https://taxguru.in/income-tax/exemption-u-s-54-denied-non-compliance-54-2.html Clipped from: https://taxguru.in/income-tax/exemption-u-s-54-denied-non-compliance-54-2.html Smt. Maninder Kartik Vs DCIT (ITAT Delhi) In the case of Smt. Maninder Kartik vs. DCIT, heard at the Income Tax Appellate
Category: Income Tax Cases
👍👍👍👍👍👍👍Wealthy individuals get I-T summons over non-resident status – The Hindu BusinessLine
https://www.thehindubusinessline.com/news/wealthy-individuals-get-i-t-summons-on-non-resident-status/article67325213.ece Clipped from: https://www.thehindubusinessline.com/news/wealthy-individuals-get-i-t-summons-on-non-resident-status/article67325213.ece Income-tax summons based on information linking Indians with offshore trusts, corporate entities, bank accounts Wealthy individuals are receiving summons from the investigation
Request of 10-days Adjournment to file SCN Response not Considered by Income Tax Dept: Delhi HC sets aside Assessment Order
Clipped from: https://www.taxscan.in/request-of-10-days-adjournment-to-file-scn-response-not-considered-by-income-tax-dept-delhi-hc-sets-aside-assessment-order/320653/ Top Stories The Delhi High Court invalidated the assessment order made by the Income Tax authorities, neglecting the request to postpone the response
Date of Dispatch of Assessment order Beyond the Limitation Period Prescribed u/s 153(1) of Income Tax Act : ITAT Quashes Assessment Order
Clipped from: https://www.taxscan.in/date-of-dispatch-of-assessment-order-beyond-the-limitation-period-prescribed-u-s-1531-of-income-tax-act-itat-quashes-assessment-order-read-order/321338/?utm_source=izooto&utm_medium=push_notifications&utm_campaign=%20Date%20of%20Dispatch%20of%20Assessment%20order%20Beyond%20the%20Limitation%20Period%20Prescribed%20u/s%20153(1)%20of%20Income%20Tax%20Act%20:%20ITAT%20Quashes%20Assessment%20Order Top Stories By Ipsita Das – On September 15, 2023 4:00 pm – 3 mins read The Delhi Bench of Income Tax Appellate Tribunal (ITAT) held that the assessment order, though
Interest incurred for acquisition of clear title of property allowable as cost of acquisition
https://taxguru.in/income-tax/interest-incurred-acquisition-clear-title-property-allowable-cost-acquisition.html Clipped from: https://taxguru.in/income-tax/interest-incurred-acquisition-clear-title-property-allowable-cost-acquisition.html DCIT Vs Simplex Realty Limited (ITAT Mumbai) ITAT Mumbai held that interest cost incurred towards acquisition of the clear title of the
Tax Query: Available Exemptions on LTCG and Final Tax Liability – The Hindu BusinessLine
https://www.thehindubusinessline.com/portfolio/personal-finance/tax-query-available-exemptions-on-ltcg-and-final-tax-liability/article67255250.ece Clipped from: https://www.thehindubusinessline.com/portfolio/personal-finance/tax-query-available-exemptions-on-ltcg-and-final-tax-liability/article67255250.ece Under the new tax regime, the limit of ₹7 lakh shall be calculated without allowing deductions under Chapter VIA and certain other
👍👍👍👍👍👍👍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
🙏🙏🙏🙏🙏Interest earned by co-operative society on investment with co-operative bank deductible u/s 80P(2)(d)
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
👍👍👍👍👍👍👍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 Top Stories The Ahmedabad bench of the Income Tax Appellate Tribunal (ITAT) held that the gift received from the mother shall not be termed as
👍👍👍👍👍👍👍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/ Top Stories The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) has set aside the revision order holding that the revision order passed without recording
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 Top Stories The Delhi High Court has held that reassessment proceedings commenced after 3 years are time-barred and given leeway to file a
👍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 Top Stories 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
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/ Top Stories 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
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/ Top Stories 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
👍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
