Category: Income Tax

Whether source of funds for share capital is explained is, a question of fact not giving rise to any substantial question of law – High Court Whether source of funds for share capital is explained is, essentially, a question of fact not giving rise to any substantial question …

Penalty u/s 271AAC deleted by ITAT as income surrendered was declared in revised return substituting original return. In a recent judgment, ITAT Jaipur deleted Penalty u/s 271AAC as income surrendered in survey u/s 133A by the assessee was declared in revised return filed which substituted the original return …

ITAT deleted addition for cash deposited in bank account where return of income was filed u/s 44AD of the Income Tax Act In a recent judgment, ITAT Guwahati deleted addition u/s 69A on account of cash deposited in bank account out of sales, of which return of income …

Exemption u/s 11 can not be denied for belated filing of revised Form 10B when original Form 10B was filed within due date – ITAT In a recent judgment, ITAT Lucknow has held that benefit of exemption u/s 11 can not be denied on the ground of belated …

Prosecution under section 276B for TDS/TCS default -CBDT SOP not to be read as to give undue advantage to an erring party In a recent judgment, the Sessions Court held that timeline for prosecution u/s 276B of thirty days of receiving approval under Section 279(1) as specified under …

Escapement of income is to be examined in the original return and not the return filed in response to notice u/s 148 of the Act – ITAT In a recent judgment, ITAT Chennai has quashed the reassessment order observing that the issue whether the assessee has underdeclared income …

CBDT notifies IREDA Five Years Bonds for exemption under section 54EC of the Income Tax Act, 1961. Section 54EC of the Income Tax Act, 1961 provides exemption from capital gains tax when long-term capital gains (LTCG) from the sale of land or building (or both) are invested in …

There is no legislative mandate to collect tax at source under section 206C (1C) from the person involved in illegal mining or illegal transportation of minerals. In a recent judgment, Chhattisgarh High Court has held that there is no legislative mandate to collect tax at source under section …

Organizing Garba event was not business within the meaning of section 2(15) to deny the benefit of exemption u/s 11 and 12 of the Income Tax Act, 1961 – SLP dismissed Organizing the event like Graba event cannot be termed as a business or trade within the meaning …

When Trust had no activities, it was incumbent upon the CIT(E) to evaluate such explanation objectively then rejecting application for registration. In a recent judgment, ITAT Rajkot has held that when the trust has explicitly stated that it has not filed returns as it had no activities and …