Category: Income Tax

Disallowance of agricultural expenses would result in agricultural income only. Agricultural expenses disallowed for want of proof can not be treated as income – ITAT In a recent judgment, ITAT Bangalore has held that disallowance of agricultural expenses would result in agricultural income only. Agricultural expenses disallowed for …

Validity of notice issued u/s 263 based on incorrect grounds or unsupported evidence can be questioned – ITAT In a recent judgment, ITAT Ahmedabad has held that validity of a revision notice issued u/s 263 the Income Tax Act, 1961 based on incorrect grounds or unsupported evidence can …

AOP granted benefit of basic exemption limit by the ITAT holding that Maximum Marginal Rate was not applicable. In a recent judgment, ITAT Lucknow has held that AOP was entitled to the benefit of the basic exemption limit which was denied by CPC applying the Maximum Marginal Rate. …

Change of address in PAN Card not result change in Jurisdictional Assessing Officer automatically – High Court In a recent judgment, Hon’ble Patna High Court has held that change of address in PAN data base only facilitates service of notice in the changed address and it does not …

Hardship compensation received from builder not taxable being capital receipt – ITAT  In a recent judgment, ITAT Mumbai has held that hardship compensation received from builder on redevelopment of flat was not taxable being in the nature of a capital receipt. ABCAUS Case Law Citation:4202 (2024) (08) abcaus.in …

CIT revision order on the issue of Reduction in profit due to ICDS-V quashed by ITAT In a recent judgment, ITAT Kolkata quashed the revision order u/s 263 on the issue of reduction in profit due to ICDS-V tangible fixed assets as the allowable depreciation was rightly calculated. …

Plausible view taken by AO on surrender made by assessee not open to revision u/s 263 of the Income Tax Act – ITAT In a recent judgment, ITAT Jaipur has held that plausible view taken by Assessing Officer of surrender made by assessee not open to revision u/s …

Notice can not be issued u/s 148 unless original return filed u/s 139(1) is processed – ITAT In a recent judgment, ITAT Delhi has quashed notice issued u/s 148 confirming the view that where the original return file u/s 139(1) was pending and not yet processed. ABCAUS Case …

Change of opinion not a jurisdictional issue-Writ Petition against notice u/s 148 was dismissed by the High Court due to alternative remedy. In a recent judgment, Hon’ble High Court of Jharkhand has dismissed a Writ Petition against notice u/s 148 holding that change in opinion cannot be said …

Income Tax Relief to Cooperative Societies. Minister of Cooperation in a written reply to a question in the Lok Sabha stated the following income tax benefits available to Cooperative Societies.  Income Tax Relief to Cooperative Societies 1. Reduction in surcharge on cooperative societies The surcharge on co-operative societies …