Category: Income Tax
Wherever word only “Business” is used, it does not include “Profession” – ITAT deletes addition for compensation u/s 28(ii)(e) In a latest decision, ITAT while deleting addition u/s 28(ii)(e) held that in the Income Tax Act, 1961 wherever word only “Business” is used, it does not include “Profession” …
Once, relief is granted based on the remand report of the AO, revenue would be precluded from filing any further appeal – ITAT In a recent judgment, the ITAT has held that once, relief is granted based on the remand report of the AO, revenue would be precluded …
In a recent judgment, ITAT has held that in the absence of Document Identification Number (DIN) mentioned in the approval memo, such statutory approval under section 153D is rendered a nonest approval in law. Absence of DIN while granting statutory approval under section 153D would tantamount to no …
Grievance for not condoning delay for filling Form No. 10B cannot be addressed by way of appeal before ITAT In a recent judgment, the ITAT has held that it can not entertain an appeal challenging the rejection of condonation of delay in filing audit report in Form No. …
Interest received u/s 28 of Land Acquisition Act on enhanced compensation exempt from tax – ITAT In a recent judgment, ITAT has held that AO was correct in holding that interest received u/s 28 of Land Acquisition Act on enhanced compensation exempt from tax following decision of the …
Turnover in respect of speculation business is only net difference of independent transactions In a recent judgment, ITAT has held that turnover in respect of derivative trading is to be reckoned as only which may be positive or negative difference for independent transactions. ABCAUS Case Law Citation:ABCAUS 3847 …
Return filed without balance sheet & profit and loss account may be defective but not invalid – Supreme Court quashes assessment made on the basis of balance sheet submitted to bank. ABCAUS Case Law Citation:ABCAUS 3846 (2024) (01) SC Important Case Laws relied upon by parties:M/s Phool Chand …
CBDT issues circular explaining the provisions of the finance act, 2023 CBDT has issued Circular No. 1/2024 dated 23rd January 2024 giving explanatory Notes to the Provisions of the Finance Act, 2023. The Finance Act, 2023 was passed by the Parliament, received the assent of the President on …
No penalty u/s 271G if no adjustment made in Arm’s Length Price – ITAT In a recent judgment, the ITAT has upheld that no penalty under section 271G can be levied if no adjustment made in Arm’s Length Price ABCAUS Case Law Citation:ABCAUS 3845 (2024) (01) ITAT Important …
CIC has no power to direct disclosure of PM CARES Fund information covered under Income Tax Act as ITD treats it a third party not authority. In a recent judgment, the High Court has held that PM CARES Fund is a third party not an authority in the …