Clipped from: https://www.taxscan.in/drawings-made-for-non-business-purposes-are-not-allowable-as-income-tax-deduction-itat/175739/?utm_source=izooto&utm_medium=push_notifications&utm_campaign=Deduction Top Stories By Taxscan Team – On May 18, 2022 12:50 pm The Visakhapatnam bench of the Income Tax Appellate Tribunal (ITAT) has held that drawings
Category: Income Tax Cases
*****Rental Income from Building cannot be treated as Business Income since Assessee is not Involved in Business of Leasing: ITAT–TAXSCAN
Clipped from: https://www.taxscan.in/rental-income-from-building-cannot-be-treated-as-business-income-since-assessee-is-not-involved-in-business-of-leasing-itat/175661/?utm_source=izooto&utm_medium=push_notifications&utm_campaign=Rental%20Income Top Stories By Rasheela Basheer – On May 18, 2022 1:53 pm The Income Tax Appellate Tribunal (ITAT), Vishakhapatnam bench has held that the rental income
*****Depreciation allowable on Goodwill: ITAT–TAXSCAN
lipped from: https://www.taxscan.in/depreciation-allowable-on-goodwill-itat/175818/?utm_source=izooto&utm_medium=push_notifications&utm_campaign=Goodwill Top Stories By Rasheela Basheer – On May 18, 2022 1:25 pm The Pune bench of the Income Tax Appellate Tribunal (ITAT) has held that the depreciation is
*Tax reassessment: Supreme Court sets aside HC orders, revives show-cause notices | The Financial Express
Clipped from: https://www.financialexpress.com/economy/tax-reassessment-supreme-court-sets-aside-hc-orders-revives-show-cause-notices/2513244/ The SC order would mean that the the change in law can’t be an alibi for taxpayers to escape the proceedings initiated via
*****Tax reassessment notices issued from April ’21 upheld by SC – The Economic Times
Clipped from: https://economictimes.indiatimes.com/news/economy/finance/tax-reassessment-notices-issued-from-april-21-upheld-by-sc/articleshow/91329762.cms Synopsis In the budget for FY22, the government had reduced this reopening period to three years with effect from April 1, 2021, to
*****Supreme Court holds income tax re-assessment order issued under Section 148 as valid – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/economy/supreme-court-holds-income-tax-re-assessment-order-issued-under-section-148-as-valid/article65380963.ece Earlier, the Allahabad, Delhi and Rajasthan High Courts had quashed the notices The Supreme Court on Wednesday ruled in favour of the Income
*****Reopening u/s 148 permissible in case of receipt of huge cash deposit vis-à-vis non-filing of ROI
Clipped from: https://taxguru.in/income-tax/reopening-u-s-148-permissible-case-receipt-huge-cash-deposit-vis-a-vis-non-filing-roi.html?utm_source=feedburner&utm_medium=email Vanditbhai Rajendrakumar Patel Vs ITO (ITAT Ahmedabad) Facts- The brief facts of the case were that as per AIR information, the Ld. Assessing Officer
*****Tax tribunal’s views differ in Thakkar ruling – The Economic Times
Clipped from: https://economictimes.indiatimes.com/news/india/tax-tribunals-views-differ-in-thakkar-ruling/articleshow/91220256.cms Synopsis The cases relate to South Mumbai residents, Dilip Thakkar, a reputed chartered accountant, and his wife Indira Thakkar whose father had set
*Can the Rent Paid to Parents or Spouses be Eligible for HRA Exemption under the Income Tax Act?-TAXSCAN
Read More: https://www.taxscan.in/can-the-rent-paid-to-parents-or-spouses-be-eligible-for-hra-exemption-under-the-income-tax-act/170707/ Clipped from: https://www.taxscan.in/can-the-rent-paid-to-parents-or-spouses-be-eligible-for-hra-exemption-under-the-income-tax-act/170707/?utm_source=izooto&utm_medium=push_notifications&utm_campaign=HRA Top Stories By Aleena Elizabeth – On April 26, 2022 8:48 pm Whether Paying Rent to Parents or Spouses to be considered a Tax
*Digital Data recovered during Search has Evidentiary Value, can be relied on to Make Addition: ITAT-TAXSCAN
Clipped from: https://www.taxscan.in/digital-data-recovered-during-search-has-evidentiary-value-can-be-relied-on-to-make-addition-itat/170723/?utm_source=izooto&utm_medium=push_notifications&utm_campaign=Digital%20Data Top Stories By Rasheela Basheer – On April 26, 2022 5:04 pm The Bangalore bench of the Income Tax Appellate Tribunal (ITAT) has held that the
*Delhi HC strikes down Explanation to CBDT Notifications for Re-Assessment after 31st March 2021, Quashes Notices-TAXSCAN
Clipped from: https://www.taxscan.in/delhi-hc-strikes-down-explanation-to-cbdt-notifications-for-re-assessment-after-31st-march-2021-quashes-notices/170882/?utm_source=izooto&utm_medium=push_notifications&utm_campaign=CBDT Top Stories By Taxscan Team – On April 27, 2022 10:22 am In a significant ruling, a division bench of the Delhi High Court comprising Mr. Justice
*Income Tax Law does not prohibitAssessing Officer to go beyond the Reasonsbased on which Re-Assessment Initiated: ITAT-TAXSCAN
Clipped from: https://www.taxscan.in/income-tax-law-does-not-prohibit-assessing-officer-to-go-beyond-the-reasons-based-on-which-re-assessment-initiated-itat/171029/?utm_source=izooto&utm_medium=push_notifications&utm_campaign=IT%20Law Top Stories By Rasheela Basheer – On April 27, 2022 8:30 pm The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has held that there is no
Delay of 1217 Days in filing Appeal due to Covid-19: ITAT imposes Cost of Rs. 25,000 to Condone Delay [Read Order]-TAXSCAN
Read More: https://www.taxscan.in/delay-of-1217-days-in-filing-appeal-due-to-covid-19-itat-imposes-cost-of-rs-25000-to-condone-delay/170947/ Clipped from: https://www.taxscan.in/delay-of-1217-days-in-filing-appeal-due-to-covid-19-itat-imposes-cost-of-rs-25000-to-condone-delay/170947/?utm_source=izooto&utm_medium=push_notifications&utm_campaign=Condone%20Delay Top Stories By Rasheela Basheer – On April 27, 2022 6:03 pm While condoning a delay of 1217 days in filing an income tax
*Remuneration to Partner out of Profit is not ‘Salary’, cannot be treated as ‘Expenditure’ for the purpose of S. 40A(3): ITAT–taxscan
clipped from: https://www.taxscan.in/remuneration-to-partner-out-of-profit-is-not-salary-cannot-be-treated-as-expenditure-for-the-purpose-of-s-40a3-itat/170368/?utm_source=izooto&utm_medium=push_notifications&utm_campaign=Salary Top Stories By Taxscan Team – On April 24, 2022 11:08 am The Income Tax Appellate Tribunal (ITAT), Mumbai bench has held that the remuneration paid
*Reassessment shall be Conducted by Same Officer or his Successor who Conducted Assessment: Gujarat HC quashes Reassessment Initiated by DRI [Read Order]
Read More: https://www.taxscan.in/reassessment-shall-be-conducted-by-same-officer-or-his-successor-who-conducted-assessment-gujarat-hc-quashes-reassessment-initiated-by-dri/170471/ Clipped from: https://www.taxscan.in/reassessment-shall-be-conducted-by-same-officer-or-his-successor-who-conducted-assessment-gujarat-hc-quashes-reassessment-initiated-by-dri/170471/?utm_source=izooto&utm_medium=push_notifications&utm_campaign=Reassessment Top Stories By Jwala K.P – On April 25, 2022 12:19 pm The Gujarat High Court has held that reassessment shall be conducted by
*Capital Gain Exemption allowable on Bonafide Expenses Incurred for making New House Habitable prior to Possession: ITAT
Clipped from: https://www.taxscan.in/capital-gain-exemption-allowable-on-bonafide-expenses-incurred-for-making-new-house-habitable-prior-to-possession-itat/170135/?utm_source=izooto&utm_medium=push_notifications&utm_campaign=CG Top Stories By Rasheela Basheer – On April 23, 2022 8:01 am The Income Tax Appellate Tribunal (ITAT), Ahmedabad has held that the capital gain exemption
Re-Assessment can be initiated on Disclosure of Bogus Purchase Bills: Chhattisgarh HC [Read Order]–TAXSCAN
Read More: https://www.taxscan.in/re-assessment-can-be-initiated-on-disclosure-of-bogus-purchase-bills-chhattisgarh-hc/169740/ Clipped from: https://www.taxscan.in/re-assessment-can-be-initiated-on-disclosure-of-bogus-purchase-bills-chhattisgarh-hc/169740/?utm_source=izooto&utm_medium=push_notifications&utm_campaign=Bogus%20Purchase%20Bills Top Stories By Taxscan Team – On April 22, 2022 2:36 pm The Chhattisgarh High Court has held that the reassessment proceedings by invoking
Higher Rate of Depreciation available to Vehicles let out on Hire Only If Assessee furnish Details: ITAT [Read Order]–TAXSCAN
Read More: https://www.taxscan.in/higher-rate-of-depreciation-available-to-vehicles-let-out-on-hire-only-if-assessee-furnish-details-itat/169772/ Clipped from: https://www.taxscan.in/higher-rate-of-depreciation-available-to-vehicles-let-out-on-hire-only-if-assessee-furnish-details-itat/169772/?utm_source=izooto&utm_medium=push_notifications&utm_campaign=Depreciation Top Stories By Rasheela Basheer – On April 22, 2022 12:14 pm The Ahmedabad bench of the ITAT has held that the assessee can
*No Document to Support the Allegation: CESTAT Directs to Restore the Customs Broker Licence [Read Order]–TAXSCAN
Read More: https://www.taxscan.in/no-document-to-support-the-allegation-cestat-directs-to-restore-the-customs-broker-licence/169938/ Clipped from: https://www.taxscan.in/no-document-to-support-the-allegation-cestat-directs-to-restore-the-customs-broker-licence/169938/?utm_source=izooto&utm_medium=push_notifications&utm_campaign=Document Top Stories By Jwala K.P – On April 22, 2022 1:37 pm The New Delhi Principal Bench of Customs, Excise & Service Tax Appellate
*Expenditure in the form of Commission to the Doctors is Prohibited by Law and not Entitled to Deduction u/s 37 (1): Calcutta HC–TAXSCAN
Clipped from: https://www.taxscan.in/expenditure-in-the-form-of-commission-to-the-doctors-is-prohibited-by-law-and-not-entitled-to-deduction-u-s-37-1-calcutta-hc/169945/?utm_source=izooto&utm_medium=push_notifications&utm_campaign=Commission%20to%20the%20Doctors Top Stories By Rasheela Basheer – On April 22, 2022 3:09 pm The Calcutta High Court has held that expenditure in the form of commission to
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