ITAT Chennai granted relief, holding that reversal of a provision for liquidated damages, which was disallowed and subsequently taxed under VSV Scheme in earlier years, cannot be taxed again under Section 41(1). This prevents double taxation.
ITAT Delhi directed the AO to compute Annual Letting Value (ALV) only for the portion of the house property actually rented out (third/fourth floors). Taxing the entire property based on assumptions, ignoring the owner’s self-occupation, was held to be unjustified.
Overview of tax treatment for a salaried employee, covering fully and partially taxable allowances (HRA, transport), standard deductions (Section 16), and key investment-linked deductions under Chapter VI-A (80C, 80D, 80CCD).
ITAT Kolkata quashed the reopening for AY 2015-16, following the Supreme Court’s Rajeev Bansal ruling. The Tribunal held that the benefit of the extended limitation under TOLA was unavailable after 01.04.2021 for this assessment year.
Delhi High Court notes a trend of false implication of husband’s distant relatives in dowry cases. HC quashed FIR against petitioners, holding that general interference does not constitute cruelty under Section 498A IPC.
Understand the tax rules for capital gains on compulsory land acquisition (Section 45(5)), including the taxation of initial and enhanced compensation, cost basis, and exemptions. Details on TDS under Section 194LA, including rates (10%), thresholds (₹5L), and compliance.
ITAT Kolkata invalidated the assessment under Section 143(3), ruling that the foundational notice under Section 143(2) was void ab initio for failing to comply with the mandatory CBDT prescribed format. CBDT instructions issued under Section 119 are binding on the department.
ITAT Kolkata ruled that a charitable trust’s exemption under Section 11/10(23C) cannot be denied for technical lapse of belatedly filing Form 10B/10BB. Audit report was available when return was processed.
SC ruled a bona fide buyer cannot be denied ITC under DVAT Act if seller defaults on depositing tax. The remedy is against defaulting seller, protecting compliant taxpayers.
ITAT Kolkata ruled that payments for composing and DTP work are contractual, not technical services, and thus taxable under Section 194C, not Section 194J of Income Tax Act.
