INCOME TAX TRIBUNAL

HRA tax exemption rules: The HRA tax exemption reduces the total salary before calculating taxable income, helping employees save on taxes. It's important to note that if an employee lives in their own house or does not pay any rent, the HRA receive...

Reporting foreign income in ITR: Individuals who have assets and income from overseas sources are mandated to utilize either ITR 2 or ITR 3 forms when filing their tax returns. This is because Schedule FA, which is specifically designed for reportin...

Chief Justice DY Chandrachud dismissed a petition from the income tax department due to a 215-day delay in filing a tax appeal against Xerox India, emphasizing the negative message it sends to foreign investors who provide revenue and jobs in India.

Pakistan's talks with the IMF ended inconclusively over disagreements on new income tax rates for salaried and non-salaried individuals and the income tax threshold, as reported by the media.

The Delhi bench of the Income Tax Appellate Tribunal (ITAT) provided relief to former Australian cricketer Brett Lee in a tax case, ruling that the notice served to him under the Income Tax Act was beyond the limitation period. The case involved a ₹...

Section 54 tax benefit: The Mumbai bench of the Income-tax Appellate Tribunal (ITAT) clarified that the date of possession is crucial for claiming a tax benefit under section 54 of the Income-tax Act. This ruling highlights the importance of timely ...

Income tax return: The Supreme Court of India has refused to accept a petition wherein the tax department's assessing officer (AO) contested that a individual be denied the benefit of exempted income which he claimed by filing a revised ITR. The rea...

In a decision that could have a bearing on other `HSBC account’ cases, a tax tribunal last week has ruled that the I-T department cannot go back 16 years to reopen old matters to tax the ‘peak balance’ lying in such bank accounts. Why? Because, acco...

Delhi ITAT grants DLF Urban relief, rejecting ₹328 crore addition. Property valued via Cushman and Wakefield for Moti Nagar land development rights. TPO's adjustment upheld by Commissioner regarding transfer pricing.

IBREL recently raised more than Rs 3,911 crore through a preferential allotment to a diverse group of investors, including Embassy Group and Blackstone. Embassy Group will be the largest shareholder in IBREL, with 18.7% ownership on a fully diluted ...

Penny stocks: The income tax department can now file appeal in tribunals and court if you are found to be using penny stocks or accommodation entries or both to evade taxes. Earlier the tax department could file such appeals only if the tax effect c...

Rahul Gandhi reiterates 'Shakti' remark, BJP criticizes him. Congress leaders back him. Gandhi emphasizes fight against 'Asura-shakti,' referring to EVM, ED, CBI, and IT Department. He criticizes Centre, alleges no democracy in India, claims BJP dam...

Income tax appeal: A non-resident Indian (NRI) has won a appeal in the Mumbai bench of Income Tax Appellate Tribunal (ITAT). What happened was the NRI surrendered a pension policy purchased from ICICI Prudential Life Insurance Company and got Rs 1.4...

The Congress party has taken legal action against tax reassessment proceedings by authorities, filing a case in the Delhi High Court. The matter was presented before a bench led by Acting Chief Justice Manmohan, who agreed to hear it the following d...

The Income Tax Appellate Tribunal has dismissed the Congress party's plea to stay proceedings for the recovery and freezing of their bank accounts, aiming to recover Rs 115 crore in income tax dues. Congress plans to challenge the tribunal's decisio...

The Mumbai bench of Income Tax Appellate Tribunal allowed ICICI Bank to avail ₹1,855 crore bad debt write-off as deduction. It dismissed the bank's appeal seeking ₹502-crore worth long-term capital loss allowance for 2015-16. The tribunal upheld PCI...

Congress objects to ₹65 crore recovery by I-T department against ₹115 crore claim. Party questions enforcement of lien before ITAT hearing. BJP's move threatens democracy. Congress hints at legal recourse against ₹210 crore demand. Grassroots effort...

"The Income Tax department had written to various banks to withdraw a sum of Rs 65 crore from different bank accounts of the Congress and Indian Youth Congress in view of the demand raised by the Income Tax authorities earlier, despite the appellate...

In this case, which was heard by the ITAT Delhi bench, Devi Dayal was deputed by his employer — an Indian company engaged in digital technologies — to work on a project in Austria. The salary and compensatory allowance were both paid to him overseas...