Do the President, Prime Minister, and High Officials Pay Income Tax? Know Limitations and Exemptions
Today, as we celebrate the 76th Republic Day of India, a day that marks the adoption of our Constitution and the ideals of justice, equality, and...
![ITAT Weekly Round-Up [Jan 17-Jan 24,2025]](https://www.taxscan.in/wp-content/uploads/2025/01/ITAT-Weekly-Round-Up-Jan-17-Jan-242025-taxscan.jpg "ITAT Weekly Round-Up [Jan 17-Jan 24,2025]")
![Addition of Rs. 21,42,857 u/s 56(2)(vii)(b)(ii): ITAT Allows Appeal for Failure to Refer Valuation to DVO [Read Order]](https://www.taxscan.in/wp-content/uploads/2025/01/ITAT-Appeal-Allowed-Valuation-DVO-Tax-Dispute-Addition-Income-Tax-Failure-to-Refer-ITAT-Ahmedabad-taxscan.jpg "Addition of Rs. 21,42,857 u/s 56(2)(vii)(b)(ii): ITAT Allows Appeal for Failure to Refer Valuation to DVO [Read Order]")
![Penalty Not Maintainable When Assessment Order No Longer Exists: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2025/01/ITAT-Mumbai-Income-tax-News-Assessment-Order-No-Longer-Exists-Taxscan.jpg "Penalty Not Maintainable When Assessment Order No Longer Exists: ITAT [Read Order]")
![Undervaluation of Closing Stock: ITAT upholds CIT(A)s decision to delete Rs. 2.92 Crore addition [Read Order]](https://www.taxscan.in/wp-content/uploads/2025/01/ITAT-Undervaluation-of-Closing-Stock-Income-Tax-Act-taxscan.jpg "Undervaluation of Closing Stock: ITAT upholds CIT(A)s decision to delete Rs. 2.92 Crore addition [Read Order]")
Disallowance of ₹16.84 Lakhs as LC Discounting Charges u/s 36(1)(iii): ITAT Finds Addition Unjustified [Read Order]
The Ahmedabad Bench of Income Tax Appellate Tribunal ( ITAT ) found the addition of ₹16.84 Lakhs as LC discounting charges under Section 36(1)(iii) of Income Tax Act,1961 to be unjustified. BPS...
![Disallowance of ₹16.84 Lakhs as LC Discounting Charges u/s 36(1)(iii): ITAT Finds Addition Unjustified [Read Order]](https://www.taxscan.in/wp-content/uploads/2025/01/ITAT-ITAT-Ahmedabad-LC-Discounting-Charges-Section-361iii-of-Income-Tax-Act-Disallowance-of-money-taxscan.jpg "Disallowance of ₹16.84 Lakhs as LC Discounting Charges u/s 36(1)(iii): ITAT Finds Addition Unjustified [Read Order]")
ITAT Remands Rs. 1473.8 Crore Unexplained Money Addition for Fresh Assessment, due to Lack of Fair Hearing [Read Order]
The Delhi Income Tax Appellate Tribunal ( ITAT ) remanded the addition of Rs. 1,473.8 crore as unexplained money for fresh assessment due to a lack of fair hearing. The assessee, Alok Dev,...
![ITAT Remands Rs. 1473.8 Crore Unexplained Money Addition for Fresh Assessment, due to Lack of Fair Hearing [Read Order]](https://www.taxscan.in/wp-content/uploads/2025/01/ITAT-Unexplained-Money-Fresh-Assessment-Lack-of-Fair-Hearing-Tax-Dispute-Remand-Income-Tax-Reassessment-Fair-Hearing-ITAT-Delhi-taxscan.jpg "ITAT Remands Rs. 1473.8 Crore Unexplained Money Addition for Fresh Assessment, due to Lack of Fair Hearing [Read Order]")
![Supreme Court & High Courts Weekly Round-up [Jan 18th to Jan 24th,2025]](https://www.taxscan.in/wp-content/uploads/2025/01/Supreme-Court-High-Courts-Weekly-Round-up-Supreme-Court-High-Courts-Supreme-Court-High-Courts-Weekly-Round-up-Weekly-round-Up-in-2025-taxscan.jpg "Supreme Court & High Courts Weekly Round-up [Jan 18th to Jan 24th,2025]")
![Verification of Cash Deposits as Trust Income: ITAT Remands Matter to AO [Read Order]](https://www.taxscan.in/wp-content/uploads/2025/01/ITAT-Mumbai-Income-Tax-News-Verification-of-Cash-Deposits-Taxscan.jpg "Verification of Cash Deposits as Trust Income: ITAT Remands Matter to AO [Read Order]")
[Breaking] S. 87A Rebate Update: Bombay HC Rules Rebate Applies to Total Tax, Including Special Rates Unless Explicitly Excluded [Read Order]
In a recent ruling, the Bombay High Court ruled that the rebate under Section 87A of the Income Tax Act, 1961, applies to the total tax liability of eligible taxpayers, including tax on income...
![[Breaking] S. 87A Rebate Update: Bombay HC Rules Rebate Applies to Total Tax, Including Special Rates Unless Explicitly Excluded [Read Order]](https://www.taxscan.in/wp-content/uploads/2025/01/Rebate-Update-Bombay-HC-Rebate-Applies-Total-Tax-Including-Special-Rates-Unless-Explicitly-Excluded-taxscan.jpg "[Breaking] S. 87A Rebate Update: Bombay HC Rules Rebate Applies to Total Tax, Including Special Rates Unless Explicitly Excluded [Read Order]")
![Unexplained Cash Credits of Rs. 12.83 Crores Added u/s 68: ITAT Upholds CIT(A)s Deletion [Read Order]](https://www.taxscan.in/wp-content/uploads/2025/01/ITAT-ITAT-Mumbai-Income-Tax-Appellate-Tribunal-Unexplained-Cash-Credits-CITA-Commissioner-of-Income-TaxAppeals-taxscan.jpg "Unexplained Cash Credits of Rs. 12.83 Crores Added u/s 68: ITAT Upholds CIT(A)s Deletion [Read Order]")
Rejection of Trust Registration Due to Non-Submission of Required Documents: ITAT Restores Matter to CIT(E) [Read Order]
The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) restored the matter to the Commissioner of Income Tax(Exemption)[CIT(E)] after rejecting the trust registration application under Section 12AB...
![Rejection of Trust Registration Due to Non-Submission of Required Documents: ITAT Restores Matter to CIT(E) [Read Order]](https://www.taxscan.in/wp-content/uploads/2025/01/itat-itat-mumbai-Trust-Registration-Taxscan.jpg "Rejection of Trust Registration Due to Non-Submission of Required Documents: ITAT Restores Matter to CIT(E) [Read Order]")