Interest Received On Damages Is A ‘Revenue Receipt’, Income Tax Payable: ITAT
The Delhi Bench of Income Tax Appellate Tribunal (ITAT) has held that income tax is payable on interest received on damages.The bench of Sudhir...
Requirement Of KYC Does Not Qualify As ‘Information’ For Income Tax Reassessment: Bombay High Court
The Bombay High Court, Goa Bench has held that the requirement of KYC does not qualify as ‘information’ for income tax reassessment under section...
Income Tax Appeal Filed On Behalf Of Company Whose Name Is Struck Off Is Maintainable: ITAT
The Delhi bench of Income Tax Appellate Tribunal (ITAT) has held that income tax appeal filed on behalf of a company whose name is...
Income Tax Disallowance Can’t Be Made For Non-Submission Of Flat Buyer’s PAN Details: Delhi ITAT
The Delhi Bench of Income Tax Appellate Tribunal (ITAT) has held that the income tax disallowance cannot be made for non-submission of flat buyer’s...
Direct Tax Quick Weekly Flashback: 1 To 7 September, 2024
Supreme Court2023 Amendment In Section 80dd Of Income Tax Act Regarding ‘jeevan Aadhar’ Policies Can’t Be Made Retrospectively Applicable: Supreme CourtCase Title: Ravi Agrawal...
ITAT Quick Weekly Flashback: 1 To 7 September, 2024
Failure To Disclose Closure Of Business To Income Tax Dept. Amounts To Deliberate Malicious Act Of Concealment: ITATCase Title: Real Cargo Mumbai Versus ITOThe...
Exigibility Of Tax On Royalty Payments Is Still Pending Before Supreme Court; Madhya Pradesh High Court Permits Dept. To Proceed With SCN
The Madhya Pradesh High court, Jabalpur Bench, while hearing the writ petitions stated that the issue with regard to exigibility of tax on royalty...
Income Tax Deduction Allowable On Expenditure Incurred On Brokerage Recovery From Builder: ITAT
The Mumbai Bench of Income Tax appellate Tribunal (ITAT) has held that income tax deduction is allowable on expenditure incurred on brokerage recovery from...
AO Failed To Investigate Instances Of Funds Misappropriation; ITAT Upholds Revision Challenging Income Tax Exemption
The Ahmedabad Bench of Income Tax Appellate Tribunal (ITAT) has upheld the revision challenging income tax exemption on the grounds that the Assessing Officer...
Identity, Creditworthiness, Genuineness Of Transaction By Shareholder Proved; ITAT Deletes Income Tax Addition
The Delhi Bench of Income Tax Appellate Tribunal (ITAT) has held that the assessees have filed the document to prove the identity, creditworthiness and...
Fiscally Transparent Partnership Liable To Tax Under India-US Tax Treaty, Income Tax Dept. Fell In Error: ITAT
The Delhi Bench of Income Tax Appellate Tribunal (ITAT) has held that an exclusion provision can only exclude something if it was included at...
DTAA Benefit Can’t Be Denied Without Finding Assessee’s Residence: Delhi ITAT
The Delhi Bench of Income Tax Appellate Tribunal (ITAT) has held that the benefit of Double Taxation Avoidance Agreement (DTAA) cannot be denied without...
PCIT To Apply Mind Before Sanctioning Income Tax Reassessment: Bombay High Court
The Bombay High Court has held that the Principal Commissioner of Income Tax (PCIT) must applymind before sanctioning income tax reassessment.The bench of Justice...
Income Tax Reassessment Proceedings Of Central Charges, International Taxation Charges To Be Held In Faceless Manner: Bombay High Court
The Bombay High Court has held that in respect of central charges and international taxation charges, the reassessment proceedings under Section 148A read with...
Kerala High Court Uphold Constitutional Validity Of Provision Mandating FIFO/Weighted Average Cost Method Of Computation For Assessees Under ‘Profits and Gains of Business And...
The Kerala High Court has upheld the constitutional validity of Section 145A of the Income Tax Act mandating First In First Out (FIFO)/weighted average...
2023 AMENDMENT IN SECTION 80DD OF INCOME TAX ACT REGARDING ‘JEEVAN AADHAR’ POLICIES CAN’T BE MADE RETROSPECTIVELY APPLICABLE: SUPREME COURT
The Supreme Court has dismissed the writ petitions seeking retrospective effect to the 2023 amendment into 80DD of the Income Tax Act regarding the...
Power Conferred Upon Income Tax Assessing Authority Is Statutory In Character, Can’t Be Taken Away By CBDT Order: Jammu & Kashmir And Ladakh High...
The Jammu & Kashmir And Ladakh High Court has held that the power conferred upon the Assessing Authority under Section 143(2) of the Income...
Failure To Disclose Closure Of Business To Income Tax Dept. Amounts To Deliberate Malicious Act Of Concealment: ITAT
The Ahmedabad Bench of Income Tax Appellate Tribunal (ITAT) has held that the failure to disclose closure of business to income tax department amounts...
Income Tax Assessment Orders Issued Without Draft Assessment Orders: Delhi High Court Quashes Orders Against Microsoft, Sumitomo, AT Kearney India
The Delhi High Court has quashed the income tax assessment orders issued against MNCs including Microsoft, Sumitomo and AT Kearney India on the ground...
DTVSV Act Intents Closure Of All Tax Disputes: Delhi High Court Quashes SCN & Demand Orders
The Delhi High Court while quasing the show cause notice and the income tax demand order held that the legislative intentions behind Direct Tax...
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