Read More: https://www.taxscan.in/central-govt-brings-transactions-by-ca-cs-and-cwa-for-clients-under-the-radar-of-pmla-act/274649/ Clipped from: https://www.taxscan.in/central-govt-brings-transactions-by-ca-cs-and-cwa-for-clients-under-the-radar-of-pmla-act/274649/?utm_source=izooto&utm_medium=push_notifications&utm_campaign=Central%20Govt%20brings%20Transactions%20by%20CA,%20CS%20and%20CWA%20for%20Clients%20under%20the%20Radar%20of%20PMLA%20Act Top Stories The Central Government, through a recent Gazette notification has notified that the financial transactions carried out Chartered Accountants, Company
Category: Income Tax Cases
Advance Amount Forfeited on Cancellation of Sale Agreement is Deductible from the Cost of Acquisition: ITAT
Read More: https://www.taxscan.in/advance-amount-forfeited-on-cancellation-of-sale-agreement-is-deductible-from-the-cost-of-acquisition-itat/274676/ Clipped from: https://www.taxscan.in/advance-amount-forfeited-on-cancellation-of-sale-agreement-is-deductible-from-the-cost-of-acquisition-itat/274676/?utm_source=izooto&utm_medium=push_notifications&utm_campaign=Advance%20Amount%20Forfeited%20on%20Cancellation%20of%20Sale%20Agreement%20is%20Deductible%20from%20the%20Cost%20of%20Acquisition:%20ITAT Top Stories The Income Tax Appellate Tribunal (ITAT), Delhi Bench, has recently, in an appeal filed before it, held that advance amount forfeited on
Supreme Court upholds quashing of Income Tax Assessment Proceedings initiated u/s 153C for Lack of Incriminating Evidence
Clipped from: https://www.taxscan.in/supreme-court-upholds-quashing-of-income-tax-assessment-proceedings-initiated-u-s-153c-for-lack-of-incriminating-evidence/274750/?utm_source=izooto&utm_medium=push_notifications&utm_campaign=Supreme%20Court%20upholds%20quashing%20of%20Income%20Tax%20Assessment%20Proceedings%20initiated%20u/s%20153C%20for%20Lack%20of%20Incriminating%20Evidence Top Stories The Supreme Court has recently upheld the quashing of reassessment proceedings by the jurisdictional High Court and dismissed a bunch of
👍Purchase of Furniture, AC to Make New House Habitable Eligible for Capital Gain Deduction: ITAT
Clipped from: https://www.taxscan.in/purchase-of-furniture-ac-to-make-new-house-habitable-eligible-for-capital-gain-deduction-itat/274719/?utm_source=izooto&utm_medium=push_notifications&utm_campaign=Purchase%20of%20Furniture,%20AC%20to%20Make%20New%20House%20Habitable%20Eligible%20for%20Capital%20Gain%20Deduction:%20ITAT Top Stories The Chennai Bench of the Income Tax Appellate Tribunal (ITAT), recently observed that the purchase of Furniture, Air Conditioner to make new house habitable is
👍👍👍👍👍Bogus Purchases Bills without actual delivery of goods: ITAT directs AO to charge 6.5% Gross Profit Rate
Read More: https://www.taxscan.in/bogus-purchases-bills-without-actual-delivery-of-goods-itat-directs-ao-to-charge-6-5-gross-profit-rate/273701/ Clipped from: https://www.taxscan.in/bogus-purchases-bills-without-actual-delivery-of-goods-itat-directs-ao-to-charge-6-5-gross-profit-rate/273701/?utm_source=izooto&utm_medium=push_notifications&utm_campaign=Bogus%20Purchases%20Bills%20without Top Stories The Mumbai bench of Income Tax Appellate Tribunal (ITAT) directed the Assessing Officer (AO) to charge 6.5% Gross Profit
🙏🙏🙏🙏🙏🙏🙏No Depreciation on Goodwill from F.Y. 2020-21 – Advisory, Tax and Regulatory Compliance in India, Singapore and USA
Clipped from: https://taxmantra.com/no-depreciation-on-goodwill-from-f-y-2020-21/ Alert- Adjustment required in F.Y. 2020-21 if depreciation on goodwill claimed in F.Y. 2019-20 Income Tax Act, 1961 (Act) provides depreciation on ‘block
👍Failure to Establish Sufficient Cause for not Filling Appeals
Clipped from: https://www.taxscan.in/failure-to-establish-sufficient-cause-for-not-filling-appeals-within-the-prescribed-period-of-limitation-itat-upholds-dismissal-of-appeals/273072/ Top Stories Failure to Establish Sufficient Cause for not Filling Appeals within the Prescribed Period of Limitation: ITAT upholds Dismissal of Appeals [Read
👍AO shall Conduct Independent Investigation without relying on Third Party Statements and Facts: ITAT upholds Deletion of Additions u/s 68
Clipped from: https://www.taxscan.in/ao-shall-conduct-independent-investigation-without-relying-on-third-party-statements-and-facts-itat-upholds-deletion-of-additions-u-s-68/273139/ Top Stories AO shall Conduct Independent Investigation without relying on Third Party Statements and Facts: ITAT upholds Deletion of Additions u/s 68 [Read
👍Forfeiture of Earnest Money is Expenditure: ITAT deletes Disallowance
lipped from: https://www.taxscan.in/forfeiture-of-earnest-money-is-expenditure-itat-deletes-disallowance/272866/?utm_source=izooto&utm_medium=push_notifications&utm_campaign=Forfeiture%20of%20Earnest%20Money%20is%20Expenditure:%20ITAT%20deletes%20Disallowance Top Stories The Kolkata bench of the Income Tax Appellate Tribunal (ITAT) has held thatthe forfeiture of earnest money from OMDC is an expenditure and deleted the
👍👍👍👍👍Reassessment beyond four years is invalid if no failure to disclosure by Assessee during original assessment
Clipped from: https://taxguru.in/income-tax/reassessment-years-invalid-failure-disclosure-assessee-original-assessment.html S. Ramamirtham Vs ITO (ITAT Chennai) It is an admitted fact that the original assessment has been completed u/s. 143(3) of the Act
👍👍👍👍👍Depreciation on goodwill cannot be rejected merely because performance didn’t match projection
Clipped from: https://taxguru.in/income-tax/depreciation-goodwill-rejected-performance-didnt-match-projection.html DCIT Vs Global Fairs & Media Pvt Ltd. (ITAT Delhi) ITAT Delhi held that depreciation on goodwill cannot be rejected merely because performance
👍👍👍👍👍👍👍Denying cross examination of witnesses and non-supplying of records renders proceeding untenable
Clipped from: https://taxguru.in/excise-duty/denying-cross-examination-witnesses-non-supplying-records-renders-proceeding-untenable.html Gopi Biri Factory Vs Commissioner of CGST & Excise, Siliguri (CESTAT Kolkata) CESTAT Kolkata held that denial of cross examination of witnesses and
👍👍👍👍👍👍👍Notice u/s 148 of Income Tax Act lacks record
Clipped from: https://www.taxscan.in/notice-u-s-148-of-income-tax-act-lacks-record-of-reasons-to-believe-for-initiating-proceedings-itat-quashes-re-assessment-order/272837/ Top Stories According to the counsel, it is a prerequisite that reasons to believe recorded by the AO for initiating the proceedings under
👍👍👍Issuance of Notice under Section 148 without Approval of Higher Authorities: ITAT quashes Assessment Order
Clipped from: https://www.taxscan.in/issuance-of-notice-under-section-148-without-approval-of-higher-authorities-itat-quashes-assessment-order/272958/?utm_source=izooto&utm_medium=push_notifications&utm_campaign=Issuance%20of%20Notice%20under%20Section%20148%20without%20Approval%20of%20Higher%20Authorities:%20ITAT%20quashes%20Assessment%20Order Top Stories The Income Tax Appellate Tribunal (ITAT), Delhi Bench, has recently, in an appeal filed before it, on finding about the issuance
👍No TDS Default on Interest Payments, if Form 15G/15H Submitted by Assessee before Year-end: ITAT
Read More: https://www.taxscan.in/no-tds-default-on-interest-payments-if-form-15g-15h-submitted-by-assessee-before-year-end-itat/272400/ Clipped from: https://www.taxscan.in/no-tds-default-on-interest-payments-if-form-15g-15h-submitted-by-assessee-before-year-end-itat/272400/ Top Stories The Income Tax Appellate Tribunal (ITAT), Chennai Bench, has recently, in an appeal filed before it, held that no TDS default can
👍👍👍👍👍👍👍Compensation paid by builder during redevelopment of flats is capital receipt
lipped from: https://taxguru.in/income-tax/compensation-paid-builder-redevelopment-flats-capital-receipt.html Ajay Parasmal Kothari Vs ITO (ITAT Mumbai) ITAT Mumbai held that compensation paid by the builder for facing hardship during redevelopment of flats
👍👍👍👍👍👍👍Delay condone period due to covid 👍plus👌 Dept Appeal Below Tax Effect of Rs. 50 Lakhs: ITAT dismisses Appeal as per CBDT Circular
Read More: https://www.taxscan.in/dept-appeal-below-tax-effect-of-rs-50-lakhs-itat-dismisses-appeal-as-per-cbdt-circular/272444/ Clipped from: https://www.taxscan.in/dept-appeal-below-tax-effect-of-rs-50-lakhs-itat-dismisses-appeal-as-per-cbdt-circular/272444/?utm_source=izooto&utm_medium=push_notifications&utm_campaign=Dept%20Appeal%20Below%20Tax%20Effect%20of%20Rs.%2050%20Lakhs:%20ITAT%20dismisses%20Appeal%20as%20per%20CBDT%20Circular Top Stories The Income Tax Appellate Tribunal (ITAT), Kolkata Bench, has recently, in an appeal filed before it, on finding the same to be
👍No TDS Default on Interest Payments, if Form 15G/15H Submitted by Assessee before Year-end: ITAT
Clipped from: https://www.taxscan.in/no-tds-default-on-interest-payments-if-form-15g-15h-submitted-by-assessee-before-year-end-itat/272400/?utm_source=izooto&utm_medium=push_notifications&utm_campaign=No%20TDS%20Default%20on%20Interest%20Payments,%20if%20Form%2015G/15H%20Submitted%20by%20Assessee%20before%20Year-end:%20ITAT Top Stories The Income Tax Appellate Tribunal (ITAT), Chennai Bench, has recently, in an appeal filed before it, held that no TDS default can me imposed
👍👍👍👍👍Claim of Deduction u/s 80P of Income Tax Act is Conditional on filing Return within Due Date: Kerala HC
Claim of Deduction u/s 80P of Income Tax Act is Conditional on filing Return within Due Date: Kerala HC https://www.taxscan.in/claim-of-deduction-u-s-80p-of-income-tax-act-is-conditional-on-filing-return-within-due-date-kerala-hc/272064/ The Kerala High Court has
👍👍👍ITAT restore matter to AO as matter was not properly argued before AO for bonafide reasons
Clipped from: https://taxguru.in/income-tax/itat-restore-matter-ao-matter-properly-argued-ao-bonafide-reasons.html Kishoresinh Hemantsinh Chudasama Pipali Vs DCIT (ITAT Ahmedabad) Undisputedly, before the ld. CIT(A), none-appeared on behalf of the assessee and the appeal was
