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The Delhi Bench of Income Tax Appellate Tribunal (ITAT) clarified that failing to deposit long-term capital gains (LTCG) into a capital gain account scheme does not warrant disallowance of deduction under Section 54 of the Income Tax Act. Saktijit Dey (Vice President) and M. Balaganesh (Accountant Member) took a meticulous approach in addressing the matter. […]
The Income Tax Appellate Tribunal (ITAT) in Ahmedabad has ruled that the initiation of revision proceedings without a Document Identification Number (DIN), through issuing a show cause notice and issuing a revision order, is not valid under the law. The ITAT bench, comprising T.R. Senthil Kumar (Judicial Member) and Annapurna Gupta (Accountant Member), noted that […]
The Madras High Court has approved the Foreign Tax Credit (FTC) claim based on the submission of Form-67 after the Income Tax Return (ITR) filing but before receiving an intimation, deeming it as compliant. Justice Krishnan Ramasamy’s bench noted that initially, the returns were filed sans the FTC, but it was submitted before the final […]
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 […]
