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Disallowance of Set-Off of Brought Forward Losses u/s 72(3): ITAT allows Relief Based on BIFR Scheme [Read Order]

Sneha Sukumaran Mullakkal

The Ahmedabad Bench of Income Tax Appellate Tribunal ( ITAT ) allowed relief to the assessee which had filed a revised return for Assessment Year(AY)...

Income Tax Annual Digest 2024: ITAT Cases [Part 19]

Income Tax Annual Digest 2024: ITAT Cases [Part 18]

Unexplained Cash Credits u/s 68: ITAT upholds Reduction Based on Peak Credit and Denies Telescoping...

ITAT deletes Rs.1 Cr Addition on Sale of Vegetables/Fruits made u/s 68 instead of S. 69 of Income...

Income Tax Raid on Ex-BJP MLA, Seizes Gold and Crores of Cash

During a raid on the home of former BJP MLA Harvansh Singh Rathore, the Income Tax Department discovered and confiscated gold, crores of dollars in cash, and benami imported cars. Since Sunday, the...

Income Tax Annual Digest 2024: ITAT Cases [Part 17]

This annual round-up analytically summarizes all the Income Tax related Orders of the Income Tax Appellate Tribunal (ITAT) Benches of India reported at Taxscan.in during 2024. Absence of...

Income Tax Annual Digest 2024: ITAT Cases [Part 16]

This annual round-up analytically summarizes all the Income Tax related Orders of the Income Tax Appellate Tribunal (ITAT) Benches of India reported at Taxscan.in during 2024. No Incriminating...

Reduction in Share Capital of Subsidiary Amounts to Asset Transfer u/s 2(47), Income Tax Act: Supreme Court [Read Judgement]

The Supreme Court of India, in a recent judgment, has held that the reduction in share capital of a subsidiary company and the resultant proportional reduction in the shareholding of the assessee...

ITAT Confirms Taxability of Trust Receipts u/s 56(2)(x) of Income Tax Act citing Inclusion of Non-Relatives as Beneficiaries [Read Order]

The Bangalore Bench of the Income Tax Appellate Tribunal ( ITAT ) dismissed an appeal filed by the assessee, upholding the Principal Commissioner of Income Tax ( PCIT )’s order under Section 263 of...

Tax Liability of Charitable Trust Dismissed: ITAT Remands Matter back to CIT(A) for Reconsideration of Expenditure Claims [Read Order]

In a recent order, the Allahabad Bench of the Income Tax Appellate Tribunal ( ITAT ) quashed the tax liability imposed for the Assessment Year (A.Y.) 2018-19. The Tribunal remanded the matter...

A Comprehensive Case Analysis of Gift Tax

Gift transactions in India are subject to income tax. Certain gifts received in India are subject to taxation, despite the fact that there aren't many exclusions. Even a small financial transaction...

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