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The New Delhi bench of the Income Tax Appellate Tribunal (ITAT) carried that unless there is proof to show that the obligation has ceased to exist, no addition under section 41(1) of the Income Tax Act is there and therefore, deleted the addition made by Assessing Officer (AO). A petition has been filed by Shashi […]
The Allahabad High Court has ruled that the chance of a personal hearing is obligatory u/s 144B(6)(vii) and (viii) of the Income Tax Act, 1961 when SCN is issued for why assessment may not be completed as proposed. The Court ruled that once the taxpayer asks for a chance of a personal hearing, it becomes […]
Overview For the matter of Bawa Float Glass Ltd Vs DCIT, the Income Tax Appellate Tribunal (ITAT) Delhi addressed the legal approval granted issue under section 153D of the Income Tax Act lacking a Document Identification Number (DIN). The taxpayer challenged the absence of DIN directing to the important decision via the tribunal. In-depth Examination […]
The Kolkata bench of the Income Tax Appellate Tribunal (ITAT) has noted that income derived from educational activities is eligible for exemption under section 10(23C)(vi) of the IT (Income Tax) Act, 1961. The Durgapur Society of Management Science, a registered educational entity under Section 10(23C)(vi) of the Act, underwent scrutiny for the Assessment Year 2018-19 […]
In a legal development, the Income Tax Assessment Order, citing violations of Section 144B of the Income Tax Act was invalidated by the Gujarat High Court. The applicant is an individual taxpayer primarily aimed for the following reliefs: The individual seeking the writ had asserted consistent filing of income tax returns and underwent income assessments […]
No assessments could be made under section 143 or 144 of the Income Tax Act post 12 months from the finish of the pertinent assessment year, the Chandigarh bench of the Income Tax Appellate Tribunal (ITAT) observed. The taxpayer company reported a taxable income of Rs. 8,59,050/- in 2012, later assessed at Rs. 12,13,510/ in […]
Under section 40 (3) of the Income Tax Act, 1961 the Kerala High Court kept the addition in the absence of the material proof. The order of the Income Tax Appellate Tribunal, Cochin Bench is been contested by the applicant PV Thomas. The appellant who is a dealer in the used car has filed an […]
The re-assessment without the issuance of notice under Section 143(2) of the Income Tax Act 1961 was void, Hyderabad Bench of Income Tax Appellate Tribunal (ITAT) ruled. Gonuguntla Nirmala Devi, an individual taxpayer, submitted her tax return for the 2012-13 assessment year on March 30, 2014, disclosing her income. The tax authorities initially processed her […]
At the time of furnishing the essential clarifications for the assessments that are conducted under the Income Tax Act 1961, the Patna High Court said that these assessments should not be arbitrary and must laid on the material proof found at the time of investigation. The division bench of Chief Justice K Vinod Chandran and […]
