![Rent Income from Profit and Gains of Leasing Company Assessable as ‘Income from Profits and Gains of Business’: Bombay High Court [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/10/Bombay-High-Court-Rent-income-taxation-Tax-on-leasing-company-earnings-Business-income-tax-taxscan.jpg "Rent Income from Profit and Gains of Leasing Company Assessable as ‘Income from Profits and Gains of Business’: Bombay High Court [Read Order]")
Rent Income from Profit and Gains of Leasing Company Assessable as ‘Income from Profits and Gains of Business’: Bombay High Court [Read Order]
In a recent decision, the Bombay High Court maintained that Rent Income from the profit and gains of a leasing company derived through the lease of...
![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:Â ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/10/ITAT-ITAT-Mumbai-Income-Tax-Appellate-Tribunal-Capital-Gains-Sale-of-Long-Term-Capital-Assets-Taxable-at-Rate-Section-112-of-the-Income-Tax-taxscan.jpg "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:Â ITAT [Read Order]")
![No Additions Permitted u/s 153A without Incriminating Material found during Search: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/10/ITAT-ITAT-Delhi-Incriminating-Material-Found-Incriminating-Material-No-Additions-Permitted-Section-153A-of-the-Income-Tax-Act-ITAT-news-taxscan.jpg "No Additions Permitted u/s 153A without Incriminating Material found during Search: ITAT [Read Order]")
![Rejecting Records Solely due to Handwritten Form Is unjust without considering Taxpayer’s Explanation and Business Context: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/10/ITAT-ITAT-Ahmedabad-Income-Tax-Appellate-Tribunal-Rejecting-Records-Solely-Records-Solely-Handwritten-Form-Taxpayers-Explanation-taxscan.jpg "Rejecting Records Solely due to Handwritten Form Is unjust without considering Taxpayer’s Explanation and Business Context: ITAT [Read Order]")
![Repeated Non-appearance before CIT(A) & AO without Justifiable Cause: ITAT Confirms Addition & Penalty on Unexplained Transaction of ₹83.4L [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/10/ITAT-ITAT-Ahmedabad-ITAT-Confirms-Repeated-Non-appearance-Penalty-on-Unexplained-Transaction-Justifiable-Cause-assessing-officer-taxscan.jpg "Repeated Non-appearance before CIT(A) & AO without Justifiable Cause: ITAT Confirms Addition & Penalty on Unexplained Transaction of ₹83.4L [Read Order]")
ITAT upholds CIT(A) findings on Unsecured Loans, Citing Lack of Incriminating Evidence [Read Order]
The Delhi Bench of Income Tax Appellate Tribunal ( ITAT ) upheld the findings of the Commissioner of Income Tax (Appeals)[ CIT(A) ] regarding unsecured loans for the assessment year (AY) 2015-2016,...
![ITAT upholds CIT(A) findings on Unsecured Loans, Citing Lack of Incriminating Evidence [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/10/ITAT-ITAT-Delhi-Unsecured-Loans-CITA-Taxscan.jpg "ITAT upholds CIT(A) findings on Unsecured Loans, Citing Lack of Incriminating Evidence [Read Order]")
Inordinate Delay of 880 Days in Re -filing Income Tax Appeal: Delhi HC rejects Condonation Plea. [Read Order]
In a recent case before Delhi High Court the condonation of delay appeal filed by revenue was dismissed on grounds of unreasonable delay of 880 days in submitting the appeal. The Commissioner of...
![Inordinate Delay of 880 Days in Re -filing Income Tax Appeal: Delhi HC rejects Condonation Plea. [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/10/Delhi-HC-Delhi-High-Court-Delhi-HC-Rejects-Condonation-Plea.-Inordinate-Delay-Re-filing-Income-Tax-Appeal-Income-Tax-Appeal-condonation-of-delay-High-Court-News-taxscan.jpg "Inordinate Delay of 880 Days in Re -filing Income Tax Appeal: Delhi HC rejects Condonation Plea. [Read Order]")
Punjab & Haryana HC Sets aside Notices Issued u/s 148 of Income Tax Act Without Conducting Faceless Assessment [Read Order]
In a recent case, the Punjab and Haryana High Court has set aside the notice issued under section 148 of the Income Tax Act, 1961 which was issued without conducting faceless assessment. Sai...
![Punjab & Haryana HC Sets aside Notices Issued u/s 148 of Income Tax Act Without Conducting Faceless Assessment [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/10/Punjab-and-Haryana-High-Court-Income-Tax-Income-Tax-Act-Section-148-of-Income-Tax-Act-Income-Tax-Notice-Taxscan.jpg "Punjab & Haryana HC Sets aside Notices Issued u/s 148 of Income Tax Act Without Conducting Faceless Assessment [Read Order]")
AO Fails to Verify Loan Recorded as Journal Entry in Shareholder's Account: ITAT deletes ₹25.93 Lakh Deemed Dividend Addition [Read Order]
The Ahmedabad Bench of the Income Tax Appellate Tribunal ( ITAT ) deleted an addition of Rs. 25.93 lakh categorized as a "deemed dividend" under Section 2(22)(e) of the Income Tax Act due to the...
![AO Fails to Verify Loan Recorded as Journal Entry in Shareholders Account: ITAT deletes ₹25.93 Lakh Deemed Dividend Addition [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/10/ITAT-Income-Tax-ITAT-Ahmedabad-Income-Tax-Appellate-Tribunal-TAXSCAN-1.jpg "AO Fails to Verify Loan Recorded as Journal Entry in Shareholders Account: ITAT deletes ₹25.93 Lakh Deemed Dividend Addition [Read Order]")
Orders issued against deceased and insolvent individual: Madras HC quashes Income Tax Assessment, directs authorities to proceed through official assignee [Read Order]
In a recent ruling, the Madras High Court quashed the income tax assessment due to order issuance against deceased and insolvent individuals. The court directed the tax authorities to proceed through...
![Orders issued against deceased and insolvent individual: Madras HC quashes Income Tax Assessment, directs authorities to proceed through official assignee [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/10/Madras-High-Court-income-tax-assessment-Tax-assessment-on-deceased-individual-Insolvent-individual-income-tax-case-taxscan.jpg "Orders issued against deceased and insolvent individual: Madras HC quashes Income Tax Assessment, directs authorities to proceed through official assignee [Read Order]")
Assessee Deposited Cash from Earlier Withdrawals: ITAT quashes Rs. 9.84 Lakh Income Additions [Read Order]
In a recent decision, the Income Tax Appellate Tribunal ( ITAT ) in Bangalore provided relief to a Canara Bank employee and national hockey player, by setting aside income additions totaling Rs. 9.84...
![Assessee Deposited Cash from Earlier Withdrawals: ITAT quashes Rs. 9.84 Lakh Income Additions [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/10/ITAT-ITAT-Bangalore-Income-Tax-Income-Additions-Cash-Deposit-ITAT-quashes-Income-Additions-Taxscan.jpg "Assessee Deposited Cash from Earlier Withdrawals: ITAT quashes Rs. 9.84 Lakh Income Additions [Read Order]")
No Additions allowed in Completed/Unabated Assessments u/s 153A or 153C without Incriminating Material found during Search: ITAT [Read Order]
The Lucknow Bench of the Income Tax Appellate Tribunal ( ITAT ) ruled that no additions were allowed in completed/unabated assessments under Section 153A or 153C of the Income Tax Act, 1961 without...
![No Additions allowed in Completed/Unabated Assessments u/s 153A or 153C without Incriminating Material found during Search: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/10/No-Additions-Completed-Unabated-Assessments-Incriminating-Material-Search-ITAT-taxscan.jpg "No Additions allowed in Completed/Unabated Assessments u/s 153A or 153C without Incriminating Material found during Search: ITAT [Read Order]")