Income Derived From Transfer Of Capital Asset Was Not Taxable Within Provisions Of Section 9(1)(I)(A) Of Income Tax Act: ITAT
Khushi J. Prajapati
The Income Tax Appellate Tribunal (ITAT), Delhi held that the income derived from the transfer of a capital asset was not taxable...
Income Tax Reassessment Can Be Initiated On Financial Transactions Liable To Be Taxed Having Escaped Assessment & Not Otherwise: Delhi High Court
Author: Khushi J. Prajapati
The Delhi High Court held that income tax reassessment can only be initiated if a financial transaction that is liable to...
Income Tax Reassessment Can’t Be Based On Allegations Of Delayed Digital Filling Of Form 10: Delhi High Court
Author: Khushi J. Prajapati
The Delhi High Court held that income tax reassessment proceedings cannot be initiated solely based on the allegation of delayed digital...
Himachal Pradesh High Court Stays Income Tax Reassessment Notice Not Issued In Faceless Manner
The Himachal Pradesh High Court stayed the Income Tax reassessment notice not issued in faceless manner.
The bench viewed that the notice, issued under Section...
CBDT Not Empowered Extending Cut-Off Date To Make Section 245C Application: Bombay High Court
The Bombay High Court ruled that CBDT is not empowered for extending the cut-off date to make section 245C applications.
The court observed that in...
ONUS ON ASSESSEE TO PROVE IDENTITY OF CREDITORS AND THEIR CAPACITY TO ADVANCE MONEY GENUINENESS OF TRANSACTION: CHHATTISGARH HIGH COURT
Author: Khushi J Prajapati
The Chhattisgarh High Court ruled that the burden of proof rests on the assessee to demonstrate the identity of the creditors,...
ITAT Quashes Income Tax Reassessment Against Hyundai For Being Time Barred
The Income Tax Appellate Tribunal, Chennai, quashed the income tax reassessment against Hyundai for being time barred.
The bench noted that the notice u/s 148...
New TDS Section 194T: 10% TDS Applicable On TDS On Salary, Remuneration, Interest, Bonus Or Commission Of Partners
As of right now, the partnership business is not allowed to deduct tax at source (TDS) from the salary, compensation, interest, bonus, or commission...
Reassessment Notice Issued By JAO Is Invalid: Bombay High Court
The Bombay High Court ruled that reassessment notice issued by JAO is invalid.
The bench said that it is now well settled that for a...
Fresh Registration Of Charitable Trusts Could Be Granted Only From Year Of Preferring Application: ITAT
The Income Tax Appellate Tribunal, Delhi, ruled that fresh registration of charitable trusts could be granted only from the year of preferring application.
The tribunal...
ITAT Deletes Income Tax Addition Sold Based On Statements Recorded Without Corroborative Evidence Of Unaccounted Sales
The Income Tax Appellate Tribunal, Delhi, deleted the income tax addition sold based on the statements recorded without corroborative evidence of unaccounted sales.
The bench...
CBDT Specifying Circumstances For Enquiries/Verification Functions
The Central Board of Direct Taxes has issued order under proviso to Section 144B(5) of the Income Tax Act specifying the circumstances for purposes...
Loan Repayment Supports The Genuineness Of Transactions; ITAT Deletes Income Tax Addition
Author: Khushi J Prajapati
The Income Tax Appellate Tribunal (ITAT) Ahmedabad upheld the decision of the Commissioner of Income Tax (Appeals) which deleted the additions...
Income Tax Deduction Allowable On Interest Income Earned From Deposits With Co-operative Banks: ITAT
The Income Tax Appellate Tribunal Ahmedabad ruled that the Income Tax deduction is allowable on interest income earned from deposits with Co-operative banks.
The bench...
AO Yet To Frame Assessment, Writ Court Should Not Interfere At Premature Stage: Punjab And Haryana High Court
The Punjab and Haryana High Court has held that where the proceedings have not even been concluded by the statutory authority, the writ court...
PROCEEDINGS IMPOSING PENALTY ON CONTRAVENTION OF PENAL PROVISIONS ARE QUASI-CRIMINAL ONUS ON DEPT. TO GIVE CATEGORICAL FINDING: ITAT
Author: Khushi J Prajapati
The Income Tax Appellate Tribunal, New Delhi affirmed that proceedings related to the imposition of penalties for contraventions of penal provisions...
NO ASSESSMENT PROCEEDINGS PENDING AS OF SEARCH DATE: ITAT UPHOLDS DELETION OF INCOME TAX ADDITION TOWARDS UNEXPLAINED EXPENDITURES
The Income Tax Appellate Tribunal (ITAT) upheld the deletion of income tax addition concerning unexplained expenditure for M/s. Radha Madhav Developers.
The Tribunal found that...
Building Association Can Claim Expenditure Against Interest Income: ITAT
The Income Tax Appellate Tribunal, Ahmedabad held that the building association can claim expenditure against interest income.
The bench found that objectives of the association...
Wilful Concealment Of Income: Calcutta High Court Uphold Prosecution
The Calcutta High Court Upheld the Prosecution against assessee.
The bench said that Sri Bachchraj Bamalwa and other family members misguided the Income Tax Department...
Nature Of Trading Business Can’t Be Foundation To Conclude Principal-Agent Relationship Under Indo-Japan Tax Treaty: ITAT
The Income Tax Appellate Tribunal Delhi, observed that the nature of trading business can't be the foundation to conclude principal-agent relationship under Indo-Japan Tax...
Category