Income Tax : Understand Sections 234A, 234B, 234C, and 234D of the Income Tax Act covering interest on late filing, short payment, delayed adva...
Income Tax : Understand how interest under the Income Tax Act is calculated, including Sections 234A–234D, 244A, and Rule 119A mechanics for ...
Income Tax : Due to any reason, in case the income tax department makes an excess refund to the taxpayer. Such taxpayer will have to return the...
Income Tax : Section 234D in Income Tax Act, 1961 was introduced in the act to cover those situations where the refund was issued to the assess...
Income Tax : The Mumbai ITAT held that reassessment initiated beyond three years was invalid because the alleged escaped income was only ₹5 l...
Income Tax : The Mumbai ITAT found that the assessment order was passed without granting a reasonable opportunity to the assessee to furnish co...
Income Tax : The Tribunal held that AY 2010-11 was outside the permissible ten-year assessment block computable under Section 153A. Applying th...
Income Tax : Assessments arising from searches conducted after 01.04.2021 must strictly comply with the reassessment framework under sections 1...
Income Tax : The ITAT held that leave encashment of ₹20.29 lakh received on retirement qualified for exemption as it was within the revised ...
Hire charges of a vessel did not constitute ‘Royalty’ as it was in the nature of business income and as there was no Permanent Establishment therefore, no taxability arose on account of business income.
In a recent ruling ITAT Delhi relied upon the binding precedent of the Hon’ble Supreme Court of India in the case of CIT vs. Subros Educational Society, (2018) 96 taxmann.com 652 (SC) in deciding that the set off of accumulated deficit is allowable.
Delhi High Court held that assessee is entitled to confine the settlement of disputes which were subject matter of its appeal filed before appellate authority under Direct Tax Vivad Se Vishwas Act, 2020 [DTVSV Act].
ITAT Ahmedabad remands case to DRP, allowing appeal on the grounds of curable defects in Form 35A submitted by Rajendra Ramjibhai Patel.
ITAT Ahmedabad rules in favor of a co-op housing society, deleting addition based on assumed 8% net profit from unsecured loans taken from non-members.
AO, however, did not accept the explanation of the assessee and the accumulation of income of Rs.5,92,352/-in A.Y. 2008-09, which was held as not applied within the stipulated period of 5 years, was treated as income of the current year.
Assessee challenged the disallowance before the Chennai bench of ITAT arguing that the disallowance of Rs. 134.25 crore under Section 14A was excessive and not justified because only Rs. 74.98 lakh had been spent to earn the exempt income.
ITAT Delhi restored Fiserv India’s appeal, citing CIT(A)’s failure to address adjournment requests. The case will be reconsidered for a fair hearing and review.
ITAT Ahmedabad held that initiation of proceedings u/s. 147 of the Income Tax Act based on material found during search of another company is untenable as proceedings should be initiated u/s. 153C and not u/s. 147.
ITAT Ahmedabad held that interest income and miscellaneous income earned by the assessee are directly related to the business of the assessee and assessable as business income only and not as income from other sources.
