![S. 145(3) of Income Tax Cannot Be Invoked Without Identifying Specific Defects in Books: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2025/02/Defects-in-Books-of-Account-1.jpg "S. 145(3) of Income Tax Cannot Be Invoked Without Identifying Specific Defects in Books: ITAT [Read Order]")
S. 145(3) of Income Tax Cannot Be Invoked Without Identifying Specific Defects in Books: ITAT [Read Order]
The Jaipur Bench of the Income Tax Appellate Tribunal (ITAT) ruled that Section 145(3) of the Income Tax Act, 1961, cannot be invoked without...
![ITAT Quashes Penalty for Non-Compliance to Statutory Notices During COVID-19, Citing Reasonable Cause [Read Order]](https://www.taxscan.in/wp-content/uploads/2025/02/Penalty-COVID-19-Statutory-Notices-taxscan.jpg "ITAT Quashes Penalty for Non-Compliance to Statutory Notices During COVID-19, Citing Reasonable Cause [Read Order]")
![ITAT Remands Case on Section 80P(2)(d) Deduction as AO rejected Claim, Holding SCDCC Bank as Co-operative Bank, not Society [Read Order]](https://www.taxscan.in/wp-content/uploads/2025/02/Co-Operative-Bank.jpg "ITAT Remands Case on Section 80P(2)(d) Deduction as AO rejected Claim, Holding SCDCC Bank as Co-operative Bank, not Society [Read Order]")
![ITAT Reduces Unexplained Cash Deposit Addition to 25%, Upholds 8% Profit Estimation and Audit Penalty u/s 44AD of Income Tax Act [Read Order]](https://www.taxscan.in/wp-content/uploads/2025/02/Unexplained-Cash-Deposit-Penalty-Income-Tax-Act-taxscan.jpg "ITAT Reduces Unexplained Cash Deposit Addition to 25%, Upholds 8% Profit Estimation and Audit Penalty u/s 44AD of Income Tax Act [Read Order]")
Section 14A Disallowance Invalid in Absence of Exempt Income: ITAT dismisses Revenue’s Appeal [Read Order]
The Pune Bench of the Income Tax Appellate Tribunal (ITAT) held that the disallowance under Section 14A of the Income Tax Act, 1961, was invalid due to the absence of exempt income. The revenue...
![Section 14A Disallowance Invalid in Absence of Exempt Income: ITAT dismisses Revenue’s Appeal [Read Order]](https://www.taxscan.in/wp-content/uploads/2025/02/Section-14A-Absence-of-Exempt-Income-ITAT-assessment-year-Assessing-Officer-SCN-assessment-income-tax-Income-tax-news-ITAT-news-Taxscan.jpg "Section 14A Disallowance Invalid in Absence of Exempt Income: ITAT dismisses Revenue’s Appeal [Read Order]")
Income Tax Dept. Cannot Reopen Old Assessments Using Future Amendment Banning Goodwill Depreciation: Gujarat HC [Read Order]
In a recent ruling, the Gujarat High Court ruled that a future amendment disallowing depreciation on goodwill, which came into effect on April 1, 2021, could not be used as a basis to reopen the...
![Income Tax Dept. Cannot Reopen Old Assessments Using Future Amendment Banning Goodwill Depreciation: Gujarat HC [Read Order]](https://www.taxscan.in/wp-content/uploads/2025/02/Income-Tax-Income-Tax-Department-Old-Assessments-Amendment-Banning-Goodwill-Depreciation-Gujarat-HC-taxscan.jpg "Income Tax Dept. Cannot Reopen Old Assessments Using Future Amendment Banning Goodwill Depreciation: Gujarat HC [Read Order]")
AO must issue Speaking Orders Against Assessee's Written Objections: Calcutta HC Upholds ITAT Order [Read Order]
The Calcutta High Court recently affirmed an ITAT ruling that removed an assessee's income addition of more than ₹4 crore made in a reassessment proceeding under the Income Tax Act, 1961. The...
![AO must issue Speaking Orders Against Assessees Written Objections: Calcutta HC Upholds ITAT Order [Read Order]](https://www.taxscan.in/wp-content/uploads/2025/02/Speaking-Orders-AO-must-issue-Speaking-Orders-Calcutta-HC-Calcutta-HC-Upholds-ITAT-Order-ITAT-Order-ITAT-taxscan.jpg "AO must issue Speaking Orders Against Assessees Written Objections: Calcutta HC Upholds ITAT Order [Read Order]")
Cash Deposits during Demonetization as Duly Explained: ITAT Deletes Rs. 15 Lakh addition u/s 69A [Read Order]
The Bangalore bench of the Income Tax Appellate Tribunal (ITAT) deleted the addition of Rs. 15 lakhs made under Section 69A of the Income Tax Act as the cash deposits that were made by the assessee...
![Cash Deposits during Demonetization as Duly Explained: ITAT Deletes Rs. 15 Lakh addition u/s 69A [Read Order]](https://www.taxscan.in/wp-content/uploads/2025/02/Cash-Deposits-during-Demonetization.jpg "Cash Deposits during Demonetization as Duly Explained: ITAT Deletes Rs. 15 Lakh addition u/s 69A [Read Order]")
Assessee Entitled to S. 80IA(4)(iii) Deduction as No Violation of Scheme Conditions Found: ITAT [Read Order]
The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) held that the assessee was entitled to a deduction under Section 80IA(4)(iii) of the Income Tax Act, 1961, as no violation of scheme...
![Assessee Entitled to S. 80IA(4)(iii) Deduction as No Violation of Scheme Conditions Found: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2025/02/Income-Tax-Deduction-1.jpg "Assessee Entitled to S. 80IA(4)(iii) Deduction as No Violation of Scheme Conditions Found: ITAT [Read Order]")
Reduction in Subsidiary’s Share Capital Constitutes ‘Transfer’ u/s 2(47) of Income Tax Act: Supreme Court [Read Judgement]
The Supreme Court held that a reduction in the subsidiary’s share capital constitutes a ‘transfer’ under Section 2(47) of the Income Tax Act, 1961. In this case, the Revenue has appealed against...
![Reduction in Subsidiary’s Share Capital Constitutes ‘Transfer’ u/s 2(47) of Income Tax Act: Supreme Court [Read Judgement]](https://www.taxscan.in/wp-content/uploads/2025/02/Supreme-Court-Share-Capital-Income-Tax-Act-taxscan.jpg "Reduction in Subsidiary’s Share Capital Constitutes ‘Transfer’ u/s 2(47) of Income Tax Act: Supreme Court [Read Judgement]")