Vintage Car Sale Taxable as Capital Gain; Assessee Fails to Prove Personal Use: Bombay High Court
The Bombay High Court has held that the sale proceeds from a vintage Ford Tourer (1931 model) are liable to be taxed under the...
Section 87A Rebate on Short-Term Capital Gains Under New Tax Regime Allowed: ITAT
The Income Tax Appellate Tribunal (ITAT) Ahmedabad has allowed the rebate under Section 87A of the Income Tax Act on short-term capital gains under...
ITAT Pune Pulls Up CIT(A) for Skipping Legal Grounds, Remands Reassessment Dispute for Fresh Decision
The Income Tax Appellate Tribunal (ITAT), Pune Bench has set aside an order passed by the Commissioner of Income Tax (Appeals) /NFAC for failing...
Non-Payment Of Advocate’s Fee By Income Tax Dept. | Calcutta HC Dismisses Delayed Dept. Appeal
The Calcutta High Court has come down sharply on the Income Tax Department for failing to clear outstanding fee and expense bills of its...
Time-Barred Reassessment Notice in MCX Trading Case Quashed: Calcutta High Court
The Calcutta High Court has a reassessment notice issued under Section 148 of the Income Tax Act, 1961 in MCX trading case, was time-barred,...
Co-op Bank’s Interest on Surplus Funds Qualifies for S. 80P Tax Deduction: Calcutta HC
The Calcutta High Court has held that the interest earned by the West Bengal State Co-operative Agriculture & Rural Development Bank Ltd. on surplus...
Form No. 35 for CIT(A) Appeals : Filing Became More Detailed, Time-Consuming
The Income Tax Department has introduced significant changes to Form No. 35 — the online appeal form for filing cases before the Commissioner of...
Two Techies Face Prosecution for Repeated Bogus Tax Deduction Claims
The Income Tax Department in Hyderabad has launched prosecution proceedings against two city-based software professionals for allegedly attempting to evade taxes by repeatedly making...
Widow Entitled to TDS Credit on Deceased Husband’s Income: ITAT
The Income Tax Appellate Tribunal (ITAT) Kolkata Bench has directed that a widow be granted credit for tax deducted at source (TDS) in the...
Reassessment Without Valid S. 151 Sanction Signature Quashed: ITAT
The Income Tax Appellate Tribunal (ITAT) Mumbai has quashed multiple reassessment proceedings initiated against infrastructure major J Kumar Infraprojects Ltd for assessment years 2016–17...
Real Estate Trader Wins | ITAT Deletes Income Tax Addition On Unexplained Loan: ITAT
In a major relief for a Mumbai-based real estate trader, the Income Tax Appellate Tribunal (ITAT), Mumbai Bench has deleted an addition of Rs....
Income Tax Reopening Notice To House-Wife On Husband’s Property Purchase Quashed: Bombay HC
The Bombay High Court has quashed a reassessment notice issued by the Income Tax Department against income tax reopening notice to homemaker wife on...
Supreme Court Delivers Split Verdict on Income Tax Assessment Timelines Under DRP Process
The Supreme Court has issued a split verdict on whether the time spent in proceedings before the Dispute Resolution Panel (DRP) under Section 144C...
Income Tax Dept. Sends SMS Alerts to Non-Filers Ahead of September 15 Deadline
The Income Tax Department has begun dispatching SMS notifications to taxpayers who have not yet filed their Income Tax Returns (ITR). These messages are...
Supreme Court Split on Whether DRP Route Can Extend Assessment Deadlines
The Supreme Court has delivered a split verdict in the Shelf Drilling case concerning the interplay between Sections 144C and 153 of the Income-tax...
No Cross-Examination, No Statement, Yet Rs. 50 Lakh Income Tax Addition Upheld: ITAT Slams NFAC CIT(A) for Flouting Binding Directions
The Ahmedabad Bench of Income Tax Appellate Tribunal (ITAT) has come down heavily on the Commissioner of Income Tax (Appeals) , National Faceless Appeal...
Gujarat HC Quashes Reassessment Notices For AY 2013-14, 14-15 , 16-17, 17-18 Issued Beyond Surviving Time
The Gujarat High Court has quashed reassessment notices for Assessment Year (AY) 2013-14, 14-15 , 16-17, 17-18 issued beyond surviving time.The bench of Justice...
Reassessment Notices Under Old Income Tax Law Post-April 2021 Held Invalid for AY 2015–16: Gujarat High Court
The Gujarat High Court has quashed over a hundred reassessment notices issued by the Income Tax Department for the Assessment Year 2015–16, citing them...
30% Tax Rate Applies on Deemed Income for FY 2016–17, Not 60%: ITAT
The Income Tax Appellate Tribunal (ITAT), Delhi Bench has dismissed an appeal filed by the Income Tax Department against Eurospa Terrytowels Pvt. Ltd. for...
Bombay High Court Quashes ITAT Order in Skyway Case Over Missing DIN; Directs Fresh Hearing
The Bombay High Court has set aside the Income Tax Appellate Tribunal’s (ITAT) common order in a batch of 16 appeals filed by Skyway...
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