https://taxguru.in/income-tax/interest-earned-co-operative-society-investment-co-operative-bank-deductible-u-s-80p-2-d.html Clipped from: https://taxguru.in/income-tax/interest-earned-co-operative-society-investment-co-operative-bank-deductible-u-s-80p-2-d.html Totgars’ Co-operative Sale Society Ltd Vs ACIT (ITAT Bangalore) ITAT Bangalore held that the interest income earned by a cooperative society on
Category: Income Tax Cases
👍👍👍👍👍👍👍No Recording of Service of Notice: ITAT Sets Aside Revision Order
https://taxguru.in/income-tax/recording-service-notice-itat-sets-aside-revision-order.html Clipped from: https://taxguru.in/income-tax/recording-service-notice-itat-sets-aside-revision-order.html Citron Infraprojects Ltd. Vs PCIT (ITAT Mumbai) Introduction: In a recent judgment dated 27th July 2023, the Income Tax Appellate Tribunal (ITAT) Mumbai
Gift received from mother shall not be termed as Unexplained Cash Credits: ITAT deletes addition imposed u/s 68 of Income Tax Act
Read More: https://www.taxscan.in/gift-received-from-mother-shall-not-be-termed-as-unexplained-cash-credits-itat-deletes-addition-imposed-u-s-68-of-income-tax-act/317371/ Clipped from: https://www.taxscan.in/gift-received-from-mother-shall-not-be-termed-as-unexplained-cash-credits-itat-deletes-addition-imposed-u-s-68-of-income-tax-act/317371/?utm_source=izooto&utm_medium=push_notifications&utm_campaign=Gift%20received%20from%20mother%20shall%20not%20be%20termed%20as%20Unexplained%20Cash%20Credits:%20ITAT%20deletes%20addition%20imposed%20u/s%2068%20of%20Income%20Tax%20Act The Ahmedabad bench of the Income Tax Appellate Tribunal (ITAT) held that the gift received from the mother shall not be termed as unexplained cash
👍👍👍👍👍👍👍Section 24(b), 80C & 80D Deduction Can’t Be Denied for Not Claiming in ITR
https://taxguru.in/income-tax/section-24b-80c-80d-deduction-denied-claiming-in-itr.html Clipped from: https://taxguru.in/income-tax/section-24b-80c-80d-deduction-denied-claiming-in-itr.html Sandip Chattopadhyay Vs ITO (ITAT Kolkata) The case of Sandip Chattopadhyay vs. ITO came before the Income Tax Appellate Tribunal (ITAT) Kolkata,
Revision order Passed without Recording Whether Notice Issued is Served to Assessee or Not: ITAT Sets Aside Revision Order
Clipped from: https://www.taxscan.in/revision-order-passed-without-recording-whether-notice-issued-is-served-to-assessee-or-not-itat-sets-aside-revision-order/315934/ The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) has set aside the revision order holding that the revision order passed without recording whether notice
Reassessment Proceedings Commenced after 3 years are Time-Barred: Delhi HC
Clipped from: https://www.taxscan.in/reassessment-proceedings-commenced-after-3-years-are-time-barred-delhi-hc/315691/?utm_source=izooto&utm_medium=push_notifications&utm_campaign=Reassessment%20Proceedings%20Commenced%20after%203%20years%20are%20Time-Barred:%20Delhi%20HC The Delhi High Court has held that reassessment proceedings commenced after 3 years are time-barred and given leeway to file a Return Of
👍Consultant’s failure to comply with Notice of CIT-Exemptions won’t result in Non-registration of Trust u/s 12A of Income Tax Act: ITAT Condones delay of 671 days
Read More: https://www.taxscan.in/consultants-failure-to-comply-with-notice-of-cit-exemptions-wont-result-in-non-registration-of-trust-u-s-12a-of-income-tax-act-itat-condones-delay-of-671-days/314252/ Clipped from: https://www.taxscan.in/consultants-failure-to-comply-with-notice-of-cit-exemptions-wont-result-in-non-registration-of-trust-u-s-12a-of-income-tax-act-itat-condones-delay-of-671-days/314252/?utm_source=izooto&utm_medium=push_notifications&utm_campaign=Consultant%27s%20failure%20to%20comply%20with%20notice%20of%20CIT-Exemptions%20won%27t%20result%20in%20Non-registration%20of%20Trust%20u/s%2012A%20of%20Income%20Tax%20Act:%20ITAT%20Condones%20delay The Ahmedabad bench of the Income Tax Appellate Tribunal (ITAT) held that the consultant’s failure to comply with the notice of the Commissioner of Income Tax (CIT)
Flat purchase in wife’s name: Can you save tax on capital gains and rental income?
http://www.financialexpress.com/money/income-tax-flat-house-property-purchase-in-wifes-name-can-you-save-tax-on-capital-gains-and-rental-income-3224504/ Income Tax rules for property purchased in wife’s name: Tax liability arises when you sell a flat at a higher price or when you
Income Tax Dept has no power to scrutinize Sales Tax Return accepted by Commercial Tax Department :ITAT deletes addition
Clipped from: https://www.taxscan.in/income-tax-dept-has-no-power-to-scrutinize-sales-tax-return-accepted-by-commercial-tax-department-itat-deletes-addition/314127/ By Aparna. M – On August 23, 2023 8:00 am – 2 mins read The Income Tax Appellate Tribunal (ITAT) Chennai bench held that the Income Tax Department had no power
AO is Duty Bound to Specify the Defects in Books of Account before Rejection u/s 145(3) of Income Tax Act: ITAT Deletes Income Tax Addition
Clipped from: https://www.taxscan.in/ao-is-duty-bound-to-specify-the-defects-in-books-of-account-before-rejection-u-s-1453-of-income-tax-act-itat-deletes-income-tax-addition/314721/ By Ipsita Das – On August 24, 2023 1:00 pm – 3 mins read The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) held that Assessing Officer (AO) is duty bound
👍Income shall be determined on Net Profit even though Society is not Registered u/s 12A of Income Tax Act: ITAT allows Deduction of Expenditure
Read More: https://www.taxscan.in/income-shall-be-determined-on-net-profit-even-though-society-is-not-registered-u-s-12a-of-income-tax-act-itat-allows-deduction-of-expenditure/311220/ The Kolkata bench of the Income Tax Appellate Tribunal (ITAT) allowed deduction of expenditure and held that the income shall be determined on net profit even though
No section 148 Notice can be Issued before expiry of Period For Issuing Section 143(2) Notice
Assessee’s Valid Claims Shouldn’t Suffer Due to Ignorance/Mistake: ITAT Chennai
Matter remanded for fresh re-consideration as cross-examination of key witnesses not allowed
Issuance of notice u/s. 148 by Income Tax Office having no jurisdiction is void
Matter remanded for fresh re-consideration as cross-examination of key witnesses not allowed
Reopening Unjustified: No Link Between Available Material & Belief of Escaped Income
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