Direct Tax
S. 68 Addition Not Justified When Alleged Bogus Loan Is Repaid: ITAT
The Ahmedabad Bench of Income Tax Appellate Tribunal (ITAT) has held that the addition under Section 68 of the Income Tax Act is not justified when an alleged bogus...
Direct Tax
Mandatory Use of Algorithm-Based Allocation In Faceless Income Tax Assessments: Rajasthan HC Quashes Reassessment Notice Issued by Jurisdictional AO
The Rajasthan High Court, Jaipur Bench quashed the reassessment notice issued by Jurisdictional AO and held that there must be mandatory use of algorithm-based...
Direct Tax
Improvement Trust Activities Are Charitable, Registration Can’t Be Cancelled: Punjab & Haryana High Court
The Punjab & Haryana High Court has dismissed five appeals filed by the Income Tax Department and upheld the Income Tax Appellate Tribunal’s (ITAT)...
Direct Tax
WhatsApp Chat Has No Evidentiary Value Without Corroborative Evidence: ITAT
The Income Tax Appellate Tribunal (ITAT) Mumbai’s Bench while ruling on the evidentiary value of digital communications like WhatsApp chats in tax proceedings, dismissed...
Direct Tax
Foreign Tax Credit Allowed Despite Nil Indian Tax Liability: ITAT
The Income Tax Appellate Tribunal (ITAT), Delhi Bench, has allowed Canon India full credit of taxes paid in Japan, even though the company had...
Direct Tax
Taxmann Publication Misprint: Bombay HC Condones 509-Day Delay, Says Error in “Renowned” Bare Act Can’t Penalise Assessee
The Bombay High Court has condoned the delay of 509 Days after Taxmann Publications’s misprint misleads trust, citing that error in “Renowned Bare Act”...
Direct Tax
Whether Issuance of Bonus Shares Is Taxable Income? Supreme Court to Examine
The Supreme Court has agreed to hear a significant tax issue that could have wide implications for companies and shareholders nationwide—whether the issuance of...
Direct Tax
Andhra Pradesh High Court Refuses to Condone 800-Day Delay in Income Tax Appeal: Here’s Why?
The Andhra Pradesh High Court has dismissed a petition seeking condonation of an 800-day delay in filing an appeal against an Income Tax Appellate...
Direct Tax
Income Tax Dept Failed To Give Effect To ITAT’s Order: Delhi HC Directs Rs. 36.85 Lakh Refund with 3% Interest
The Delhi High Court has ordered the Income Tax Department to refund Rs. 36,85,243 to the assessee, along with statutory interest under Section 244(1A)...
Direct Tax
PCIT’s Can Invoke S. 263 Despite Capital Gains Issue Pending Before CIT(A): ITAT
The Income Tax Appellate Tribunal (ITAT), Delhi Bench has upheld the exercise of revisionary jurisdiction by the Principal Commissioner of Income Tax (PCIT) under...
Direct Tax
Possession Of Gold Within These CBDT Limits: ITAT Deletes Addition on Gold Jewellery Belonging to Assessee’s Wife and Mother
The Income Tax Appellate Tribunal (ITAT), Mumbai Bench, has held that ornaments belonging to an assessee’s wife and mother, when within reasonable limits, cannot...