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The revision order has been set aside by the Kolkata Bench of Income Tax Appellate Tribunal (ITAT) as an accidental mistake because of the typographical error in computing the total income. PCIT asked for the issue in the revisionary proceedings related to the understatement of the short-term capital gain (STCG). For the taxpayer concern, Bijni […]
The Delhi High Court has invalidated an assessment order that was issued before the deadline for the petitioner to respond to the show cause notice had expired. Justices Rajiv Shakdher and Girish Kathpalia noted that the show cause notice was issued on March 31, 2023, providing the petitioner with a deadline of May 5, 2023 […]
Without owning flats for at least three years the long-term capital gain could not be claimed, the Hyderabad Bench of Income Tax Appellate Tribunal (ITAT) ruled. PCIT is been justified in invoking the provisions of Section 263 of the IT (Income Tax) Act. as the taxpayer without holding the 7 flats for three years from […]
The Kerala High Court has upheld the validity of proceedings conducted under Section 153C of the Income Tax Act, emphasizing that there is no mandatory requirement for a Director Identification Number (DIN) in the satisfaction note documented by the Assessing Authority. Justice Dinesh Kumar Singh’s bench has dismissed the writ petition, stating, “It cannot be […]
The Hyderabad bench of the Income Tax Appellate Tribunal (ITAT) has ruled that in order to claim a capital gain deduction under Section 54F of the Income Tax Act, 1961, it is essential to retain ownership of residential flats for a minimum period of three years. The taxpayer in question is an individual with income […]
The Jharkhand High Court has determined that, according to Section 234B of the Income Tax Act, interest should be applied to the assessed income rather than the returned income. In a ruling by Justices Rongon Mukhopadhyay and Justice Deepak Roshan, it was clarified that Section 234B mandates charging interest based on the assessed tax amount […]
The Delhi High Court has ruled that the directors’ travel expenses were incurred for business purposes of the company. In this case, the bench of Justice Rajiv Shakdher and Justice Girish Kathpalia observed that there was no evidence presented by the Assessing Officer (AO) to establish that these expenses were of a personal nature. Consequently, […]
The late payment of Tax collection at source (TCS) and Goods and Services Tax (GST) does not constitute a penalty and should, in fact, be eligible for deduction under Section 37 of the Income Tax Act, 1961, the Jaipur bench of the Income Tax Appellate Tribunal (ITAT) recently ruled. The taxpayer involved in this case […]
The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has ruled that damage related to the right to sue is considered a capital receipt and is not subject to taxation. The bench, comprising Amit Shukla (Judicial Member) and Amarjit Singh (Accountant Member), observed that Section 6 of the Transfer of Property Act explicitly outlines […]
