INCOME TAX TRIBUNAL
Latest HRA tax exemption rules: Step-by-step guide on how to save income tax on house rent allowance under old income tax regime
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 received from the employer is fully taxable.
Reporting foreign income in income tax return: How to report foreign income, equity share in ITR form
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 reporting foreign assets and income, can be found in these forms.
SC rejects I-T dept's appeal due to delay, emphasises impact on foreign investors
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 and IMF disagree over new income tax rates that will burden salaried class
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.
Brett Lee granted tax relief by ITAT due to invalid notice service
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 ₹3 crore endorsement fee received by Lee for the assessment year 2013-14 from three Indian entities. The tribunal found that the notice, sent a day before the deadline and to the wrong email address, was invalid. As a result, the assessment order was quashed.
Date of house possession key for tax benefit under section 54 says ITAT; all you need to know
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 investment in a new house to reduce tax liability on profits from selling an old property.
Taxpayer is entitled to claim benefit of exempted income in revised ITR if it is filed within the deadline
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 reason behind this denial was that the AO received information from 'entry operators'.
HSBC Geneva leak: ITAT says data is old, bank balance can't be taxed
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, according to the Mumbai bench of the Income Tax Appellate Tribunal --- a quasi judicial authority --- a bank balance reflects 'assets' and not ‘income’, and, under the law, only income can be taxed.
DLF Urban gets ITAT relief in ₹328cr dispute
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.
Indiabulls RE, Embassy merger delay unsettling stakeholders: Jitendra Virwani
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 basis.
Penny stocks linked tax evasion: Tax dept may take you to court and tribunal for bogus transactions
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 crossed certain thresholds, however now these cases are to be taken on merit irrespective of the tax effect amount.
"We are fighting against hatred-filled Asura-shakti," says Rahul Gandhi as he takes on PM Modi
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 damaging Indian democracy. Congress' bank accounts frozen, party unable to campaign or support workers, says Gandhi. Election Commission and institutions criticized for inaction. ITAT dismisses Congress Party's plea against IT Department proceedings.
After being imposed income tax on Rs 1.48 cr payout from surrendered pension policy, NRI filed appeal in ITAT and wins
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 1.48 crore. Income tax assessing officer however imposed tax on this income of Rs 1.48 crore.
Congress approaches Delhi HC against tax re-assessment proceedings
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 day.
ITAT dismisses Congress plea for stay against Income Tax proceedings over unpaid dues; Freezes bank accounts
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 decision, citing bias and timing ahead of national elections, and vows to fight back, calling it an attack on democracy.
ITAT grants partial relief to ICICI Bank
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 PCIT's decision to declare an excess deduction of ₹159 crore as erroneous.
Congress questions I-T taking away Rs 65 crore from its bank accounts when tribunal hears case
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 efforts questioned. Judiciary holds hope for Congress.
I-T has withdrawn Rs 65 crore from banks 'undemocratically', alleges Congress
"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 authorities hearing the case," Maken told PTI.
‘Non-resident’ gets tax relief on overseas income
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 by the Indian company. The allowance could be utilised by Dayal through a credit card that was valid only in Austria.
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