Category: Income Tax Cases

Clipped from: https://taxguru.in/income-tax/completion-assessment-based-notices-served-e-mail-address-dissolved-firm-unsustainable.html P.A. Logistics Vs The Additional (Kerala High Court) Kerala High Court held that completion of the assessment on the basis of best judgment

Clipped from: https://taxguru.in/income-tax/hc-quashes-reassessment-order-passed-considering-objections-assessee.html Kailash Kedia Vs ITO (Orissa High Court) Learned counsel for the Petitioners have also assailed both the notice under Section 148-A(1)(b) of the

Clipped from: https://taxguru.in/income-tax/income-tax-addition-based-doubt-suspicion-sustainable.html Narender Kumar Vs ITO (ITAT Delhi) Undisputedly, in course of assessment proceeding, the assessee had explained the source of cash deposits in the

Clipped from: https://www.taxscan.in/statutory-benefit-of-capital-gain-exemption-cannot-be-denied-for-mere-inclusion-of-wifes-name-on-purchase-of-new-property-delhi-hc-quashes-re-assessment/210147/ Income Tax By Rasheela Basheer – On October 6, 2022 4:40 pm In a significant ruling, a division bench of the Delhi High Court has held

Clipped from: https://www.taxscan.in/itat-orders-re-examination-on-applicability-of-tds-u-s-195-of-income-tax-act-on-payment-made-to-non-residents/240542/?utm_source=izooto&utm_medium=push_notifications&utm_campaign=ITAT%20orders Top Stories By Kalyani B Nair – On December 30, 2022 1:26 pm The Chennai Bench of the Income Tax Appellate Tribunal (ITAT), ordered re-examination on applicability of TDS under

Clipped from: https://www.taxscan.in/payment-of-rs-22-lakh-in-cash-to-wholesale-dealer-attracts-disallowance-u-s-40a3-itat/240288/?utm_source=izooto&utm_medium=push_notifications&utm_campaign=Payment%20of%20Rs.%2022%20Lakh%20in%20Cash%20to%20Wholesale%20Dealer%20attracts%20Disallowance%20u/s%2040A(3):%20ITAT Top Stories By Navasree A M – On December 30, 2022 12:06 pm The Chennai Bench of Income Tax Appellate Tribunal ( ITAT ) disallowed the tax deduction on grounds

Clipped from: https://www.taxscan.in/use-of-building-by-assessee-trust-without-consideration-is-not-unexplained-investment-itat/240190/?utm_source=izooto&utm_medium=push_notifications&utm_campaign=Use%20of%20Building%20by%20Assessee-Trust%20without%20consideration%20is%20not%20Unexplained%20Investment:%20ITAT Top Stories By Kalyani B Nair – On December 30, 2022 12:15 pm The Kolkata Bench of the Income Tax Appellate Tribunal ( ITAT ), ruled that use of building

Clipped from: https://taxguru.in/income-tax/capital-gains-transfer-residential-house-property-section-54-exemption.html Introduction A person who has sold his old house and from the sale proceeds he has purchased another house. In this case the

lipped from: https://taxguru.in/income-tax/addition-unexplained-cash-credit-unsustainable-absence-rejection-books-accounts.html Rahul Cold Storage Vs ITO (ITAT Raipur) ITAT Raipur held that addition u/s 68 as unexplained cash credit unsustainable as AO has not

Clipped from: https://taxguru.in/income-tax/loss-writing-inventory-disallowed-absence-evidence.html Gem Spinners India Limited Vs ACIT (ITAT Chennai) ITAT Chennai held that disallowed the claim of loss on account of written off inventory

Clipped from: https://www.taxscan.in/depreciation-can-be-allowed-on-factual-aspects-under-cbdt-instruction-even-if-the-value-is-not-recorded-in-books-of-account-itat/239080/?utm_source=izooto&utm_medium=push_notifications&utm_campaign=Depreciation%20can%20be%20allowed%20on%20Factual%20aspects%20under%20CBDT%20Instruction,%20even%20If%20the%20Value%20is%20not%20Recorded%20in%20Books%20of%20Account:%20ITAT Top Stories By Yogitha S. Yogesh – On December 27, 2022 7:02 pm The Amritsar bench of the Income Tax Appellate Tribunal ( ITAT ) has held that depreciation can

Clipped from: https://taxguru.in/income-tax/hc-quashed-section-148-notice-ay-2013-14-issued-six-years.html Nutan Bhusan Jena Vs PCIT (Orissa High Court) In the present case, the notice under Section 148 of the Act pertaining to the

lipped from: https://taxguru.in/income-tax/reassessment-notice-issued-following-section-148a-provision-invalid.html Nambiar Balakrishnan Narendran Vs ITO (Kerala High Court) The petitioner has approached this Court being aggrieved by the fact that proceedings were taken

Clipped from: https://taxguru.in/goods-and-service-tax/ex-parte-order-violation-principle-natural-justice-liable-quashed.html Order passed by Assessing Authority being ex-parte and in violation of principle of natural justice liable to be quashed The Hon’ble Patna High

Clipped from: https://www.taxscan.in/income-derived-from-training-fee-and-related-course-material-not-entitled-to-deduction-u-s-10b-itat/238317/?utm_source=izooto&utm_medium=push_notifications&utm_campaign=Income%20derived Top Stories By Yogitha S. Yogesh – On December 26, 2022 1:07 pm In a recent ruling, the Chennai bench of the Income Tax Appellate Tribunal (ITAT) has

Clipped from: https://www.taxscan.in/brokerage-not-part-of-income-unless-received-itat-deletes-income-tax-addition/237366/?utm_source=izooto&utm_medium=push_notifications&utm_campaign=Brokerage%20not Top Stories By Fathima Karama AM – On December 25, 2022 10:08 am The Delhi bench of the Income Tax Appellate Tribunal ( ITAT ) has deleted the addition holding

lipped from: https://www.thehindubusinessline.com/portfolio/personal-finance/tax-query-what-is-the-tax-implication-for-income-from-dealing-in-options/article66292708.ece Income earned through options is taxable under the head Profit or Gains of Business or Profession I trade in options only and not