ICMAI Seeks Inclusion of Cost Accountants in ‘Accountant’ Definition in Income Tax Bill, Writes to FM
The Institute of Cost Accountants of India ( ICMAI ) has written a letter to the Finance Minister Nirmala Sitharaman to include Cost Accountants in...
![Income Tax Dept or GST dept cannot Retain Cash Seized Prior to Finalisation of Proceedings: Kerala HC [Read Order]](https://www.taxscan.in/wp-content/uploads/2025/02/GST-I-income-Tax-Dept-Kerala-High-Court-GST-dept-Cash-Seized-TAXSCAN-1.jpg "Income Tax Dept or GST dept cannot Retain Cash Seized Prior to Finalisation of Proceedings: Kerala HC [Read Order]")
![Penalty u/s 271(1)(c) Unjustified on Ad-Hoc Estimated Income: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2025/02/TAT-ITAT-Mumbai-Penalty-Estimated-Income-Taxscan.jpg "Penalty u/s 271(1)(c) Unjustified on Ad-Hoc Estimated Income: ITAT [Read Order]")
![Rejection of Registration Application u/s 12AB: ITAT Remands Matter to CIT(E) for Reconsideration [Read Order]](https://www.taxscan.in/wp-content/uploads/2025/02/Rejection-of-Registration-Registration-Application-Registration-Application-Section-12AB-ITAT-ITAT-Remands-Matter-Remands-Matter-to-CITE-taxscan.jpg "Rejection of Registration Application u/s 12AB: ITAT Remands Matter to CIT(E) for Reconsideration [Read Order]")
ITAT Upholds S.54F Deduction as Capital Gain Compliance Met on Time, Dismisses Revenue’s Appeal [Read Order]
The Delhi Income Tax Appellate Tribunal ( ITAT ) has upheld the deduction claimed under Section 54F of the Income Tax Act, 1961, and dismissed the appeal filed by the department. The issue in this...
![ITAT Upholds S.54F Deduction as Capital Gain Compliance Met on Time, Dismisses Revenue’s Appeal [Read Order]](https://www.taxscan.in/wp-content/uploads/2025/02/ITAT-ITAT-Delhi-Income-Tax-Appellate-Tribunal-Section-54F-of-Income-Tax-Act-TAXSCAN.jpg "ITAT Upholds S.54F Deduction as Capital Gain Compliance Met on Time, Dismisses Revenue’s Appeal [Read Order]")
Reassessment Invalid without Fresh Notice when No Addition made on Reopened Issue: ITAT [Read Order]
The Pune Bench of Income Tax Appellate Tribunal ( ITAT ) ruled that reassessment is invalid if no addition is made on the issue for which the case was reopened and no fresh notice under Section 148...
![Reassessment Invalid without Fresh Notice when No Addition made on Reopened Issue: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2025/02/Reassessment-TAXSCAN.jpg "Reassessment Invalid without Fresh Notice when No Addition made on Reopened Issue: ITAT [Read Order]")
Notice u/s 148 Beyond Three Years Not Allowed for Escaped Income Below Rs.50 Lakh: ITAT [Read Order]
The Bangalore Bench of Income Tax Appellate Tribunal(ITAT)ruled that a notice issued under Section 148 of the Income Tax Act,1961 beyond the prescribed three-year period is not valid when the escaped...
![Notice u/s 148 Beyond Three Years Not Allowed for Escaped Income Below Rs.50 Lakh: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2025/02/Notice.jpg "Notice u/s 148 Beyond Three Years Not Allowed for Escaped Income Below Rs.50 Lakh: ITAT [Read Order]")
Relief to BCCI: Bombay HC quashes Revenue Order Prohibiting Income Tax Exemption for Lack of Statutory Power [Read Order]
The Bombay High Court delivered a significant ruling on Tuesday (18 February, 2025), quashing an order by the Commissioner of Income Tax (Exemptions) ( CIT(E) ) which deemed the Board of...
![Relief to BCCI: Bombay HC quashes Revenue Order Prohibiting Income Tax Exemption for Lack of Statutory Power [Read Order]](https://www.taxscan.in/wp-content/uploads/2025/02/Bombay-High-Court-BCCI-Income-tax-Relief-to-BCCI-Income-Tax-Exemption-TAXSCAN.jpg "Relief to BCCI: Bombay HC quashes Revenue Order Prohibiting Income Tax Exemption for Lack of Statutory Power [Read Order]")
Disallowance of ₹50.05 Lakh u/s 37(1): ITAT directs AO to verify Business Commencement [Read Order]
The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) directed the Assessing Officer (AO) to verify the commencement of business in the case of the assessee regarding the disallowance of ₹50.05...
![Disallowance of ₹50.05 Lakh u/s 37(1): ITAT directs AO to verify Business Commencement [Read Order]](https://www.taxscan.in/wp-content/uploads/2025/02/Disallowance-ITAT-AO-verify-Business-Commencement-taxascan.jpg "Disallowance of ₹50.05 Lakh u/s 37(1): ITAT directs AO to verify Business Commencement [Read Order]")
Ageing Effect is Standard Practice for Valuing Inventory at NRV: ITAT deletes Addition for Alleged Stock Undervaluation [Read Order]
The Jaipur Bench of the Income Tax Appellate Tribunal (ITAT) deleted the addition made due to the alleged undervaluation of stock, ruling that the assessee’s practice of applying an ageing effect for...
![Ageing Effect is Standard Practice for Valuing Inventory at NRV: ITAT deletes Addition for Alleged Stock Undervaluation [Read Order]](https://www.taxscan.in/wp-content/uploads/2025/02/Stock-Undervaluation.jpg "Ageing Effect is Standard Practice for Valuing Inventory at NRV: ITAT deletes Addition for Alleged Stock Undervaluation [Read Order]")
![Late Submission of Form 56F for S.10AA Deduction: ITAT Restores Deduction [Read Order]](https://www.taxscan.in/wp-content/uploads/2025/02/ITAT-ITAT-Ahmedabad-Form-56F-Form-56F-Late-submission-Section-10AA-of-Income-Tax-Act-Taxscan.jpg "Late Submission of Form 56F for S.10AA Deduction: ITAT Restores Deduction [Read Order]")