Budget 2025: FM Justifies Income Tax Relief, Assures Economic Gains Will Follow
The Finance Ministry defended its decision to provide income tax relief in the 2025 Budget, explaining that the economic impact of the move has...
![ITAT Weekly Round-Up [Feb 8th-Feb 14th,2025]](https://www.taxscan.in/wp-content/uploads/2025/02/ITAT-Weekly-Round-Up-ITAT-Weekly-Round-Up-taxscan.jpg "ITAT Weekly Round-Up [Feb 8th-Feb 14th,2025]")
![ITAT Directs Reassessment of Disputed Tax Deduction Claimed Under VSV Scheme [Read Order]](https://www.taxscan.in/wp-content/uploads/2025/02/ITAT-Directs-Reassessment-Disputed-Tax-Deduction-Claimed-VSV-Scheme-TAXSCAN.jpg "ITAT Directs Reassessment of Disputed Tax Deduction Claimed Under VSV Scheme [Read Order]")
![Taxpayer Must Disclose Cash-in-Hand, Bank Balances, and Receivables Even Under Presumptive Taxation Scheme: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2025/02/Cash-in-Hand.jpg "Taxpayer Must Disclose Cash-in-Hand, Bank Balances, and Receivables Even Under Presumptive Taxation Scheme: ITAT [Read Order]")
![AO Fails to Properly Divide Stamp Duty Valuation Difference and Unexplained Investment: ITAT Upholds PCIT’s Invocation [Read Order]](https://www.taxscan.in/wp-content/uploads/2025/02/Stamp-Duty-Valuation-Stamp-Duty-Valuation-Difference-and-Unexplained-Investment-Valuation-Difference-Unexplained-Investment-ITAT-Upholds-ITAT-taxscan.jpg "AO Fails to Properly Divide Stamp Duty Valuation Difference and Unexplained Investment: ITAT Upholds PCIT’s Invocation [Read Order]")
![Employed Abroad? Here’s How India’s New 2025 Tax Bill May Affect Your Income Tax [Read Bill]](https://www.taxscan.in/wp-content/uploads/2025/02/employed-abroad-income-tax.jpg "Employed Abroad? Here’s How India’s New 2025 Tax Bill May Affect Your Income Tax [Read Bill]")
ITAT Strikes Down Excessive S.14A Disallowance Due to AO’s Failure to Record Dissatisfaction [Read Order]
The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) struck down an excessive disallowance made under Section 14A of the Income Tax Act, 1961 as the Assessing Officer (AO) had failed to...
![ITAT Strikes Down Excessive S.14A Disallowance Due to AO’s Failure to Record Dissatisfaction [Read Order]](https://www.taxscan.in/wp-content/uploads/2025/02/ITAT-Down-Excessive-Disallowance-Record-Dissatisfaction-taxscan.jpg "ITAT Strikes Down Excessive S.14A Disallowance Due to AO’s Failure to Record Dissatisfaction [Read Order]")
ITAT Upholds Rs. 4.64 Crore addition U/s 69A due to Assessee’s Failure to Explain & lack of cooperation [Read Order]
The Ahmedabad bench of the Income Tax Appellate Tribunal (ITAT) upheld the addition of Rs. 4.64 crores made under Section due to the assessee’s failure to explain and lack of cooperation. In this...
![ITAT Upholds Rs. 4.64 Crore addition U/s 69A due to Assessee’s Failure to Explain & lack of cooperation [Read Order]](https://www.taxscan.in/wp-content/uploads/2025/02/ITAT-ITAT-Upholds-cooperation-ITAT-Ahmedabad-Commissioner-of-Income-Tax-CIT-Income-Tax-Act-high-value-transactions-ITAT-news-income-tax-news-ITAT-india-Taxscan.jpg "ITAT Upholds Rs. 4.64 Crore addition U/s 69A due to Assessee’s Failure to Explain & lack of cooperation [Read Order]")
ITAT Upholds CIT(A)'s Deletion of ₹3.24 Crore Cash Sales Addition Post-Demonetization u/s 68 of Income Tax Act [Read Order]
The Delhi Bench of Income Tax Appellate Tribunal(ITAT) upheld the Commissioner of Income Tax(Appeals)[CIT(A)]'s decision to delete the addition of ₹3.24 crore under Section 68 of Income Tax Act,...
![ITAT Upholds CIT(A)s Deletion of ₹3.24 Crore Cash Sales Addition Post-Demonetization u/s 68 of Income Tax Act [Read Order]](https://images.taxscan.in/h-upload/2025/06/03/500x300_2041092-itat-delhi-deletion-of-324-crore-cash-sales-addition-taxscan.webp "ITAT Upholds CIT(A)s Deletion of ₹3.24 Crore Cash Sales Addition Post-Demonetization u/s 68 of Income Tax Act [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 identifying specific defects in the books of accounts and...
![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]")
ITAT Quashes Penalty for Non-Compliance to Statutory Notices During COVID-19, Citing Reasonable Cause [Read Order]
The Pune bench of the Income Tax Appellate Tribunal ( ITAT ) set aside a penalty proceeding of ₹20,000 levied under section 271(1)(b) of the Income Tax Act. The penalty was imposed for non-compliance...
![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]
The Bangalore bench of the Income Tax Appellate Tribunal (ITAT) remanded the case back to AO to reconsider his decision of rejecting the deduction claim made by the assessee under Section 80P(2)(d)...
![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]")