22 April 2024

Search Results for Tag : Income Tax Act

Notifications & Circulars

Central Government notifies 'SEEPZ Special Economic Zone Authority' as an Authority constituted under the Special Economic Zone Act, 2005(20.04.2022)

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 : Special Economic Zone, Income Tax Act

Guidelines under Clause (10D) of Section 10 of the Income-tax Act, 1961(16.08.2023)

1. Clause (10D) of section 10 of the Income-tax Act, 1961 (the Act) provides for income-tax exemption on any sum received under a life insurance polic.....

Tags : Income Tax Act, 1961, Guidelines

News

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

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

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

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

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

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

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

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

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

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

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

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

ITAT, Mumbai: Amount Spent on Consumable Items can’t be Claimed as Improvement Cost(04.04.2022)

Income Tax Appellate Tribunal, Mumbai has observed that the amount spent on consumable items including sofa, tiles, etc., can’t be claimed as cost .....

Tags : Income Tax Appellate Tribunal, improvement cost, Income Tax Act, 196, capital gain

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

ITAT States That Consideration Paid For Purchase Of Advertisement Space Does Not Amount To 'Royalty'(16.05.2022)

Chennai Bench of ITAT has held that consideration paid for purchase of advertisement space does not amount to 'royalty' under the Income Tax Act, 1961

Tags : ITAT Chennai, Royalty, Income Tax Act

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Supreme Court Uphold Over 90,000 Re-Assessment Notices Deeming them as Sec 148A Notices(05.05.2022)

Supreme Court upheld the reassessment notices under Section 148 of the unamended Income Tax Act which were issued beyond 01.04.2021 (the effective dat.....

Tags : Reassessment Notices, Income Tax Act, Section 148A, Supreme Court

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

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

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

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

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

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

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

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

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

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

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

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

Tags : Delhi High Court , Income Tax Act, 1961

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

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

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

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

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

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

Gujarat HC: No Show Cause Notice Issued Along With Draft Assessment Order u/s 144B(04.04.2022)

Gujarat High has observed that the issuance of a show cause notice along with the draft assessment order is absolutely important before passing an ord.....

Tags : Gujarat High Court, draft assessment order, Section 144B of the Income Tax Act

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

ITAT, Ahmedabad: Payments to Medical Labs for Screening of Sickle Cell Anemia Subject to TDS(22.04.2022)

Income Tax Appellate Tribunal, Ahmedabad has held that under sections 194J and 194C of the Income Tax Act, 1961 is applicable to the payments made to .....

Tags : Income Tax Appellate Tribunal, Income Tax Act, sickle cell anemia, medical labs

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

ITAT: If TDS Statement filed on Time Contains Technical Errors, No Late Fee Can be Charged(11.05.2022)

Income Tax Appellate Tribunal, Ahmedabad has held that a late fee under section 234E of the Income Tax Act of 1961 cannot be imposed if a statement is.....

Tags : Income Tax Appellate Tribunal, section 234E, Income Tax Act

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

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

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

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

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

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

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

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

Tags : ITAT, CIT, Income Tax Act, 1961

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

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

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

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

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

Tags : ITAT, Income Tax Act, 1961, Reassessment

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

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

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

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

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

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

SC Strikes Down Section 10(26AAA) Income Tax Act as Unconstitutional(16.01.2023)

Supreme Court while striking down exemption provision under Section 10(26AAA) Income Tax Act as unconstitutional for excluding Sikkimese woman because.....

Tags : Supreme Court, Section 10(26AAA) Income Tax Act, Unconstitutional, Sikkimese woman

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)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

SC: No Penalty Under S.271C of IT Act for Mere Delay in Remittance of TDS(11.04.2023)

Supreme Court while observing that words used in Section 271C(1)(a) are ‘fails to deduct’, and the same doesn’t speak about belated remittance of TDS,.....

Tags : Supreme Court, TDS, Remittance, Income Tax Act

Pat. HC: Section 45(5A) of Income Tax Act cannot be Treated as Retrospective(17.05.2023)

Patna High Court has held that Section 45(5A) of Income Tax Act 1961 can’t be treated as retrospective, and stated that there is presumption against r.....

Tags : Patna High Court, Income Tax Act, Retrospective

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

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

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

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

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

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

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

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

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

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

Del. HC Upholds Validity of Section 115BBE of Income Tax Act(29.12.2023)

Delhi High Court while observing that Statutory Acts and their provisions are not to be declared unconstitutional on the fanciful theory that power wo.....

Tags : Delhi High Court, Constitutional Validity, Income Tax Act

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

Telangana HC: Scrutiny By IT Department Barred For The Period Covered By The Resolution Plan(28.01.2022)

Telangana High Court has observed that for the period covered by the Resolution Plan, Income Tax Department cannot carry out any scrutiny or assessmen.....

Tags : Income Tax Act, Insolvency and Bankruptcy Code, Corporate Debtor, Financial Creditor

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

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

Ker. HC: Assessment Order Quashed on Finding that Assessee Not Provided Effective Hearing(16.04.2024)

Ker. HC quashed an assessment order passed under the Income Tax Act, 1961, and held that since the assessee was not able to log in through link for vi.....

Tags : Kerala High Court, Assessment Order, Income Tax Act, 1961, Principles of Natural Justice

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