Search results for: Income tax Act

The claim of deduction u/s 80 IA of the Income Tax Act, 1961 expressing that the same is not available for the individuals encountered in performing work contracts has been rejected by the Mumbai bench of the Income Tax Appellate Tribunal (ITAT). To claim deduction u/s 80IA of the Income Tax Act is the only […]

The Kerala High Court ruled that the land in question was utilized for agricultural purposes, which yielded agricultural income, which in turn was exempt from income tax u/s 10(1) of the IT (Income Tax) Act. No material produced by the petitioner is there that suggests that the loan amount claimed during the assessment year in […]

The taxpayer is not anticipated to keep the e-portal of the department open all the time to know about what the department is supposed to be doing, Punjab and Haryana High Court ruled. The bench of Justice Sanjeev Prakash Sharma and Justice Sudeepti Sharma noted that before any action is carried out, a communication of […]

Under the Income Tax Act, 1961 the Kerala High Court asked to stay proceedings till the passing of the final order of appeal. Under the Income Tax Act, the applicant already filed an appeal against the revision order. The petitioner’s assessment, Pallathukadavil Ibrahimkutty Abdul Kabeer was completed for the year 2018-19 by order on 15.03.2021. […]

While accepting that the income discovered to be belonging to the taxpayer’s wife in scrutiny assessment was duly offered to tax, the Rajkot ITAT condemned the I-T Department from taking the opposite opinion and taxing it in the hands of the assessee according to the foundation that his wife was not functioning any business. The […]

India’s Finance Minister, Smt. Nirmala Sitharaman has presented distinct new income tax rule modifications in the budget 2023. There will be certain significant modifications with the start of the new fiscal year (FY 2024-25). From April 1, 2024, such revisions shall be implemented. From April 1, 2024, the corresponding changes, will add new regulations or […]

The assessment order is been cancelled by the Mumbai bench of the Income Tax Appellate Tribunal (ITAT) without recording valid satisfaction before issuing notice under Section 153C of the Income Tax Act, 1961. When a search was performed by the council the taxpayer Dilip B Patel was not searched. But an investigation was performed on […]

The Chennai ITAT said that receipt of sale consideration of a massive amount of Rs. 1.60 Crores in cash, which is, in breach of the provisions of section 269SS (this section restricts cash receipts over & above twenty thousand) of the Income-tax Act, rightly merits the imposition of penalty under section 271D. The Bench of […]