![ITAT Upholds Legitimacy of Cash Deposits, Rejects Unexplained Classification u/s 68 of Income Tax Act [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/10/ITAT-ITAT-Jaipur-Cash-Deposit-Section-68-of-Income-Tax-Act-Income-Tax-Income-Tax-Act-Cash-deposits-in-demonetization-period-taxscan.jpg "ITAT Upholds Legitimacy of Cash Deposits, Rejects Unexplained Classification u/s 68 of Income Tax Act [Read Order]")
ITAT Upholds Legitimacy of Cash Deposits, Rejects Unexplained Classification u/s 68 of Income Tax Act [Read Order]
The Jaipur Bench of Income Tax Appellate Tribunal ( ITAT ) upheld the legitimacy of cash deposits made during the demonetization period and rejected...
![Rule 12E of Income Tax Rules does not confine CBDT’s powers to only authorize NFAC Officers for purposes u/s 142(1): Delhi HC [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/10/Delhi-High-Court-Rule-12E-of-Income-Tax-Rules-Income-Tax-Income-Tax-Rule-CBDT-NFAC-Taxscan.jpg "Rule 12E of Income Tax Rules does not confine CBDT’s powers to only authorize NFAC Officers for purposes u/s 142(1): Delhi HC [Read Order]")
![AO is “Prescribed Income Tax Authority” to issue Notices u/s 143(2) and 142(1): Delhi HC [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/10/Income-Tax-Delhi-High-Court-Delhi-HC-Income-Tax-Authority-section-1432-TAXSCAN.jpg "AO is “Prescribed Income Tax Authority” to issue Notices u/s 143(2) and 142(1): Delhi HC [Read Order]")
![Banking Companies Exempt from Minimum Alternate Tax u/s 115JB from AY 2013-14: ITAT rules in favour of Canara Bank [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/10/Canara-Bank-Minimum-Alternate-Tax-Section-115JB-Income-Tax-Act-MAT-exemption-for-banks-taxscan-1.jpg "Banking Companies Exempt from Minimum Alternate Tax u/s 115JB from AY 2013-14: ITAT rules in favour of Canara Bank [Read Order]")
![ITAT remands Shell Energy Indias TP Determination Matter After TPO Mistakes Regasification Payment for Operational Support [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/10/ITAT-ITAT-Ahmedabad-Shell-Energy-Transfer-Pricing-Officer-TPO-Regasification-Payment-ITAT-remand-Shell-Energy-Taxscan.jpg "ITAT remands Shell Energy Indias TP Determination Matter After TPO Mistakes Regasification Payment for Operational Support [Read Order]")
Notice issued u/s 148A(B) of Income Tax Act against dissolved Firm Is Invalid: Gujarat HC [Read Order]
In a recent case, the Gujarat High Court held that notice issued under section 148A(b) of the Income Tax Act, 19861 against dissolved firms is not valid. Section 148A(b) of the Income Tax Act, 1961,...
![Notice issued u/s 148A(B) of Income Tax Act against dissolved Firm Is Invalid: Gujarat HC [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/10/Gujarat-High-Court-Income-Tax-Section-148AB-of-Income-Tax-Act-Income-Tax-Act-Dissolved-firm-tax-notice-Taxscan.jpg "Notice issued u/s 148A(B) of Income Tax Act against dissolved Firm Is Invalid: Gujarat HC [Read Order]")
Auditor's Incorrect Reporting of Income Already Credited to P&L Account Leads to ₹54,17,992 Addition: ITAT Orders Reassessment [Read Order]
The Allahabad Bench of Income Tax Appellate Tribunal ( ITAT ) ordered reassessment for the matter concerning the addition of Rs. 54,17,992 due to the Auditor’s misreporting of income which was...
![Auditors Incorrect Reporting of Income Already Credited to P&L Account Leads to ₹54,17,992 Addition: ITAT Orders Reassessment [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/10/ITAT-ITAT-Ahmedabad-Incorrect-Reporting-of-Income-P-and-L-Account-ITAT-Reassessment-Income-Tax-Taxscan.jpg "Auditors Incorrect Reporting of Income Already Credited to P&L Account Leads to ₹54,17,992 Addition: ITAT Orders Reassessment [Read Order]")
ITAT affirms deletion of ₹43,33,606 Addition for Non-Genuine Purchases, Citing Consistent GP Rate [Read Order]
The Jaipur Bench of Income Tax Appellate Tribunal(ITAT) upheld the Commissioner of Income Tax(Appeals)[CIT(A)]'s decision to delete an addition of ₹43,33,606 related to non-genuine purchases. The...
![ITAT affirms deletion of ₹43,33,606 Addition for Non-Genuine Purchases, Citing Consistent GP Rate [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/10/ITAT-affirms-Non-Genuine-Purchases-Citing-Consistent-GP-Rate-TAXSCAN.jpg "ITAT affirms deletion of ₹43,33,606 Addition for Non-Genuine Purchases, Citing Consistent GP Rate [Read Order]")
ITAT rules Interest Income from Cooperative Banks Eligible for Deduction u/s 80P(2)(d) of Income Tax Act [Read Order]
The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) ruled that interest income earned from deposits with cooperative banks is eligible for deduction under Section 80P(2)(d) of the Income Tax...
![ITAT rules Interest Income from Cooperative Banks Eligible for Deduction u/s 80P(2)(d) of Income Tax Act [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/10/ITAT-Interest-Income-Cooperative-Banks-Eligible-Deduction-Income-Tax-Act-taxscan.jpg "ITAT rules Interest Income from Cooperative Banks Eligible for Deduction u/s 80P(2)(d) of Income Tax Act [Read Order]")
ITAT invalidates Reopening under S.147 for Relying on Incorrect Facts, quashes Reassessment [Read Order]
The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) invalidated the reopening of an assessment under Section 147 of the Income Tax Act,1961, concluding that the Assessing Officer (AO) relied on...
![ITAT invalidates Reopening under S.147 for Relying on Incorrect Facts, quashes Reassessment [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/10/ITAT-Reopening-Incorrect-Facts-Reassessment-taxsacan.jpg "ITAT invalidates Reopening under S.147 for Relying on Incorrect Facts, quashes Reassessment [Read Order]")