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Delhi ITAT strikes down reassessment based purely on Investigation Wing reports, emphasizing the need for independent verification in tax proceedings
The Hon'ble Income Tax Appellate Tribunal Delhi in Shobhit Gupta v. ACIT [2024] TA Nos. 2626 & 2627 (DEL.) OF 2022 held that reopening...
Dec 1, 2024
Mere Penny Stock Trading Not Ground for Reopening Assessment Without Evidence
The Hon'ble High Court of Delhi in Harsh Vardhan Bansal v. Assistant Commissioner of Income Tax [D.B. Civil Writ Petition No. 11921 of...
Nov 13, 2024
ITAT Bangalore deletes penalty for cash transactions in property sale
The Hon'ble Income Tax Appellate Tribunal, Bangalore in Laxmilal Badolla vs. The NFAC, Delhi & The Income Tax Officer (ITA...
Sep 10, 2024
Tax Officer Faces One-Week Jail for Ignoring High Court Order on Tax Demand Withdrawal
The Hon'ble Allahabad High Court in Prashant Chandra v. DHarish Gidwani Deputy Commissioner Of Income-tax Range 2, Contempt Application...
Aug 18, 2024
ITAT rules high sea sales aren't speculative transactions. Allows set-off of losses against interest income. | High sea sales tax treatment
ITAT rules high sea sales in edible oil trading not speculative under Section 43(5), allowing set-off of losses against interest income. Foc
Jul 11, 2024
ITAT Grants Section 54 Relief: Agreement to Sell Sufficient, Registered Deed Not Mandatory 🏠📄| Section 54 exemption on agreement to sell
ITAT allows Section 54 exemption on property sale based on agreement to sell, even without registered sale deed. Landmark ruling eases tax b
Jun 25, 2024
Delhi High Court has held that the Income Tax Department cannot reopen tax assessments after a period of 4 years without any new tangible evidence
The Hon'ble High Court of Delhi in Principal Commissioner of Income-tax v. Samsung India Electronics (P.) Ltd. [ IT APPEAL NO. 1445 OF...
Jun 19, 2024
Income Tax Reassessment Court Allows Reopening Based on Information of Bogus Purchaser
The Hon'ble High Court of Allahabad in Rahul Sachan v. Income-tax Officer [WRIT TAX NO. 799 OF 2024 MAY 15, 2024] held that where a...
May 25, 2024
High Court held that an assessment order passed under Sections 153A & 143(3) after obtaining approval under Section 153D cannot be revised under Section 263
The Hon'ble High Court of Madhya Pradesh in [Principal Commissioner of Income-tax v. Prakhar Developers (P.) Ltd.IT APPEAL NO. 182 OF...
May 5, 2024
HC dismisses writ petition challenging assessment order, directs assessee to avail statutory remedy in case of disputed facts regarding bank account & transactions
The Hon'ble High Court of Madras in [Rakesh Beniyal v. Income-tax Officer (Assessment) (W.P. No. 8865 of 2024 dated April 2, 2024] held...
Apr 29, 2024
Share Broker's Commission Income, Not Sale Value of Shares, is Turnover for Tax Audit Requirement: Income Tax Tribunal
The Hon'ble Income Tax Appellate Tribunal, Rajkot Bench in Parag Hashmukhbhai Davda v. Income-tax Officer [IT APPEAL NO. 118 (RJT) OF...
Apr 11, 2024
Income Tax Tribunal Upholds Disallowance of Deduction for Bogus Donations u/s 35(1)(ii)
The Hon'ble Income Tax Appellate Tribunal, Ahmedabad Bench in C K Zipper (P.) Ltd. v. ACIT [IT APPEAL NO. 4 (AHD.) OF 2023 dated January...
Apr 9, 2024
Form 10BD & 10BE Required for Section 80G Deduction - How Donors can reduce taxable income ?
Until the financial year 2020-21, individuals were able to claim deductions for donations by providing donation receipts when filing...
Jun 19, 2023
Section 194-IB: Payment of Rent by Individuals Or HUF
Section 194-IB requires any person, being individual or HUF, other than that individual or HUF whose total sales, gross receipts, or...
Nov 3, 2022
Employers Have To Deposit Employees' Contribution Towards EPF/ESI To Avail Deduction u/s 36(1)(va)
The Supreme Court observed that employers have to deposit the employee's contribution towards EPF/ESI on or before the due date for...
Oct 29, 2022
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