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Category: Income Tax Cases
Section 69A not Applicable if Assessee Provides Plausible Explanation for Jewellery Source
https://taxguru.in/income-tax/section-69a-applicable-assessee-provides-plausible-explanation-jewellery-source.html Clipped from: https://taxguru.in/income-tax/section-69a-applicable-assessee-provides-plausible-explanation-jewellery-source.html Jayashri Shrikant Deshmukh Vs ACIT (ITAT Pune) Introduction: In a significant ruling by the Income Tax Appellate Tribunal (ITAT) Pune, in the
Material Found from Premises of Third Parties cannot be Utilized against Assessee for making Assessment u/s 143(3) r.w.s. 153A of IT Act :ITAT
Read More: https://www.taxscan.in/material-found-from-premises-of-third-parties-cannot-be-utilized-against-assessee-for-making-assessment-u-s-1433-r-w-s-153a-of-it-act-itat/286567/ Material Found from Premises of Third Parties cannot be utilized against assessee for making Assessment u/s 143(3) r.w.s. 153A of IT Act :ITAT
Reassessment merely based on information received from investigation wing is bad in law
Read more at: https://taxguru.in/income-tax/reassessment-based-information-received-investigation-wing-bad-law.htmlCopyright © Taxguru.in https://taxguru.in/income-tax/reassessment-based-information-received-investigation-wing-bad-law.html Clipped from: https://taxguru.in/income-tax/reassessment-based-information-received-investigation-wing-bad-law.html AmritBrakewell Products Vs ITO (ITAT Delhi) ITAT Delhi held that reopening of assessment proceedings merely on the
Expenses Incurred for Gifts to Customers by Company during Festivals Allowable u/s 37 of Income Tax Act: ITAT
Read More: https://www.taxscan.in/expenses-incurred-for-gifts-to-customers-by-company-during-festivals-allowable-u-s-37-of-income-tax-act-itat/282294/ Clipped from: https://www.taxscan.in/expenses-incurred-for-gifts-to-customers-by-company-during-festivals-allowable-u-s-37-of-income-tax-act-itat/282294/ Top Stories The Delhi Bench of Income Tax Appellate Tribunal (ITAT) has held that the expenses incurred for gifts to customers by company during festivals
👍👍👍👍👍👍👍Claiming Section 80G Deduction: A Guide to Include it in Your ITR Filing
Read More: https://www.taxscan.in/claiming-section-80g-deduction-a-guide-to-include-it-in-your-itr-filing/282017/ Clipped from: https://www.taxscan.in/claiming-section-80g-deduction-a-guide-to-include-it-in-your-itr-filing/282017/ News Updates The Income Tax Act of 1961 includes the rules and regulations that govern the Indian taxation system. This Act
👍👍👍👍👍👍👍Case Digest: Capital gain on Property
Case Digest: Capital gain on Property https://www.taxscan.in/case-digest-capital-gain-on-property-part-1/282450/ Profits or gains arising from the transfer of an immovable property, held as a capital asset, are taxed
CENVAT Credit on invoice issued by unregistered dealer allowed as receipt of goods not disputed
https://taxguru.in/excise-duty/cenvat-credit-invoice-issued-unregistered-dealer-allowed-receipt-goods-disputed.html Clipped from: https://taxguru.in/excise-duty/cenvat-credit-invoice-issued-unregistered-dealer-allowed-receipt-goods-disputed.html Marco Blowers (India) Pvt Ltd Vs Assistant Commissioner, Central Excise (CESTAT Kolkata) CESTAT Kolkata held that it was not correct to disallow
Addition of loan Amount as Outstanding Balance without Proper Evidence and Documents: ITAT directs AO to Re-adjudicate
Clipped from: https://www.taxscan.in/addition-of-loan-amount-as-outstanding-balance-without-proper-evidence-and-documents-itat-directs-ao-to-re-adjudicate-read-order/281886/ Top Stories The New Delhi Bench of the Income Tax Appellate Tribunal (ITAT) has directed the Assessing Officer to re-adjudicate the case regarding the addition of a
Violation of principles of natural justice – ITAT restores matter back to AO
https://taxguru.in/income-tax/violation-principles-natural-justice-itat-restores-matter-back-ao.html Clipped from: https://taxguru.in/income-tax/violation-principles-natural-justice-itat-restores-matter-back-ao.html Bashir Ahmad Sofi Nowhatta Vs ITO (ITAT Amritsar) Admittedly, the lower authorities have passed orders ex parte qua the assessee in violation of principles
Income earned by NRI outside India exempted even if paid into NRE Account in India: ITAT
Clipped from: https://www.taxscan.in/income-earned-by-nri-outside-india-exempted-even-if-paid-into-nre-account-in-india-itat/281670/?utm_source=izooto&utm_medium=push_notifications&utm_campaign=Income%20earned%20by%20NRI%20outside%20India%20exempted%20even%20if%20paid%20into%20NRE%20Account%20in%20India:%20ITAT Top Stories The Income Tax Appellate Tribunal (ITAT), Ahmedabad bench has held that the income earned by a Non-Resident Indian outside India is exempted from
No Cogent and Satisfactory Explanation u/s 5 of Limitation Act: ITAT Refuses to Condone Delay of 781 Days
Read More: https://www.taxscan.in/no-cogent-and-satisfactory-explanation-u-s-5-of-limitation-act-itat-refuses-to-condone-delay-of-781-days/280769/ Top Stories The Amritsar Bench of Income Tax Appellate Tribunal (ITAT) has refused to condone a delay of 781 days holding that cogent and satisfactory explanation were
Failure to file Audit Report through a Qualified CA: ITAT upholds Penalty u/s 271B of Income Tax Act
Clipped from: https://www.taxscan.in/failure-to-file-audit-report-through-a-qualified-ca-itat-upholds-penalty-u-s-271b-of-income-tax-act/281279/ Top Stories The Pune Bench of the Income Tax Appellate Tribunal (ITAT) has recently upheld a penalty under Section 271B of the Income Tax Act, 1961 as
👍Power of Reopening Assessment is a Power, which is to be Sparingly used for Adequate Reasons: Calcutta HC quashes Assessment Order on Failure to Comply Natural Justice Principles
Clipped from: https://www.taxscan.in/power-of-reopening-assessment-is-a-power-which-is-to-be-sparingly-used-for-adequate-reasons-calcutta-hc-quashes-assessment-order-on-failure-to-comply-natural-justice-principles/281264/ Top Stories Quashing the assessment order on failure to comply natural justice principles the Calcutta High Court remarked that the power of reopening
Income Tax; Income from gift to wife is clubbed in husband’s income
Clipped from: https://www.financialexpress.com/money/your-queries-income-tax-income-from-gift-to-wife-is-clubbed-in-husbands-income/3095440/ Income tax return needs to be filed if the gross total income exceeds the basic exemption limit, which is Rs 5 lakh for
Tax relief on builder-paid rent in redevelopment projects
Read more at:https://economictimes.indiatimes.com/wealth/tax/tax-relief-on-builder-paid-rent-in-redevelopment-projects/articleshow/99811533.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst Clipped from: https://economictimes.indiatimes.com/wealth/tax/tax-relief-on-builder-paid-rent-in-redevelopment-projects/articleshow/99811533.cms Synopsis The Income-Tax Appellate Tribunal’s (ITAT) Mumbai bench recently held that the rental compensation received from a builder due to
Notice u/s 148A(b) received on Date of Reassessment: Delhi HC directs Re Adjudication
Read More: https://www.taxscan.in/notice-u-s-148ab-received-on-date-of-reassessment-delhi-hc-directs-re-adjudication/278877/ Clipped from: https://www.taxscan.in/notice-u-s-148ab-received-on-date-of-reassessment-delhi-hc-directs-re-adjudication/278877/ Top Stories The Delhi High Court directed re-adjudication since the notice under section 148A(b) of the Income Tax Act, 1961 was
ITAT quashes Assessment Order framed u/s 143(3) of Income Tax Act in Name of Non-Existent Entity
Read More: https://www.taxscan.in/itat-quashes-assessment-order-framed-u-s-1433-of-income-tax-act-in-name-of-non-existent-entity/278645/ Clipped from: https://www.taxscan.in/itat-quashes-assessment-order-framed-u-s-1433-of-income-tax-act-in-name-of-non-existent-entity/278645/ Top Stories By Aparna. M – On May 18, 2023 9:30 am – 2 mins read The Income Tax Appellate Tribunal (ITAT) of Ahmedabad bench quashed the assessment order
Addition of sales reversal entry as unexplained expenditure is unjustified
Read more at: https://taxguru.in/income-tax/addition-sales-reversal-entry-unexplained-expenditure-unjustified.htmlCopyright © Taxguru.in Clipped from: https://taxguru.in/income-tax/addition-sales-reversal-entry-unexplained-expenditure-unjustified.html Chotanagpur Petroleum Agency Vs PCIT (ITAT Kolkata) ITAT Kolkata held that addition of sales reversal entry alleging the
