business Activity(29.09.2021)

Income Tax Appellate Tribunal (ITAT), Chennai has held that a single transaction of buying and selling of shares cannot be treated as a business acti.....

Tags : Income Tax Appellate Tribunal, Single Transaction of Buying and Selling of Shares

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ITAT, Chennai: Capital Gain Exemption Cannot be Denied to Assessee Merely on Basis of Facts(29.09.2021)

Income Tax Appellate Tribunal (ITAT), Chennai has held that the capital gain exemption under section 54F of the Income Tax Act, 1961 cannot be denied .....

Tags : Income Tax Appellate Tribunal, Capital Gain Exemption

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CBDT Extends Time Period for Processing Income Tax Returns with Refund Claims(01.10.2021)

Central Board of Direct Taxes (CBDT) notified the extension of the time period for Processing returns with refund claims beyond prescribed time limits.....

Tags : Central Board of Direct Taxes, Income Tax Returns with Refund Claims

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Income Tax Appellate Tribunal, Delhi: 10% Presumptive Tax on Hiring of Security Guards(19.10.2021)

Income Tax Appellate Tribunal (ITAT), Delhi has ruled that 10% Presumptive Tax shall be applicable on business of hiring security guards for customers.....

Tags : Income Tax Appellate Tribunal, Hiring of Security Guards

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ITAT, Amritsar Allows Registration Under Section 12A to Educational Welfare Society(19.10.2021)

Income Tax Appellate Tribunal (ITAT), Amritsar has allowed Registration under Section 12A of the Income Tax Act, 1960 to an Educational Welfare Societ.....

Tags : Income Tax Appellate Tribunal, Educational Welfare Society

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ITAT, Mumbai Quashes Demand of 6% of Value of Exempted Service as Job Work(20.10.2021)

Income Tax Appellate Tribunal (ITAT), Mumbai has quashed the demand of 6% of value of exempted service as job work is incidental and ancillary to manu.....

Tags : Income Tax Appellate Tribunal, Exempted Service

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ITAT, Kolkata Deletes Addition as Interest on Loan After Deduction of TDS(22.10.2021)

Income Tax Appellate Tribunal (ITAT), Kolkata has deleted the addition as interest on Loan duly paid by the assessee after deducting Tax Deducted at S.....

Tags : Income Tax Appellate Tribunal, Interest on Loan After Deduction of TDS

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CBDT Notifies MP, Chandigarh Pollution Control Board Eligible for Income Tax Exemption(01.11.2021)

Central Board of Direct Taxes (CBDT) has notified the Madhya Pradesh and Chandigarh Pollution Control Board, Gujarat State Aids Control Society eligib.....

Tags : Central Board of Direct Taxes, Income Tax Exemption

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ITAT: BCCI Can't Be Denied Income Tax Exemption Just Because IPL Makes Profits(15.11.2021)

Income Tax Appellate Tribunal has held that the Board of Control for Cricket in India (BCCI) is entitled to registration under Section 12A of the Inco.....

Tags : Income Tax Appellate Tribunal, Board of Control for Cricket in India

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SC: Fixing Rs 15,000 Per Annum As Notional Income For Non-Earning Members Not Reasonable(17.11.2021)

While hearing civil appeal preferred by appellant claimants aggrieved Jharkhand HC’s judgment, SC observed that despite repeated directions, Schedule-.....

Tags : Supreme court, Notional Income, Schedule II

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SC: Deceased Without Any Income, Legal Heirs Entitled to Future Prospects of Rise in Income(19.11.2021)

Supreme Court has observed the even in case of a deceased who had no income at the time of death, their legal heirs shall also be entitled to future p.....

Tags : Supreme Court, Deceased Without Any Income

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International Cases

Commissioner is not bound by the three-year period of limitation where full amount of tax chargeable was not assessed due to fraud, misrepresentation, non-disclosure of material facts(15.10.2021)

The issue for determination before present Court was whether the High Court correctly held that, there was a sufficiently close causal link that exist.....

Tags : Assessment, Income, Additions

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Income tax is charged on the employment income of an employed diver, which includes fiction that, diver is carrying on a trade(20.05.2020)

In facts of present case, Mr. Martin Fowler is a qualified diver who is resident in the Republic of South Africa. During the 2011/12 and 2012/13 tax y.....

Tags : Employment income, Tax, Levy

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Top Story

Claiming time of essence in property sale? Prove it!(16.02.2016)

Bangalore High Court set a high threshold for claims that time was of the essence in a contract for sale of immovable property. Onus, however, was pla.....

Tags : reasonable, time of essence, immovable property, sale, income tax clearance

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Blast from the Past

Giving a constitutional enactment the widest possible meaning(01.11.1954)

It seems prerequisite that any case seeking to send aftershocks into the legal system should have the word Mafatlal in it. Certainly, Mr. Mafatlal her.....

Tags : Income, constitution, interpretation, widest, natural meaning

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