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Income Tax Appellate Tribunal (ITAT), Bangalore in a case where the appeal of the taxpayer was permitted by considering the Medical Certificate as adequate evidence for condonation of taxpayer’s filing delay of the audit report. The appellant Home of Peoples Empowerment Foundation has submitted an appeal against the impugned order of the income tax officer. […]
The order has been quashed by the Delhi bench of the Income Tax Appellate Tribunal (ITAT) via the Deputy Commissioner of Income Tax (DCIT) for the assessment year (AY) 2021-22, where the assessing officer (AO) had applied Section 143(3) of the Income Tax Act, 1961, rather than the appropriate Section 153C of the Income Tax […]
The Bangalore Bench of the Income Tax Appellate Tribunal ( ITAT ) in a ruling quashes the disallowance u/s 36(1)(iii) of the Income Tax Act, 1961, on interest-free advances provided to the assessee’s sister concern. For the case when the taxpayer Deccan Charters Pvt. Ltd., a company in the aviation services business based in Bengaluru […]
The High Court of Punjab and Haryana, in a ruling, invalidated tax notices issued to the taxpayer, stressing that circulars along with tax authorities guidelines could not override the legal provisions of the Income Tax Act, 1961. The petitioner-assessee Anju Arora, filed a writ petition contesting the issuance of notices and orders by the Jurisdictional […]
There should be a Tax deduction at source (TDS) on the interest exceeding a specific level earned on the fixed deposits. W.e.f 1 June 2015 recurring deposits have also been brought under the net of TDS. However, no TDS is there on interest made from a savings account of an individual or a Hindu Undivided […]
The Delhi ITAT has removed the AO addition in the absence of any related proof, which was only based on the assumption and not on any material recovered in the investigation. ITAT mentioned that the taxpayer/employee undertaking overtime after the finish of working hours may be counted as a breach of banking rules, however, it […]
The Jammu and Kashmir and Ladakh High Court in a case has cited that the notice to a taxpayer offering the levying of the penalty u/s 271(1)(c) of the Income Tax Act, 1961 should cite the reason for levying the penalty. It was carried that it is required to be quoted whether the taxpayer is […]
It was carried that the Income Tax Appellate Tribunal (ITAT) carried the provisions of section 80P of the Income Tax Act, confirming its role in boosting the growth of cooperative societies. The ruling was created in the appeal related to the AY 2015-16 in which the Principal Commissioner of Income Tax (PCIT) had modified an […]
It was mentioned by the Gujarat High Court that there cannot be any income escapement from the taxpayer if there is no unexplained amount in the bank statement on record. The Bench of Justice Bhargav D. Karia and Mauna M. Bhatt noted that “the reason given by the Assessing Officer for alleged escapement of Rs.3,25,00,000/- […]
