Direct Tax
Gift From Brother-in-Law is Exempted U/s 56 Of Income Tax Act: ITAT
The Kolkata Bench of Income Tax Appellate Tribunal (ITAT) has held that a gift received by an individual from his brother-in-law qualifies as a...
Direct Tax
Reopening of Assessment Beyond 4 Years Invalid U/s 153A: ITAT
The Delhi Bench of Income Tax Appellate Tribunal (ITAT) held that the reopening of assessment under Section 153A of the Income Tax Act, 1961,...
Direct Tax
Payments for IT, Non-IT Support Services Not Taxable as FTS under India-UK DTAA: ITAT
The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) has held that payments received by a UK-based group entity for IT support services...
Direct Tax
Disallowance Of Expenditure Doesn’t Constitute “Income Represented In The Form Of An Asset: ITAT
The Delhi Bench of Income Tax Appellate Tribunal (ITAT) has held that disallowance of expenditure does not constitute “income represented in the form of...
Direct Tax
Time Limit For Filing Correction Statements (TDS Or TCS) Reduced To 2 Years [READ TRACES PORTAL ADVISORY]
As per the Advisory of the TRACES portal the time limit for filing correction statements (TDS/TCS) has been reduced to 2 years.
In other words,...
Direct Tax
Relief to PVR: ITAT Confirms Entertainment Tax Subsidy as Capital Receipt
In a major relief to PVR Ltd., the Income Tax Appellate Tribunal (ITAT), Delhi Bench has confirmed entertainment tax subsidy as capital receipt.
The bench...
Direct Tax
Income Tax Dept. Uncovers Rs. 5,500 Crore Fake Political Donations Racket
In a massive crackdown, the Income Tax Department has unearthed a Rs. 5,500 crore fake political donations racket involving 36 shell political parties and...
Direct Tax
Relief To Hyundai: Under Faceless Assessment Regime, Limitation Period to Run From Date of Uploading DRP Order on ITBA Portal: Delhi HC
The Delhi High Court while giving major relief to Hyundai held that under Faceless Assessment Regime, limitation period to run from date of uploading...