Category: Income Tax
Addition of income or levy of taxes or denial of exemption would be a burden of the Revenue Authority – ITAT In a recent judgment, ITAT Jodhpur while holding that the land was not situated within municipal limits, observed that under the present statutory scheme, it is the …
Revenue cannot approbate and reprobate at the same time-ITAT deleted addition of commission on alleged bogus sale and purchase In a recent judgment, ITAT Delhi held that the Revenue cannot approbate and reprobate at the same time and deleted addition of commission on alleged bogus sale and purchase. …
ITAT allows deduction for employment of new workmen u/s 80JJAA by way of submission despite not filing revised return of income. In a recent judgment, ITAT Rajkot has upheld the order of the CIT(A) allowing deduction respect of employment of new workmen u/s. 80JJAA claimed by way of …
Addition u/s 68 for cash collection from exhibition of films in the theaters deleted as the amount was duly recorded in books of account. In a recent judgment, ITAT Chennai has deleted the addition u/s 68 towards cash collection from exhibition of films in the theaters as the …
No deduction of income-tax under Chapter XVII on payments received by a credit guarantee fund established and wholly financed by the Central Government and managed by the National Credit Guarantee Trustee Company Limited MINISTRY OF FINANCE(Department of Revenue) Notification No. 2/2025 New Delhi, the 2nd January, 2025 (INCOME-TAX) S.O. …
No deduction of income-tax under Chapter XVII on the payments received by the National Credit Guarantee Trustee Company Limited MINISTRY OF FINANCE (Department of Revenue) Notification No. 1/2025 New Delhi, the 2nd January, 2025 (INCOME-TAX) S.O. 19(E).—In exercise of the powers conferred by sub-section (1F) of section 197A …
No deduction of tax to be made under the provisions of section 194Q of the said Act by a buyer, in respect of purchase of goods from a Unit of International Financial Services Centre- CBDT MINISTRY OF FINANCE(Department of Revenue) Notification No. 3/2025 New Delhi, the 2nd January, …
Revision u/s 263 upheld as AO accepted creditworthiness of lender merely on the basis of acknowledgement of ITRs In a recent judgment, ITAT Pune has upheld the revision u/s 263 where Assessing Officer accepted the creditworthiness of the lender merely on the basis of the copies of the …
Delay of 1 and ½ years cannot be considered as inordinate delay unless negligence or want of due diligence on the part of assessee is shown – ITAT In a recent judgment, ITAT Cuttack while condoning the delay in filing appeal observed that delay of 1 and ½ …
If amount of TDS has already been deposited though belatedly, to allow the proceeding u/s 276B/278B will be abuse of process of law – High Court In a recent judgment/order Hon’ble Jharkhand High Court has quashed criminal proceedings u/s 276B and 278B of the Income Tax Act, 1961 …
