Category: Income Tax

No estimation can be made by extrapolation and multiplication for the period for which no incriminating material were found – ITAT In a recent judgment, ITAT Delhi has held that the AO is not legally empowered to make estimation for the period, where incriminating materials do not exists, …

Income Tax Department, Lucknow empaneling Senior & Junior Standing Counsels to represent the cases before the Lucknow Bench of Allahabad High Court. The Income Tax Department, Lucknow intends to empanel Senior and Junior Standing Counsels to represent the cases of Income Tax Department before the Lucknow Bench of …

Enhanced compensation on compulsory acquisition of agricultural land will be treated as income from other sources and not under the head capital gains. In a recent judgment, ITAT Amritsar has held that enhanced compensation on compulsory acquisition of agricultural land will be treated as income from other sources …

In case of superficial enquiry by AO PCIT may be justified in invocation of revisionary powers u/s 263 but not before making some enquiries – ITAT In A Recent judgment, ITAT Lucknow has held that in absence of findings of Assessing Officer (AO), PCIT may be justified in …

High Court declined to quash proceedings u/s 276B r/w 278B for delay in deposit of TDS and delay in filing TDS returns. In a recent judgment, the Madras High Court held that when substantial evidence was already on record, it cannot quash the proceedings under section 276B r/w …

Once ITAT set-aside order of CIT(A) for denovo adjudication, CIT(A) do not have any power to direct the Assessing Officer to frame Fresh Assessment. In a recent judgment, ITAT Pune has held that once ITAT set-aside the order u/s 250 for denovo adjudication, the CIT(A)/NFAC do not have …

Addition u/s 41(1) deleted as spot enquiry of creditors done by Inspector was not as per procedure laid down In a recent judgment, ITAT Lucknow has deleted addition under section 41(1) of Income Tax Act based on spot enquiry of creditors made by the AO through inspector who …

Law does not require needless formalism when substantive compliance is manifest – ITAT deleted disallowance of exemption made under section 54 – ITAT  In a recent judgment, ITAT Mumbai has deleted disallowance of exemption made u/s 54 of the Income Tax Act on the premise that the assessee …

There is no legal provision which compels a person to necessarily deposit/invest the cash available in hand – ITAT In A recent judgment, ITAT Jabalpur has held that there is no legal provision which compels a person to necessarily deposit/invest the cash available in hand in bank. Keeping …

ITAT deleted addition of undisclosed income made solely on the basis of WhatsApp chat message In a recent judgment, ITAT Ahmedabad deleted addition made solely on the basis of WhatsApp chat message on account of undisclosed income being unaccounted cash received as ‘on-money’ on sale of land. ABCAUS …