Category: Income Tax Cases

Clipped from: https://www.taxscan.in/use-of-building-by-assessee-trust-without-consideration-is-not-unexplained-investment-itat/240190/?utm_source=izooto&utm_medium=push_notifications&utm_campaign=Use%20of%20Building%20by%20Assessee-Trust%20without%20consideration%20is%20not%20Unexplained%20Investment:%20ITAT By Kalyani B Nair – On December 30, 2022 12:15 pm The Kolkata Bench of the Income Tax Appellate Tribunal ( ITAT ), ruled that use of building by assessee-trust

Clipped from: https://taxguru.in/income-tax/capital-gains-transfer-residential-house-property-section-54-exemption.html Introduction A person who has sold his old house and from the sale proceeds he has purchased another house. In this case the

lipped from: https://taxguru.in/income-tax/addition-unexplained-cash-credit-unsustainable-absence-rejection-books-accounts.html Rahul Cold Storage Vs ITO (ITAT Raipur) ITAT Raipur held that addition u/s 68 as unexplained cash credit unsustainable as AO has not

Clipped from: https://taxguru.in/income-tax/loss-writing-inventory-disallowed-absence-evidence.html Gem Spinners India Limited Vs ACIT (ITAT Chennai) ITAT Chennai held that disallowed the claim of loss on account of written off inventory

Clipped from: https://www.taxscan.in/depreciation-can-be-allowed-on-factual-aspects-under-cbdt-instruction-even-if-the-value-is-not-recorded-in-books-of-account-itat/239080/?utm_source=izooto&utm_medium=push_notifications&utm_campaign=Depreciation%20can%20be%20allowed%20on%20Factual%20aspects%20under%20CBDT%20Instruction,%20even%20If%20the%20Value%20is%20not%20Recorded%20in%20Books%20of%20Account:%20ITAT By Yogitha S. Yogesh – On December 27, 2022 7:02 pm The Amritsar bench of the Income Tax Appellate Tribunal ( ITAT ) has held that depreciation can be allowed

Clipped from: https://taxguru.in/income-tax/hc-quashed-section-148-notice-ay-2013-14-issued-six-years.html Nutan Bhusan Jena Vs PCIT (Orissa High Court) In the present case, the notice under Section 148 of the Act pertaining to the

lipped from: https://taxguru.in/income-tax/reassessment-notice-issued-following-section-148a-provision-invalid.html Nambiar Balakrishnan Narendran Vs ITO (Kerala High Court) The petitioner has approached this Court being aggrieved by the fact that proceedings were taken

Clipped from: https://taxguru.in/goods-and-service-tax/ex-parte-order-violation-principle-natural-justice-liable-quashed.html Order passed by Assessing Authority being ex-parte and in violation of principle of natural justice liable to be quashed The Hon’ble Patna High

Clipped from: https://www.taxscan.in/income-derived-from-training-fee-and-related-course-material-not-entitled-to-deduction-u-s-10b-itat/238317/?utm_source=izooto&utm_medium=push_notifications&utm_campaign=Income%20derived By Yogitha S. Yogesh – On December 26, 2022 1:07 pm In a recent ruling, the Chennai bench of the Income Tax Appellate Tribunal (ITAT) has held that

Clipped from: https://www.taxscan.in/brokerage-not-part-of-income-unless-received-itat-deletes-income-tax-addition/237366/?utm_source=izooto&utm_medium=push_notifications&utm_campaign=Brokerage%20not By Fathima Karama AM – On December 25, 2022 10:08 am The Delhi bench of the Income Tax Appellate Tribunal ( ITAT ) has deleted the addition holding that the

lipped from: https://www.thehindubusinessline.com/portfolio/personal-finance/tax-query-what-is-the-tax-implication-for-income-from-dealing-in-options/article66292708.ece Income earned through options is taxable under the head Profit or Gains of Business or Profession I trade in options only and not

Clipped from: https://www.taxscan.in/income-tax-authorities-should-charge-legitimate-taxes-from-taxpayers-itat/237984/?utm_source=izooto&utm_medium=push_notifications&utm_campaign=Income%20Tax%20Authorities%20shoul By Taxscan Team – On December 24, 2022 10:09 am In a recent ruling while slamming the income tax department for ignoring the grievance of the

Clipped from: https://www.taxscan.in/s-201-income-tax-act-is-not-to-punish-or-prosecute-assessee-for-his-lapses-for-tds-responsibilities-itat-grants-relief-to-icici-securities/237103/?utm_source=izooto&utm_medium=push_notifications&utm_campaign=S.%20201%20Income%20Tax%20Act By Kalyani B Nair – On December 22, 2022 3:51 pm The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT), rued that Section 201 Income Tax Act, 1961

Clipped from: https://www.taxscan.in/re-assessment-cannot-be-based-on-mere-change-of-opinion-telangana-hc/237657/?utm_source=izooto&utm_medium=push_notifications&utm_campaign=Re-Assessment By Navasree A M – On December 23, 2022 12:51 pm The Telangana High Court (HC), bench of Chief Justice Ujjal Bhuyan and Justice Baskar Reddy

Clipped from: https://www.taxscan.in/no-effort-by-ao-to-send-draft-assessment-order-to-correct-address-itat-quashes-order/236636/?utm_source=izooto&utm_medium=push_notifications&utm_campaign=No%20Effort By Kalyani B Nair – On December 22, 2022 11:43 am The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT), quashed assessment order on the ground that no effort

Clipped from: https://www.thehindubusinessline.com/portfolio/personal-finance/tax-query-will-the-sale-of-shares-transferred-within-family-attract-tax/article66266442.ece Sale of such shares is taxable as Income from Capital Gains My mother-in-law wants to transfer equity shares to my name or my

Clipped from: https://www.taxscan.in/loss-on-forex-fluctuations-on-forward-contracts-are-deductible-u-s-371-of-income-tax-act-delhi-hc/236418/?utm_source=izooto&utm_medium=push_notifications&utm_campaign=Loss%20on%20Forex%20fluctuations By Navasree A M – On December 20, 2022 6:12 pm In a recent ruling of Delhi High Court (HC) of Justice Vibhu Bakhru and Justice