Itat Ruling
Latest news, explainers and analysis on Itat Ruling. Tracking 5 stories on Arth Vani.
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Latest on Itat Ruling
BreakingITAT Quashes ₹1.34 Crore Tax Reassessment Over Missed Statutory Deadline
The Income Tax Appellate Tribunal (ITAT) has ruled in favor of a taxpayer, cancelling a ₹1.34 crore reassessment notice because it was issued after the legal deadline. This ruling reinforces that tax authorities must strictly adhere to the limitation periods set under the Income Tax Act.
BreakingITAT Rulings: Unreported Foreign Accounts Can Lead to Black Money Act Action
Recent Income Tax Appellate Tribunal (ITAT) rulings highlight that failing to disclose foreign bank accounts in Income Tax Returns (ITRs) can trigger proceedings under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015. This underscores the importance of accurate and complete disclosure of all overseas financial interests.
BreakingLandlords Can Claim TDS Tax Credit Even If Tenant Defaults on Deposit: ITAT Ruling
A recent Income Tax Appellate Tribunal (ITAT) ruling clarifies that landlords can claim tax credit for TDS deducted by tenants on rent, even if the tenant fails to deposit the TDS amount with the government. This decision offers significant relief to property owners, ensuring they are not unfairly penalized for a tenant's non-compliance. Landlords must, however, maintain proof of TDS deduction to avail this credit.
BreakingITAT Chennai Rules: Gratuity Tax Deduction Cannot Be Denied Due to ITR Filing Errors
The Income Tax Appellate Tribunal (ITAT) Chennai has ruled that taxpayers cannot be denied genuine gratuity deductions under Section 43B simply for reporting them in the wrong schedule of their tax return. This decision provides significant relief to businesses and taxpayers facing technical disallowances due to clerical mistakes in ITR forms.
BreakingITAT Rules: Property Bought With NRI Husband's Funds Not Taxable as Unexplained Income
The Mumbai Income Tax Appellate Tribunal (ITAT) has deleted an ₹80 lakh tax addition, ruling that a taxpayer cannot be penalized for a missing document if the source of funds is otherwise proven. The case involved a woman who purchased property using funds remitted by her NRI husband through official banking channels.
Tax figures shown are indicative estimates for education only and depend on your specific situation. Consult a qualified tax professional or the Income-Tax Department before acting.