Search Results for Tag : Income-tax Act
Notifications & Circulars
Guidelines under clause (10D) section 10 of the Income-Tax Act, 1961(19.01.2022)
1. Clause (10D) of section 10 of the Income-tax Act, 1961 (the Act) provides for income-tax exemption on the sum received under a life insurance polic.....
Tags : Guidelines, Clause, Income-Tax Act
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News
ITAT: Revisional Jurisdiction Can be Invoked for Lack of Enquiry by Assessing Officer(06.06.2022)
Income Tax Appellate Tribunal (ITAT), Mumbai bench has held that lack of enquiry by the assessing officer invokes the jurisdiction of Principle Commis.....
Tags : ITAT, Assessing Officer, Income-Tax Act
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ITAT: Section 147 of IT Act is not an Alternative to Section 263 of IT Act(06.06.2022)
Income Tax Appellate Tribunal (ITAT), Delhi bench while quashing Assessment Order under Section 147 of Income-Tax Act, 1961 without Jurisdiction has h.....
Tags : ITAT, Income-Tax Act, 1961, Alternative
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ITAT: Payment Made by Mobile Service Provider for Roaming Can’t be Considered as Technical Service(06.06.2022)
Income Tax Appellate Tribunal (ITAT), New Delhi, has held that payment made by a one mobile service provider to another for roaming cannot be consider.....
Tags : ITAT, Income-Tax Act, 1961. Roaming, Technical Service
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ITAT: Income Tax on Both Owner and GPA Holder on Same Income Amounts to Double Taxation(07.06.2022)
Income Tax Appellate Tribunal (ITAT), Visakhapatnam has held that levy of Income-tax on both landowner and GPA holder for the same income amounts to d.....
Tags : ITAT, Income-Tax Act, Double Taxation
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ITAT: Belated Payment to PF/ESI Before Due Date for Filing Return is Deductable U/S 43B of IT Act(07.06.2022)
Income Tax Appellate Tribunal (ITAT), Allahabad has held that the belated payment of employee contribution to Provident Fund (PF)/Employees State Insu.....
Tags : ITAT, Income-Tax Act, PF/ESI
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ITAT Disallows IT Deduction U/S 80IA as Income From Eligible Unit Not Shown in Gross Total Income(08.06.2022)
Income Tax Appellate Tribunal (ITAT), Cuttack bench has disallowed deduction under Section 80IA of Income-Tax Act, 1961 since income from eligible uni.....
Tags : ITAT, Income-Tax Act, Deduction
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ITAT: Non-Issue of Proper Show Cause Notice Can be Fatal to Proceedings Under Income Tax Act(13.06.2022)
Income Tax Appellate Tribunal (ITAT), Ahmedabad bench has held that non-issue of proper show-cause notice can be fatal to the proceedings under the In.....
Tags : ITAT, Income-Tax Act, Show Cause Notice
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Rajasthan HC: Citizenship Can’t be Determined Based on Definition of ‘Resident’ Under IT Act(16.06.2022)
Rajasthan High Court has held that the definition of the term ‘resident’ under the Income Tax (IT) Act, 1961 is designed for including persons in the .....
Tags : Rajasthan High Court, Citizenship, Income-Tax Act
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ITAT: Short Term Capital cannot be carried forward as it has not been claimed through a Return filed(21.06.2022)
Income Tax Appellate Tribunal (ITAT), Mumbai Bench has held that short term capital cannot be carried forward as it has not been claimed through a ret.....
Tags : ITAT, Short Term Capital, Income-Tax Act
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CBDT Issues Guidelines on 1% TDS on Virtual Digital Assets from 1st July(23.06.2022)
Central Board of Direct Taxes (CBDT) has issued guidelines to levy one percent TDS on the virtual digital assets under Section 194S of the Income Tax .....
Tags : CBDT, Virtual Digital Assets, Income-Tax Act
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ITAT: Proprietary Concern Not Required to Obtain Separate PAN(07.07.2022)
Income Tax Appellate Tribunal (ITAT), Ahmedabad Bench has held that proprietary concern is not required to obtain a separate Permanent Account Number .....
Tags : ITAT, Permanent Account Number, Income-Tax Act
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Delhi HC: Explanation to Section 14A of Income Tax Act Will Not Apply Retrospectively(25.07.2022)
Delhi High Court has held that the Explanation to Section 14A of the Income Tax Act, 1961, added vide the Finance Act, 2022, cannot be presumed to be .....
Tags : Delhi High Court, Income-Tax Act, Retrospective
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Bom. HC: Writing Off Bad Debt Can’t be Considered as Asset u/s 153A(1) of IT Act(07.09.2023)
Bombay High Court has held that writing-off of a bad debt cannot fall within the ambit of “income, represented in the form of an asset” under Section .....
Tags : Bombay High Court, Bad Debt, Asset, Income-Tax Act
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Delhi HC: Amendment to Section 36(1)(va) of Income Tax Act is Prospective in Nature(10.08.2022)
Delhi High Court has held that amendment to Section 36(1)(va) of Income-Tax Act, 1961, vide the Finance Act, 2021, is 'for removal of doubts' and henc.....
Tags : Delhi High Court, Income-Tax Act, Prospective
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Bom. HC: Assessee Cannot be Permitted to Raise Defect in Notice After 30 Years(15.01.2024)
Bombay HC has held that even assuming that there was a defect in the notice, the assessee cannot be permitted to raise the same after 30 years as it h.....
Tags : Bombay High Court, Income-tax Act, Defect
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Raj HC: No Penalty on Assessee u/s 270A IT Act, Once Deduction Claim for Education Cess is Withdrawn(05.01.2024)
Rajasthan High Court has held that no penalty shall be imposed on the Assessee under Section 270A of Income-Tax Act, 1961, once the deduction claim fo.....
Tags : Rajasthan High Court, Education Cess, Deduction Claim, Income-Tax Act
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Kerala HC: Can’t Condone Delay in Approaching Revision Authority Under Income Tax Act(19.06.2024)
Kerala High Court while upholding the order of Single Bench, has held that delay in approaching revision authority under the Income-Tax Act, 1961 cann.....
Tags : Kerala High Court, Revision Authority, Income-Tax Act
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ITAT: Refund of Sewage Tax Constitute ‘Business Income’(23.05.2022)
Income Tax Appellate Tribunal (ITAT), Mumbai bench has held that the refund of sewage tax would be assessed as business income as the same was earlier.....
Tags : ITAT, Sewage Tax, Income-Tax Act, 1961
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ITAT: Product Development Expenditure is ‘Revenue’ in Nature(23.05.2022)
Income Tax Appellate Tribunal (ITAT), Pune bench has held that the expenditure incurred on testing and validation of the products is revenue in nature.....
Tags : ITAT, Income-Tax Act, 1961, Product Development Expenditure, Revenue
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ITAT: Investments Converted into Stock-in-Trade Can Avail Exemption U/S 10(38)(23.05.2022)
Income Tax Appellate Tribunal (ITAT), Pune has held that investment converted into stock in trade can avail exemption u/s 10(38) of Income Tax Act 196.....
Tags : ITAT, Income-Tax Act, 1961, Stock Trade, Investment
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Meghalaya HC: Order Can’t be Passed U/s 148A(d) Without Taking Into account the Assessee’s Reply(23.05.2022)
Meghalaya High Court has held that no order can be passed under Section 148A(d) of the Income Tax Act, 1961, without taking into consideration reply f.....
Tags : Meghalaya High Court, Assessee, Income-Tax Act, 1961
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Meghalaya HC Quashes Re-Assessment on Ground of Non-consideration of Objection Filed by Assessee(24.05.2022)
Meghalaya High Court has quashed a re-assessment under Section 148(d) of the Income Tax Act, 1961 on the ground that the same was passed without consi.....
Tags : Meghalaya High Court, Re-Assessment, Income-Tax Act, 1961
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CBDT Notifies Special Courts for Trial of Offences Under Income Tax Act 1961(29.06.2022)
Central Board of Direct Taxes (CBDT) has notified Special Courts for Trial of Offences under the Income Tax Act, 1961 in Dehradun.
Tags : Central Board of Direct Taxes, Special Court, Income-Tax Act
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ITAT: Multiple Flats on Different Floors Cannot be Treated as Single Residential House(29.06.2022)
Income Tax Appellate Tribunal (ITAT), Cuttack Bench has held that the multiple flats in different floors of the same building cannot be treated as a s.....
Tags : ITAT, Capital Gain Exemption, Income-Tax Act
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ITAT: 3rd Party Statement alone not Incriminating Material for justifying Addition in Assessment(30.06.2022)
Income Tax Appellate Tribunal (ITAT), Jaipur bench has held that third party statement alone, not incriminating material for justifying addition made .....
Tags : ITAT, Incriminating Material, Income-Tax Act
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ITAT: TDS Not Applicable to Commission to Credit Card Company Under Section 194H of IT Act(09.06.2022)
Income Tax Appellate Tribunal (ITAT), Delhi bench has held that TDS under Section 194H of the Income-Tax (IT) Act, 1961 is not applicable to the amoun.....
Tags : ITAT, Income-Tax Act, Credit Card
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ITAT: Provision Mandating Furnishing of PAN With E-TDS has Overriding Effect(10.06.2022)
Income Tax Appellate Tribunal (ITAT), Visakhapatnam bench has held that the provision mandating furnishing of PAN with E-TDS has an overriding effect .....
Tags : ITAT, Income-Tax Act, PAN
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ITAT: No Late Fee U/S 234E of IT Act Can be Levied for Default Committed After 2015 Amendment(10.06.2022)
Income Tax Appellate Tribunal (ITAT), Pune bench has held that late fees u/s 234E can’t be levied for the default committed after the insertion of Sec.....
Tags : ITAT, Income-Tax Act, Finance Act
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Bombay HC: Loss On Trading in Derivatives of Securities Not A Speculative Loss(19.05.2022)
Bombay High Court has ruled that transactions in respect of trading in derivatives carried out in a recognized stock exchange are excluded from the de.....
Tags : Income-Tax Act, Bombay High Court, ITAT, Finance Act
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Non-Compliance of S. 148A Notice: Rajasthan HC asks Income Tax Dept to Follow SC Judgment(19.05.2022)
Rajasthan High Court has directed the income tax department to proceed with the notices quashed earlier under Section 148A of Income-Tax Act, 1961, in.....
Tags : Supreme Court, Rajasthan High Court, Section 148A Income-Tax Act 1961, Finance Act
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ITAT: Centralized Processing Centre has No Jurisdiction of Adjustment U/S 143(1)(23.05.2022)
Income Tax Appellate Tribunal (ITAT), Mumbai bench has held that the Centralized Processing Centre has no jurisdiction to exercise the power under sec.....
Tags : ITAT, Centralized Processing Centre, Income-Tax Act, Assessee
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P&H HC: 7 Days Period to File Reply of Notice Served Through E-Filing Portal is ‘Unreasonably Short’(23.05.2022)
Punjab & Haryana High Court has held that the period of 7 days, granted to file the reply of the Notice issued under Section 148A of the Income Tax Ac.....
Tags : Punjab and Haryana High Court, Section 148-A, Income-Tax Act, Natural Justice
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