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Category: Income Tax Cases
ITAT Directs AO to Examine Section 54 Exemption Eligibility in year in which capital gain is taxable
Denial of deduction u/s. 54F by merely stating that constructed portion is small is unjustified
Reopening of assessment beyond 4 years unsustainable as full and true material facts disclosed
Notice u/s 148 can be Issued on Assessee’s Failure to truly disclose Material Facts: ITAT
Addition towards short term capital loss unsustainable as transaction not bogus
Reopening of assessment quashed as PCIT granted approval without adequate inquiry
Refund issued will first be adjusted against interest and then against principal amount
In absence of Direct Evidence Share Trading Loss cannot be treated as Bogus
CBDT issues Circular Condoning Delay for Claiming Deduction u/s 80P for A.Y. 2018-19 to A.Y. 2022-23
CBDT issues Circular Condoning Delay for Claiming Deduction u/s 80P for A.Y. 2018-19 to A.Y. 2022-23
Read More: https://www.taxscan.in/cbdt-issues-circular-condoning-delay-for-claiming-deduction-u-s-80p-for-a-y-2018-19-to-a-y-2022-23/303773/ Clipped from: https://www.taxscan.in/cbdt-issues-circular-condoning-delay-for-claiming-deduction-u-s-80p-for-a-y-2018-19-to-a-y-2022-23/303773/?utm_source=izooto&utm_medium=push_notifications&utm_campaign=CBDT%20issues%20Circular%20Condoning%20Delay%20for%20Claiming%20Deduction%20u/s%2080P%20for%20A.Y.%202018-19%20to%20A.Y.%202022-23 The Central Board of Direct Taxes (CBDT) vide circular number 13/2023 issued on 26th July 2023 condemned the delay for claiming the deduction
Issuance of Cheque to Associate Concerns from OCC Account cannot be Construed as Diversion of WC Loan Fund: ITAT deletes addition of Rs. 79.15cr
Clipped from: https://www.taxscan.in/issuance-of-cheque-to-associate-concerns-from-occ-account-cannot-be-construed-as-diversion-of-wc-loan-fund-itat-deletes-addition-of-rs-79-15cr/303040/?utm_source=izooto&utm_medium=push_notifications&utm_campaign=Issuance%20of%20Cheque%20to%20Associate%20Concerns%20from%20OCC%20Account%20cannot%20be%20Construed%20as%20Diversion%20of%20WC%20Loan%20Fund:%20ITAT%20deletes%20addition%20of%20Rs.%2079.15cr The Chennai bench of Income Tax Appellate Tribunal (ITAT) observed that issuance of cheque to associate concerns from OCC account cannot be construed as diversion of working
1,103 MSME claims pending under Vivad Se Vishwas dispute resolution scheme; this many units supported | The Financial Express
https://www.financialexpress.com/industry/sme/1103-msme-claims-pending-under-vivad-se-vishwas-dispute-resolution-scheme-this-many-units-supported/3186747/ Clipped from: https://www.financialexpress.com/industry/sme/1103-msme-claims-pending-under-vivad-se-vishwas-dispute-resolution-scheme-this-many-units-supported/3186747/ Under the scheme, launched on April 17, MSMEs unable to execute government contracts during the Covid period were allowed a 95 per
👍👍👍👍👍👍👍CPC not within Jurisdiction to Disallow Deduction u/s 80P of Income Tax Act: ITAT Allows West Bengal Cooperative Society’s Claim
Clipped from: https://www.taxscan.in/cpc-not-within-jurisdiction-to-disallow-deduction-u-s-80p-of-income-tax-act-itat-allows-west-bengal-cooperative-societys-claim/303261/?utm_source=izooto&utm_medium=push_notifications&utm_campaign=CPC%20not%20within%20Jurisdiction%20to%20Disallow%20Deduction%20u/s%2080P%20of%20Income%20Tax%20Act:%20ITAT%20Allows%20West%20Bengal%20Cooperative%20Society%27s%20Claim The Kolkata bench of the Income Tax Appellate Tribunal (ITAT) has held that the Central Processing Centre (CPC) was not within its jurisdiction to disallow
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