Judgement

The ITAT, Delhi, in one of its recent rulings, has held that if the assessee has not maintained the books of accounts, getting it audited does not arise at all.

Section 271B Penalty Cannot be Levied If Books of Accounts Not Maintained: ITAT

HC affirms that upload of DRP directions (DIN) on ITBA/NEAC constitutes dispatch/receipt u/s 13 IT Act and E-Assessment Scheme; FAO dated 01.07.2022 is beyond limitation u/s 144C(13) and is time-barred.

Appeal Dismissed as Final Assessment Order Passed After Statutory Period under Section 144C(13)

The ITAT Delhi granted partial relief to FIITJEE by deleting expense disallowances but upheld the taxation of conditional grants received from charitable trusts.

ITAT Delhi Partly Favours Assessee: Relief on Disallowances, but Donation Income Taxable

High Court sets aside rejection of condonation under Section 119(2)(b) for 16-day delay in uploading Form 10B, directs reconsideration citing bona fide professional error and CBDT Circular 2/2020.

High Court Sets Aside Rejection of Delay Condonation under Section 119(2)(b)

The ITAT Mumbai reaffirmed that the Section 54 exemption must be granted based on the assessee’s actual investment in the new property, irrespective of joint ownership.

Joint Ownership Not a Barrier! ITAT Mumbai Allows Full Rs 3.67 Cr Section 54 Deduction

Articles

Starting from April 1, 2026, the Income Tax Act, 1961, will be repealed by virtue of Section 536 of the Income Tax Act, 2025.

Explore Our Blogs

Stay updated with the latest insights, tips, and industry trends from our experts

Section 271B Penalty Cannot be Levied If Books of Accounts Not Maintained: ITAT

Appeal Dismissed as Final Assessment Order Passed After Statutory Period under Section 144C(13)

ITAT Delhi Partly Favours Assessee: Relief on Disallowances, but Donation Income Taxable

High Court Sets Aside Rejection of Delay Condonation under Section 119(2)(b)

Joint Ownership Not a Barrier! ITAT Mumbai Allows Full Rs 3.67 Cr Section 54 Deduction

Traces Advisory on reduced Time Limit for revising TDS/TCS Returns