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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 ruled that Section 80P(2)(d) of the Income Tax Act does not apply to interest received from investments done in a cooperative bank. The court, in its decision to repeal the reassessment proceedings, relied on a previous decision given by a division bench in the case of Salem Agricultural Producers Co-operative […]
Under Section 43B of the Income Tax Act, of 1961 the disallowance of the expenses could not be refused when the ex-gratia and employee advantages have been represented under the appropriation of funds, the Ahmedabad bench of the Income Tax Appellate Tribunal (ITAT) stated. The taxpayer is a cooperative bank and has a business related […]
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 […]
In its recent order, the Delhi High Court has invalidated a non-speaking order that rejected the grant of a lower deduction of tax certificate (LDC) allowing for a deduction of 0.01% TDS. The bench, led by Chief Justice Satish Chandra Sharma and Justice Tushar Rao Gedela, noted that the reasons given by the Respondent/department in […]
The Delhi High Court has allowed the taxpayer an opportunity to present suitable evidence—whether in the form of documents or otherwise—to the Assessing Officer. This evidence aims to substantiate the claims made regarding educational qualifications, professional experience, job roles, and specifically the responsibilities carried out by the individuals in question. This is crucial to support […]
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 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 Ahmedabad Bench of the Income Tax Appellate Tribunal (ITAT) has removed the additional scrutiny of cash deposits made during the demonetization period related to the sales of petrol, diesel, and other petroleum products. The panel, consisting of T.R. Senthil Kumar (Judicial Member) and Waseem Ahmed (Accountant Member), has determined that these cash deposits are […]
