Aiswarya Krishnadas
CESTAT Weekly Round Up
This weekly round-up analytically summarizes the key stories of the Customs, Excise, and Service Tax Appellate Tribunal ( CESTAT ) reported at...
![ITAT Directs AO to Scrutinize Purchase of Shares After Assessee Fails to Produce Documents [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/04/ITAT-AO-to-Scrutinize-Purchase-of-Shares-Produce-Documents-TAXSCAN.jpg "ITAT Directs AO to Scrutinize Purchase of Shares After Assessee Fails to Produce Documents [Read Order]")
![Investment Income from Excess Stock cannot be Taxed u/s 69 B of Income Tax Act, Must be Assessed as Business Income: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/04/Investment-income-taxation-Business-income-assessment-Excess-stock-taxation-Taxation-of-investment-income-taxscan.jpg "Investment Income from Excess Stock cannot be Taxed u/s 69 B of Income Tax Act, Must be Assessed as Business Income: ITAT [Read Order]")
![AO denies to grant Section 54F Deduction to LTCG from Sale of Inherited Jewellery: ITAT allows Deduction [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/04/ITAT-ITAT-Bangalore-Income-Tax-Sale-of-Inherited-Jewellery-TAXSCAN.jpg "AO denies to grant Section 54F Deduction to LTCG from Sale of Inherited Jewellery: ITAT allows Deduction [Read Order]")
![Taxpayer Fails to Provide Detailed Expenditure of Rs. 35.2 lakhs Claimed as Business Promotion Expenses: ITAT Directs Re-adjudication [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/04/ITAT-ITAT-Mumbai-Income-Tax-Business-Promotion-Expenses-TAXSCAN.jpg "Taxpayer Fails to Provide Detailed Expenditure of Rs. 35.2 lakhs Claimed as Business Promotion Expenses: ITAT Directs Re-adjudication [Read Order]")
ITAT Directs to Grant TDS Exemption after Verification of TDS Exemption Certificate issued u/s 195(3) of IT Act by Joint Director found Genuine [Read Order]
The Hyderabad bench of the Income Tax Appellate Tribunal ( ITAT ) has directed the grant of Tax Deducted at Source ( TDS ) exemption after confirming the authenticity of the TDS exemption certificate...
![ITAT Directs to Grant TDS Exemption after Verification of TDS Exemption Certificate issued u/s 195(3) of IT Act by Joint Director found Genuine [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/04/ITAT-ITAT-Hyderabad-Income-Tax-TDS-Exemption-TAXSCAN.jpg "ITAT Directs to Grant TDS Exemption after Verification of TDS Exemption Certificate issued u/s 195(3) of IT Act by Joint Director found Genuine [Read Order]")
Passing Intimation u/s 143 without Reasonable Opportunity to Taxpayer Deemed Unlawful: ITAT against AO [Read Order]
The Kolkata bench of the Income Tax Appellate Tribunal ( ITAT ) ruled that passing intimation under Section 143 of the Income Tax Act, 1961 without affording the taxpayer a reasonable opportunity is...
![Passing Intimation u/s 143 without Reasonable Opportunity to Taxpayer Deemed Unlawful: ITAT against AO [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/04/Passing-Intimation-Reasonable-Opportunity-Taxpayer-itat-taxscan.jpg "Passing Intimation u/s 143 without Reasonable Opportunity to Taxpayer Deemed Unlawful: ITAT against AO [Read Order]")
Sale Proceeds of Shares Properly Explained Through Documentary Evidence: ITAT Deletes Addition of 39.7 Lakhs [Read Order]
The Ahmedabad bench of the Income Tax Appellate Tribunal ( ITAT ) deleted the addition of 39.7 Lakhs after the proper explanation of sale proceeds of shares through documentary evidence. The...
![Sale Proceeds of Shares Properly Explained Through Documentary Evidence: ITAT Deletes Addition of 39.7 Lakhs [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/04/Sale-Proceeds-of-Shares-Documentary-Evidence-ITAT-Addition-taxscan.webp "Sale Proceeds of Shares Properly Explained Through Documentary Evidence: ITAT Deletes Addition of 39.7 Lakhs [Read Order]")
Plant and Machinery Held Over 36 Months Deemed Long-Term Capital Assets u/s 2 (42 A) of Income Tax Act: ITAT [Read Order]
The Ahmedabad bench of the Income Tax Appellate Tribunal ( ITAT) observed that plant and machinery held over 36 months deemed long-term capital assets under Section 2 (42A) of Income Tax Act, 1961. ...
![Plant and Machinery Held Over 36 Months Deemed Long-Term Capital Assets u/s 2 (42 A) of Income Tax Act: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/04/Plant-and-Machinery-Long-Term-Capital-Assets-Income-Tax-Act-ITAT-taxscan.jpg "Plant and Machinery Held Over 36 Months Deemed Long-Term Capital Assets u/s 2 (42 A) of Income Tax Act: ITAT [Read Order]")
GSTR-1 Turnover Reporting Error Leads to Tax Liability of Rs. 1.4 Cr: Madras HC Quashes DRC-07 Order, Grants Opportunity to Contest [Read Order]
The Madras High Court has intervened in a case where a taxpayer faced GST liability of Rs. 1.4 crore due to an erroneous turnover reporting in their GSTR-1 return. The Court, acknowledging the...
![GSTR-1 Turnover Reporting Error Leads to Tax Liability of Rs. 1.4 Cr: Madras HC Quashes DRC-07 Order, Grants Opportunity to Contest [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/04/GSTR-1-Turnover-Reporting-Error-Leads-Tax-Liability-Madras-HC-Quashes-DRC-07-Grants-Opportunity-to-Contest-taxscan.jpg "GSTR-1 Turnover Reporting Error Leads to Tax Liability of Rs. 1.4 Cr: Madras HC Quashes DRC-07 Order, Grants Opportunity to Contest [Read Order]")