![Reliance Solely on Investigation Report: ITAT upholds Deletion of ₹1.5Cr Addition [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/10/ITAT-Income-Tax-Appellate-Tribunal-Amal-Corporation-ITAT-case-taxscan.jpg "Reliance Solely on Investigation Report: ITAT upholds Deletion of ₹1.5Cr Addition [Read Order]")
Reliance Solely on Investigation Report: ITAT upholds Deletion of ₹1.5Cr Addition [Read Order]
The Income Tax Appellate Tribunal ( ITAT ), Mumbai, recently in a judgment, upheld the deletion of a ₹1.5 crore addition initially imposed on one...
![No Reason to Doubt Source of Funds as Loans in Bank Statement: ITAT dismisses Revenue’s Appeal [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/10/ITAT-ITAT-Mumbai-Income-Tax-Income-Tax-Appellate-Tribunal-Bank-loan-tax-TAXSCAN.webp "No Reason to Doubt Source of Funds as Loans in Bank Statement: ITAT dismisses Revenue’s Appeal [Read Order]")
![Failure to show Documentary Evidences on Source of Rs. 96L Cash Deposit: ITAT directs to submit relevant Financials, ITR and Bank Statements before AO [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/10/ITAT-Mumbai-Income-Tax-Income-Tax-Appellate-Tribunal-cash-deposit-ITR-taxscan-1.jpg "Failure to show Documentary Evidences on Source of Rs. 96L Cash Deposit: ITAT directs to submit relevant Financials, ITR and Bank Statements before AO [Read Order]")
![Kerala HC Holds Condonation Application for Delay u/s 119(2)(B) Of Income Tax Act must consider based on Sufficient Reason [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/10/Income-Tax-Income-Tax-Act-Kerala-High-Court-Section-119-TAXSCAN.jpg "Kerala HC Holds Condonation Application for Delay u/s 119(2)(B) Of Income Tax Act must consider based on Sufficient Reason [Read Order]")
![AO made S.68 addition based on the Third Party Statement, Discrediting Evidence: ITAT deletes addition [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/10/AO-Third-Party-Statement-Discrediting-Evidence-ITAT-TAXSCAN.jpg "AO made S.68 addition based on the Third Party Statement, Discrediting Evidence: ITAT deletes addition [Read Order]")
Income from Sale of White Button Mushroom Cultivated Indoors is still “Agricultural Income”, not “Business Income”: ITAT [Read Order]
The Income Tax Appellate Tribunal ( ITAT ) in Mumbai recently ruled that income from the sale of white button mushrooms cultivated indoors should be classified as "agricultural income" under Section...
![Income from Sale of White Button Mushroom Cultivated Indoors is still “Agricultural Income”, not “Business Income”: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/10/ITAT-ITAT-Mumbai-Income-Tax-Income-Tax-Appellate-Tribunal-Button-mushroom-cultivation-TAXSCAN.jpg "Income from Sale of White Button Mushroom Cultivated Indoors is still “Agricultural Income”, not “Business Income”: ITAT [Read Order]")
Capital Gains arising out of Sale of Long-Term Capital Assets shall be Taxable at Rate of 20% u/s 112 of Income Tax Act: ITAT [Read Order]
The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) ruled that capital gains arising from the sale of long-term capital assets shall be taxable at a rate of 20% under Section 112 of the Income...
![Capital Gains arising out of Sale of Long-Term Capital Assets shall be Taxable at Rate of 20% u/s 112 of Income Tax Act: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/10/Capital-Gains-Sale-of-Long-Term-Capital-Assets-Taxable-Rate-112-of-Income-Tax-Act-ITAT-taxscan.jpeg "Capital Gains arising out of Sale of Long-Term Capital Assets shall be Taxable at Rate of 20% u/s 112 of Income Tax Act: ITAT [Read Order]")
Absence of Faceless Assessment envisaged u/s 144B of Income Tax Act Invalidate SCN: Punjab & Haryana HC [Read Order]
In a recent case, the Punjab And Haryana High Court has held that absence of faceless assessment envisaged under section 144B of Income Tax Act, 961 invalidates Show Cause Notice ( SCN ). Vipin...
![Absence of Faceless Assessment envisaged u/s 144B of Income Tax Act Invalidate SCN: Punjab & Haryana HC [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/10/Punjab-and-Haryana-High-Court-Income-Tax-Income-Tax-Act-Section-144B-of-Income-Tax-Act-Faceless-Assessment-Taxscan.jpeg "Absence of Faceless Assessment envisaged u/s 144B of Income Tax Act Invalidate SCN: Punjab & Haryana HC [Read Order]")
Determinate Beneficiaries to be Taxed as “Individual”, Not as “Association Of Persons” at Marginal Rate: ITAT [Read Order]
In a recent ruling, the Income Tax Appellate Tribunal ( ITAT ) "SMC" Bench in Mumbai, ruled that determinate beneficiaries should be taxed as “Individual” and not as “Association Of Persons” at a...
![Determinate Beneficiaries to be Taxed as “Individual”, Not as “Association Of Persons” at Marginal Rate: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/10/ITAT-Income-Tax-ITAT-Mumbai-Income-Tax-Appellate-Tribunal-TAXSCAN-1.jpg "Determinate Beneficiaries to be Taxed as “Individual”, Not as “Association Of Persons” at Marginal Rate: ITAT [Read Order]")
Purchase of One Residential House with Modifications of Two Adjacent Properties Amounts to a Single Residential House: ITAT Allows S.54F Exemption Claim [Read Order]
In a recent ruling, the Income Tax Appellate Tribunal ( ITAT ) in Mumbai granted Section 54F exemption under the Income Tax Act 1961 ( ITA ) to an assessee/ appellant, Mr. Nakul Aggarwal,...
![Purchase of One Residential House with Modifications of Two Adjacent Properties Amounts to a Single Residential House: ITAT Allows S.54F Exemption Claim [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/10/ITAT-Income-Tax-ITAT-Mumbai-Income-Tax-Appellate-Tribunal-Income-Tax-Act-TAXSCAN.jpg "Purchase of One Residential House with Modifications of Two Adjacent Properties Amounts to a Single Residential House: ITAT Allows S.54F Exemption Claim [Read Order]")
ITAT sets aside CIT(A) Order, Remands Case to AO for Fresh Adjudication due to Denial of Fair Hearing [Read Order]
The Delhi Bench of Income Tax Appellate Tribunal ( ITAT ) set aside the order of the Commissioner of Income Tax (Appeals) [CIT(A)] and remanded the case to the Assessing Officer ( AO ) for fresh...
![ITAT sets aside CIT(A) Order, Remands Case to AO for Fresh Adjudication due to Denial of Fair Hearing [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/10/ITAT-ITAT-Delhi-Income-Tax-Commissioner-of-Income-Tax-Remands-Case-for-Fresh-Adjudication-Taxscan.jpg "ITAT sets aside CIT(A) Order, Remands Case to AO for Fresh Adjudication due to Denial of Fair Hearing [Read Order]")
Exemption Claim to MSME Unit to File Audit Report u/s 44 AD of Income Tax Act: Orissa HC Directs Scrutiny Committee to Review Matter [Read Order]
In a recent case, the Orissa High Court directed the scrutiny committee to review matter regarding the claim of exemption to Micro, Small, and Medium Enterprises ( MSME ) Unit to file an audit...
![Exemption Claim to MSME Unit to File Audit Report u/s 44 AD of Income Tax Act: Orissa HC Directs Scrutiny Committee to Review Matter [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/10/Income-Tax-Income-Tax-Act-Orissa-HC-Orissa-High-Court-MSME-claims-TAXSCAN.jpg "Exemption Claim to MSME Unit to File Audit Report u/s 44 AD of Income Tax Act: Orissa HC Directs Scrutiny Committee to Review Matter [Read Order]")