Category: Income Tax

No penalty u/s 271E or 271D can be levied without satisfaction recorded in the assessment order for initiating the penalty proceedings – High Court In a recent judgment, High Court of Rajasthan quashed notice issued under Section 271E and the proceedings thereto as no satisfaction was recorded by …

Assessee entitled to claim deduction u/s 48 of housing loan interest paid for remaining amount over and above already claimed u/s 24(b) of the Income Tax Act. In A recent judgment, ITAT Surat has held that the assessee is entitled to claim deduction u/s 48 of housing loan …

Show cause notice dropped in e-filing portal requiring reply on the same date was in gross violation of the principles of natural justice. In a recent judgment, ITAT Visakhapatnam has quashed order u/s 263 holding that show cause notice dropped in the e-filing portal account of the assessee …

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 …