Category: Income Tax
Supreme Court explains meaning and scope of “reason to believe” u/s 147 and when reopening can be said to be mere change of opinion. In a recent judgment, Hon’ble Supreme Court has explained the meaning and scope of “reason to believe” under Section 147 of Income Tax Act …
ITAT directed registration u/s 12AB as activities of the trust fall under general public utility services if not falling fall within the ambit of education. In a recent judgment, ITAT Chennai has directed CIT(Exemption) to grant registration u/s 12AB holding that even if the activities of the trust …
Utilisation of loan amount would not constitute failure to discharge onus caste u/s 68 in absence of any defect in the documentary evidence produced by the assessee – ITAT In a recent judgment, ITAT Hyderabad has held that where the Assessing Officer had not made out any defect …
Addition on the basis of third party information in form of unsigned excel sheet can not be sustained – ITAT In a recent judgment, ITAT Rajkot has held that addition made on the basis of third party information in form of unsigned excel sheet can not be sustained. …
Shagun money received on marriage of individual cannot be considered as income in the year of its receipt – ITAT In a recent judgment, ITAT has held that receipt of shagun money without consideration on the occasion of the marriage of the individual cannot be considered as the …
ITAT deleted addition towards cash deposited in bank account observing that there is no statutory requirement to maintain cash book for salaried individual. In a recent judgment, ITAT Delhi has deleted addition u/s 69A towards cash deposited in bank account and held that there is no statutory requirement …
ITAT allows benefit of increased exemption limit of Rs. 25 lakhs for Leave Encashment u/s 10(10AA)(ii) In a recent judgment, ITAT Lucknow has allowed benefit of increased exemption limit of Rs. 25 lakhs for Leave Encashment amount u/s 10(10AA)(ii) of Act holding that increased limit is applicable with …
Relief u/s 89(1) available even when arrears were received in addition to compensation for Voluntary Retirement – ITAT In a recent judgment, ITAT Pune has held that relief u/s 89(1) is available even though the assessee received the arrear in addition to compensation for Voluntary Retirement by the …
Merely because share prices doubled, it may not have given rise to any doubt to disbelieve the transaction – High Court In a recent judgment, Hon’ble High Court held that merely because the share prices have more than doubled that too over a long period of two years, …
It is the bounden duty of income tax authority to comply with the decision of the Supreme Court – High Court In a recent judgment, Hon’ble High Court while deleting penalty u/s 271D held that it is the bounden duty of income tax authority to comply with the …
