![Capital Gains arising out of Sale of Long-Term Capital Assets shall be Taxable at Rate of 20% u/s 112 of Income Tax Act: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/10/Capital-Gains-Sale-of-Long-Term-Capital-Assets-Taxable-Rate-112-of-Income-Tax-Act-ITAT-taxscan.jpeg "Capital Gains arising out of Sale of Long-Term Capital Assets shall be Taxable at Rate of 20% u/s 112 of Income Tax Act: ITAT [Read Order]")
Capital Gains arising out of Sale of Long-Term Capital Assets shall be Taxable at Rate of 20% u/s 112 of Income Tax Act: ITAT [Read Order]
The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) ruled that capital gains arising from the sale of long-term capital assets shall be taxable...
![Absence of Faceless Assessment envisaged u/s 144B of Income Tax Act Invalidate SCN: Punjab & Haryana HC [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/10/Punjab-and-Haryana-High-Court-Income-Tax-Income-Tax-Act-Section-144B-of-Income-Tax-Act-Faceless-Assessment-Taxscan.jpeg "Absence of Faceless Assessment envisaged u/s 144B of Income Tax Act Invalidate SCN: Punjab & Haryana HC [Read Order]")
![Determinate Beneficiaries to be Taxed as “Individual”, Not as “Association Of Persons” at Marginal Rate: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/10/ITAT-Income-Tax-ITAT-Mumbai-Income-Tax-Appellate-Tribunal-TAXSCAN-1.jpg "Determinate Beneficiaries to be Taxed as “Individual”, Not as “Association Of Persons” at Marginal Rate: ITAT [Read Order]")
![Purchase of One Residential House with Modifications of Two Adjacent Properties Amounts to a Single Residential House: ITAT Allows S.54F Exemption Claim [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/10/ITAT-Income-Tax-ITAT-Mumbai-Income-Tax-Appellate-Tribunal-Income-Tax-Act-TAXSCAN.jpg "Purchase of One Residential House with Modifications of Two Adjacent Properties Amounts to a Single Residential House: ITAT Allows S.54F Exemption Claim [Read Order]")
![ITAT sets aside CIT(A) Order, Remands Case to AO for Fresh Adjudication due to Denial of Fair Hearing [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/10/ITAT-ITAT-Delhi-Income-Tax-Commissioner-of-Income-Tax-Remands-Case-for-Fresh-Adjudication-Taxscan.jpg "ITAT sets aside CIT(A) Order, Remands Case to AO for Fresh Adjudication due to Denial of Fair Hearing [Read Order]")
Exemption Claim to MSME Unit to File Audit Report u/s 44 AD of Income Tax Act: Orissa HC Directs Scrutiny Committee to Review Matter [Read Order]
In a recent case, the Orissa High Court directed the scrutiny committee to review matter regarding the claim of exemption to Micro, Small, and Medium Enterprises ( MSME ) Unit to file an audit...
![Exemption Claim to MSME Unit to File Audit Report u/s 44 AD of Income Tax Act: Orissa HC Directs Scrutiny Committee to Review Matter [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/10/Income-Tax-Income-Tax-Act-Orissa-HC-Orissa-High-Court-MSME-claims-TAXSCAN.jpg "Exemption Claim to MSME Unit to File Audit Report u/s 44 AD of Income Tax Act: Orissa HC Directs Scrutiny Committee to Review Matter [Read Order]")
Rent Income from Profit and Gains of Leasing Company Assessable as ‘Income from Profits and Gains of Business’: Bombay High Court [Read Order]
In a recent decision, the Bombay High Court maintained that Rent Income from the profit and gains of a leasing company derived through the lease of its owned properties can be assessed as ‘income...
![Rent Income from Profit and Gains of Leasing Company Assessable as ‘Income from Profits and Gains of Business’: Bombay High Court [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/10/Bombay-High-Court-Rent-income-taxation-Tax-on-leasing-company-earnings-Business-income-tax-taxscan.jpg "Rent Income from Profit and Gains of Leasing Company Assessable as ‘Income from Profits and Gains of Business’: Bombay High Court [Read Order]")
Capital Gains Arising Out of Sale of Long-Term Capital Assets Shall Be Taxable at Rate of 20% u/s 112 Of Income Tax Act: ITAT [Read Order]
The Mumbai Bench of Income Tax Appellate Tribunal ( ITAT ) ruled that capital gains arising from the sale of long-term capital assets shall be taxable at a rate of 20% under Section 112 of the Income...
![Capital Gains Arising Out of Sale of Long-Term Capital Assets Shall Be Taxable at Rate of 20% u/s 112 Of Income Tax Act: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/10/ITAT-ITAT-Mumbai-Income-Tax-Appellate-Tribunal-Capital-Gains-Sale-of-Long-Term-Capital-Assets-Taxable-at-Rate-Section-112-of-the-Income-Tax-taxscan.jpg "Capital Gains Arising Out of Sale of Long-Term Capital Assets Shall Be Taxable at Rate of 20% u/s 112 Of Income Tax Act: ITAT [Read Order]")
No Additions Permitted u/s 153A without Incriminating Material found during Search: ITAT [Read Order]
The Delhi Bench of Income Tax Appellate Tribunal ( ITAT ) ruled that no additions are permitted under Section 153A of the Income Tax Act,1961 without incriminating material found during a search. ...
![No Additions Permitted u/s 153A without Incriminating Material found during Search: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/10/ITAT-ITAT-Delhi-Incriminating-Material-Found-Incriminating-Material-No-Additions-Permitted-Section-153A-of-the-Income-Tax-Act-ITAT-news-taxscan.jpg "No Additions Permitted u/s 153A without Incriminating Material found during Search: ITAT [Read Order]")
Rejecting Records Solely due to Handwritten Form Is unjust without considering Taxpayer’s Explanation and Business Context: ITAT [Read Order]
The Ahmedabad Bench of the Income Tax Appellate Tribunal (ITAT) ruled that rejecting records solely due to handwritten form is unjust without considering the taxpayer’s explanation and business...
![Rejecting Records Solely due to Handwritten Form Is unjust without considering Taxpayer’s Explanation and Business Context: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/10/ITAT-ITAT-Ahmedabad-Income-Tax-Appellate-Tribunal-Rejecting-Records-Solely-Records-Solely-Handwritten-Form-Taxpayers-Explanation-taxscan.jpg "Rejecting Records Solely due to Handwritten Form Is unjust without considering Taxpayer’s Explanation and Business Context: ITAT [Read Order]")
Repeated Non-appearance before CIT(A) & AO without Justifiable Cause: ITAT Confirms Addition & Penalty on Unexplained Transaction of ₹83.4L [Read Order]
The Ahmedabad Bench of the Income Tax Appellate Tribunal ( ITAT ) confirmed the addition and penalty on unexplained transactions of Rs. 83.4 lakhs due to the assessee's repeated non-appearance before...
![Repeated Non-appearance before CIT(A) & AO without Justifiable Cause: ITAT Confirms Addition & Penalty on Unexplained Transaction of ₹83.4L [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/10/ITAT-ITAT-Ahmedabad-ITAT-Confirms-Repeated-Non-appearance-Penalty-on-Unexplained-Transaction-Justifiable-Cause-assessing-officer-taxscan.jpg "Repeated Non-appearance before CIT(A) & AO without Justifiable Cause: ITAT Confirms Addition & Penalty on Unexplained Transaction of ₹83.4L [Read Order]")
ITAT upholds CIT(A) findings on Unsecured Loans, Citing Lack of Incriminating Evidence [Read Order]
The Delhi Bench of Income Tax Appellate Tribunal ( ITAT ) upheld the findings of the Commissioner of Income Tax (Appeals)[ CIT(A) ] regarding unsecured loans for the assessment year (AY) 2015-2016,...
![ITAT upholds CIT(A) findings on Unsecured Loans, Citing Lack of Incriminating Evidence [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/10/ITAT-ITAT-Delhi-Unsecured-Loans-CITA-Taxscan.jpg "ITAT upholds CIT(A) findings on Unsecured Loans, Citing Lack of Incriminating Evidence [Read Order]")