Read More: https://www.taxscan.in/cash-deposit-arising-out-of-sale-of-agricultural-land-cannot-be-treated-as-unexplained-itat/176059/ Clipped from: https://www.taxscan.in/cash-deposit-arising-out-of-sale-of-agricultural-land-cannot-be-treated-as-unexplained-itat/176059/?utm_source=izooto&utm_medium=push_notifications&utm_campaign=Agricultural%20Land Top Stories By Taxscan Team – On May 19, 2022 2:37 pm The Income Tax Appellate Tribunal (ITAT), Chennai bench, while allowing an appeal
Category: Income Tax Cases
*****Husband can claim Capital Gain Exemption for Investment made in the name of Wife: ITAT–TAXSCAN
lipped from: https://www.taxscan.in/husband-can-claim-capital-gain-exemption-for-investment-made-in-the-name-of-wife-itat/175637/ Top Stories By Kalyani B. Nair – On May 17, 2022 5:32 pm The Income Tax Appellate Tribunal (ITAT), Jaipur bench consisting of DR. S. Seethalakshmi, Judicial
*****Re-Assessment based on Wrong Assumption and Information from Another Assessing Officer is Invalid: ITAT
lipped from: https://www.taxscan.in/re-assessment-based-on-wrong-assumption-and-information-from-another-assessing-officer-is-invalid-itat/175101/?utm_source=izooto&utm_medium=push_notifications&utm_campaign=Re-Assessment Top Stories By Rasheela Basheer – On May 16, 2022 11:02 am The Income Tax Appellate Tribunal (ITAT), Mumbai bench has held that the reopening of assessment based on wrong
*****Income Tax Dept failed to give Minimum Time to Respond: Delhi HC quashes S. 148 Notice [Read Order]–TAXSCAN
Read More: https://www.taxscan.in/income-tax-dept-failed-to-give-minimum-time-to-respond-delhi-hc-quashes-s-148-notice/175092/ lipped from: https://www.taxscan.in/income-tax-dept-failed-to-give-minimum-time-to-respond-delhi-hc-quashes-s-148-notice/175092/?utm_source=izooto&utm_medium=push_notifications&utm_campaign=Income%20Tax%20Dept Top Stories By Taxscan Team – On May 16, 2022 2:34 pm In an assessee-favouring ruling, the Delhi High Court has quashed a notice under
*****NRI couldn’t Prove Source of Cash Deposit during Demonetization: ITAT upholds Addition [Read Order]–TAXSCAN
Read More: https://www.taxscan.in/nri-couldnt-prove-source-of-cash-deposit-during-demonetization-itat-upholds-addition/175912/ lipped from: https://www.taxscan.in/nri-couldnt-prove-source-of-cash-deposit-during-demonetization-itat-upholds-addition/175912/ Top Stories By Rasheela Basheer – On May 18, 2022 6:03 pm The Income Tax Appellate Tribunal (ITAT), Bangalore has upheld an addition against
Mere ‘Change of Opinion’ cannot be a ‘Reason to Believe’ Escapement of Income to Initiate Re-Assessment: Delhi HC [Read Order]–TAXSCAN
Read More: https://www.taxscan.in/mere-change-of-opinion-cannot-be-a-reason-to-believe-escapement-of-income-to-initiate-re-assessment-delhi-hc/175544/ Clipped from: https://www.taxscan.in/mere-change-of-opinion-cannot-be-a-reason-to-believe-escapement-of-income-to-initiate-re-assessment-delhi-hc/175544/?utm_source=izooto&utm_medium=push_notifications&utm_campaign=Change%20of%20Opinion Top Stories By Rasheela Basheer – On May 17, 2022 3:01 pm The division bench of the Delhi High Court while dismissing an appeal
*****Re-Assessment Order passed without allowing Assessee to file Objection is Invalid: Delhi HC
Clipped from: https://www.taxscan.in/re-assessment-order-passed-without-allowing-assessee-to-file-objection-is-invalid-delhi-hc/175598/?utm_source=izooto&utm_medium=push_notifications&utm_campaign=Re-Assessment%20Order Top Stories By Rasheela Basheer – On May 18, 2022 12:00 pm The Delhi High Court has held that the re-assessment under section 147/148 of the Income
*****Drawings made for Non-Business purposes are not allowable as Income Tax Deduction: ITAT
Clipped from: https://www.taxscan.in/drawings-made-for-non-business-purposes-are-not-allowable-as-income-tax-deduction-itat/175739/?utm_source=izooto&utm_medium=push_notifications&utm_campaign=Deduction Top Stories By Taxscan Team – On May 18, 2022 12:50 pm The Visakhapatnam bench of the Income Tax Appellate Tribunal (ITAT) has held that drawings
*****Rental Income from Building cannot be treated as Business Income since Assessee is not Involved in Business of Leasing: ITAT–TAXSCAN
Clipped from: https://www.taxscan.in/rental-income-from-building-cannot-be-treated-as-business-income-since-assessee-is-not-involved-in-business-of-leasing-itat/175661/?utm_source=izooto&utm_medium=push_notifications&utm_campaign=Rental%20Income Top Stories By Rasheela Basheer – On May 18, 2022 1:53 pm The Income Tax Appellate Tribunal (ITAT), Vishakhapatnam bench has held that the rental income
*****Depreciation allowable on Goodwill: ITAT–TAXSCAN
lipped from: https://www.taxscan.in/depreciation-allowable-on-goodwill-itat/175818/?utm_source=izooto&utm_medium=push_notifications&utm_campaign=Goodwill Top Stories By Rasheela Basheer – On May 18, 2022 1:25 pm The Pune bench of the Income Tax Appellate Tribunal (ITAT) has held that the depreciation is
*Tax reassessment: Supreme Court sets aside HC orders, revives show-cause notices | The Financial Express
Clipped from: https://www.financialexpress.com/economy/tax-reassessment-supreme-court-sets-aside-hc-orders-revives-show-cause-notices/2513244/ The SC order would mean that the the change in law can’t be an alibi for taxpayers to escape the proceedings initiated via
*****Tax reassessment notices issued from April ’21 upheld by SC – The Economic Times
Clipped from: https://economictimes.indiatimes.com/news/economy/finance/tax-reassessment-notices-issued-from-april-21-upheld-by-sc/articleshow/91329762.cms Synopsis In the budget for FY22, the government had reduced this reopening period to three years with effect from April 1, 2021, to
*****Supreme Court holds income tax re-assessment order issued under Section 148 as valid – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/economy/supreme-court-holds-income-tax-re-assessment-order-issued-under-section-148-as-valid/article65380963.ece Earlier, the Allahabad, Delhi and Rajasthan High Courts had quashed the notices The Supreme Court on Wednesday ruled in favour of the Income
*****Reopening u/s 148 permissible in case of receipt of huge cash deposit vis-à-vis non-filing of ROI
Clipped from: https://taxguru.in/income-tax/reopening-u-s-148-permissible-case-receipt-huge-cash-deposit-vis-a-vis-non-filing-roi.html?utm_source=feedburner&utm_medium=email Vanditbhai Rajendrakumar Patel Vs ITO (ITAT Ahmedabad) Facts- The brief facts of the case were that as per AIR information, the Ld. Assessing Officer
*****Tax tribunal’s views differ in Thakkar ruling – The Economic Times
Clipped from: https://economictimes.indiatimes.com/news/india/tax-tribunals-views-differ-in-thakkar-ruling/articleshow/91220256.cms Synopsis The cases relate to South Mumbai residents, Dilip Thakkar, a reputed chartered accountant, and his wife Indira Thakkar whose father had set
*Can the Rent Paid to Parents or Spouses be Eligible for HRA Exemption under the Income Tax Act?-TAXSCAN
Read More: https://www.taxscan.in/can-the-rent-paid-to-parents-or-spouses-be-eligible-for-hra-exemption-under-the-income-tax-act/170707/ Clipped from: https://www.taxscan.in/can-the-rent-paid-to-parents-or-spouses-be-eligible-for-hra-exemption-under-the-income-tax-act/170707/?utm_source=izooto&utm_medium=push_notifications&utm_campaign=HRA Top Stories By Aleena Elizabeth – On April 26, 2022 8:48 pm Whether Paying Rent to Parents or Spouses to be considered a Tax
*Digital Data recovered during Search has Evidentiary Value, can be relied on to Make Addition: ITAT-TAXSCAN
Clipped from: https://www.taxscan.in/digital-data-recovered-during-search-has-evidentiary-value-can-be-relied-on-to-make-addition-itat/170723/?utm_source=izooto&utm_medium=push_notifications&utm_campaign=Digital%20Data Top Stories By Rasheela Basheer – On April 26, 2022 5:04 pm The Bangalore bench of the Income Tax Appellate Tribunal (ITAT) has held that the
*Delhi HC strikes down Explanation to CBDT Notifications for Re-Assessment after 31st March 2021, Quashes Notices-TAXSCAN
Clipped from: https://www.taxscan.in/delhi-hc-strikes-down-explanation-to-cbdt-notifications-for-re-assessment-after-31st-march-2021-quashes-notices/170882/?utm_source=izooto&utm_medium=push_notifications&utm_campaign=CBDT Top Stories By Taxscan Team – On April 27, 2022 10:22 am In a significant ruling, a division bench of the Delhi High Court comprising Mr. Justice
*Income Tax Law does not prohibitAssessing Officer to go beyond the Reasonsbased on which Re-Assessment Initiated: ITAT-TAXSCAN
Clipped from: https://www.taxscan.in/income-tax-law-does-not-prohibit-assessing-officer-to-go-beyond-the-reasons-based-on-which-re-assessment-initiated-itat/171029/?utm_source=izooto&utm_medium=push_notifications&utm_campaign=IT%20Law Top Stories By Rasheela Basheer – On April 27, 2022 8:30 pm The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has held that there is no
Delay of 1217 Days in filing Appeal due to Covid-19: ITAT imposes Cost of Rs. 25,000 to Condone Delay [Read Order]-TAXSCAN
Read More: https://www.taxscan.in/delay-of-1217-days-in-filing-appeal-due-to-covid-19-itat-imposes-cost-of-rs-25000-to-condone-delay/170947/ Clipped from: https://www.taxscan.in/delay-of-1217-days-in-filing-appeal-due-to-covid-19-itat-imposes-cost-of-rs-25000-to-condone-delay/170947/?utm_source=izooto&utm_medium=push_notifications&utm_campaign=Condone%20Delay Top Stories By Rasheela Basheer – On April 27, 2022 6:03 pm While condoning a delay of 1217 days in filing an income tax
