Category: Income Tax

Condoning delay in filing audit report in Form 10B as CA of the assessee was not aware of newly introduced online filing – SLP of Revenue dismissed In a recent judgment, Hon’ble Supreme Court dismissed SLP of the Revenue against the judgment of the Bombay High Court in …

There is no bar in penalty u/s 271B for non-audit u/s 44AB if penalty u/s 271A is also levied for non-maintenance of books of accounts u/s 44AA – ITAT In a recent and interesting judgment, Guwahati ITAT has held that section 271B of the Income Tax Act does …

Cash book cannot be rejected when availability of stock in trade is not disputed as per stock register which is accepted. Sales out of available stock cannot be disregarded as ingenuine. In a recent judgment, ITAT Amritsar has held that cash book cannot be rejected when availability of …

Section 148 of Income Tax Act after 01.04.2021, does not even require recording reason to believe. In a recent judgment, Delhi High Court has held that language of section 148 of the Income Tax Act after 01.04.2021, does not even require recording reason to believe much less possession …

Income Tax Department, Lucknow is hiring Young Professional for assisting the Departmental Officers posted in various benches of ITAT, Lucknow With a view to augment departmental representation in ITAT, the Young Professional Scheme envisions engagement of Young Graduates in Law & Accountancy who are rich in domain knowledge. …

Burden of proof is on assessee to adduce cogent evidence that land sold was an agricultural land – Supreme Court dismisses SLP. In a recent judgment, Hon’ble Supreme Court dismissed SLP of the assessee against the judgment of Hon’ble Kerala High Court holding the land sold by the …

Pursuing remedy through rectification application u/s 154 within time, is a reasonable cause for condonation of delay in filing of appeal before CIT(A). In a recent judgment, ITAT Lucknow has accepted the plea that pursuing remedy through application u/s 154 of Income Tax Act within time, should be …

ITAT allows depreciation on highway project awarded on DBOT basis In a recent judgment, ITAT Delhi allows depreciation on highway DBOT project rejecting the argument that assessee was not the owner of the road constructed by it and ownership of the asset is sine qua non for claiming …

Once assessee satisfies conditions mentioned in section 270AA, the Assessing Officer would be bound to grant immunity In a recent judgment, Hon’ble Calcutta High Court set aside penalty order under section 270AA of the Income Tax Act holding that once assessee satisfies conditions mentioned in the section, the …

Date of dispatch of notice as per ITBA portal and date of communication by email may not necessarily be the same – ITAT quashed notice 148A In a recent judgment, ITAT Hyderabad quashed notice under section 148A as invalid holding that date of dispatch of notice as per …