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The Delhi High Court has ruled that a document issued by revenue authorities or any government body certifying the agricultural status of the land is not a sale deed. A division bench consisting of Justices Vibhu Bakhru and Swarana Kanta Sharma stated that the primary purpose of a sale deed is to document the transaction […]
The Punjab & Haryana High Court upheld the revisional order passed by the Principal Commissioner Income Tax (PCIT) under Section 263 of the Income Tax Act. as the assessment was wrongly passed by the Assessing Officer ( AO ) under Section 44ADA of the Act. The taxpayer Harjot Singh, is an individual who filed his […]
The bench of Justice Yashwant Varma and Justice Purushaindra Kumar Kaurav noted that clause (a) of Explanation 2 of Section 263 of the Act introduces a deeming fiction to the effect that the order passed via the AO will be acknowledged wrong and prejudicial to the interests of the revenue if the order is passed […]
The Delhi bench of the ITAT recently made a significant ruling. It said that individuals can claim deductions for capital gains, even if they haven’t deposited into a capital gain account scheme. The case involved assessee, Sarita Gupta, a resident individual, of whom information was received by the Assessing Officer that the assessee’s dad sold […]
The Delhi High Court has ruled that the Principal Commissioner of Income Tax (PCIT) erroneously invoked jurisdiction under Section 263 of the Income Tax Act and made a mistake by reversing course in the fourth assessment year. This led to the denial of the benefits provided by Section 80IA of the Income Tax Act. Justices […]
The Surat bench of the Income Tax Appellate Tribunal (ITAT) ruled that the revision order, raised by the Principal Commissioner of Income Tax (PCIT) on matters beyond the limited scrutiny, couldn’t be justified. Consequently, the tribunal invalidated the revision order. Preetiben Chhatrasingh Chauhan, the taxpayer, generated income from various sources, including house property, business, agriculture, […]
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 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 Income Tax Appellate Tribunal (ITAT), Kolkata bench refused the revisional order issued under section 263 of the Income Tax Act, 1961, not specifying the Document Identification Number (DIN), violative of the circular furnished via the Central Board of Direct Taxes (CBDT) in 2019. The taxpayer, Mr. Mahesh Kumar Surekhahas take part in the validity […]
