![Punjab & Haryana HC allows Benefit U/s 12 AA of Income Tax for Educational Trust for Educational Advancement [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/09/Punjab-and-Haryana-High-Court-Income-Tax-Punjab-and-Haryana-HC-Income-Tax-for-Educational-Trust-Educational-Advancement-taxscan.jpg "Punjab & Haryana HC allows Benefit U/s 12 AA of Income Tax for Educational Trust for Educational Advancement [Read Order]")
Punjab & Haryana HC allows Benefit U/s 12 AA of Income Tax for Educational Trust for Educational Advancement [Read Order]
In a significant ruling, the Punjab and Haryana High Court ruled that benefit under section 12 AA of the Income Tax Act, 1961 is allowable to an...
![Punjab & Haryana HC directs to Waive Interest in Situations beyond Assessees Control in Timely Filing of Income Tax Returns [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/09/Punjab-and-Haryana-High-Court-Income-Tax-Returns-Assessees-Taxscan.jpg "Punjab & Haryana HC directs to Waive Interest in Situations beyond Assessees Control in Timely Filing of Income Tax Returns [Read Order]")
![Income Tax Authorities can Seek Interim Custody of Currency Notes Produced Before Magistrate: Kerala HC [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/09/Kerala-HC-Kerala-High-Court-Section-132A-of-the-Income-Tax-Act-Income-Tax-Authorities-Income-Tax-Currency-Notes-income-tax-authority-High-Court-News-taxscan.jpg "Income Tax Authorities can Seek Interim Custody of Currency Notes Produced Before Magistrate: Kerala HC [Read Order]")
![Punjab & Haryana HC sets aside Reassessment Proceedings initiated without conducting Faceless Assessment u/s 144 B of Income Tax Act [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/09/Punjab-Haryana-High-Court-Income-Tax-Act-Reassessment-Faceless-Assessment-Income-Tax-Taxscan.jpg "Punjab & Haryana HC sets aside Reassessment Proceedings initiated without conducting Faceless Assessment u/s 144 B of Income Tax Act [Read Order]")
![Failure to Refer Valuation of Land to DVO after Satisfying Conditions of S. 50C(2) of Income Tax Act: ITAT directs De Novo Adjudication [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/09/ITAT-Mumbai-ITAT-ruling-on-land-valuation-de-novo-process-TAXSCAN.jpg "Failure to Refer Valuation of Land to DVO after Satisfying Conditions of S. 50C(2) of Income Tax Act: ITAT directs De Novo Adjudication [Read Order]")
Substantial Justice Prevails over Technicalities: ITAT Condones 133-Day Delay for Apollo Education Trust [Read Order]
The Bangalore Bench of Income Tax Appellate Tribunal ( ITAT ) condoned a 133-day delay in filing appeals Apollo Education Trust, emphasizing that substantial justice should prevail over...
![Substantial Justice Prevails over Technicalities: ITAT Condones 133-Day Delay for Apollo Education Trust [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/09/ITAT-ITAT-Bangalore-Apollo-Education-Trust-Condones-delay-Income-Tax-Appellate-Tribunal-taxscan.jpg "Substantial Justice Prevails over Technicalities: ITAT Condones 133-Day Delay for Apollo Education Trust [Read Order]")
CIT(A) Records Incorrect Facts and Findings: ITAT Remands Matter for Fresh Adjudication [Read Order]
The Bangalore Bench of Income Tax Appellate Authority ( ITAT ) remanded the matter back to the Commissioner of Income Tax (Appeals) for fresh adjudication due to incorrect facts and findings recorded...
![CIT(A) Records Incorrect Facts and Findings: ITAT Remands Matter for Fresh Adjudication [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/09/ITAT-ITAT-Bangalore-Incorrect-Facts-Fresh-Adjudication-Commissioner-of-Income-Tax-taxscan.jpg "CIT(A) Records Incorrect Facts and Findings: ITAT Remands Matter for Fresh Adjudication [Read Order]")
ITAT quashes Reassessment Order on Cash Deposits due to AO's Vague Reasoning and Non-Application of Mind [Read Order]
The Delhi Bench of Income Tax Appellate Authority ( ITAT ) quashed the reassessment order on cash deposits due to the assessing officer's vague reasoning and non-application of mind for reopening the...
![ITAT quashes Reassessment Order on Cash Deposits due to AOs Vague Reasoning and Non-Application of Mind [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/09/ITAT-ITAT-Delhi-Income-Tax-Appellate-Authority-ITAT-Quashes-Reassessment-Order-Non-Application-of-Mind-assessing-officers-vague-reasoning-Cash-Deposits-Reassessment-Order-on-Cash-Deposits-TAXSCAN.jpg "ITAT quashes Reassessment Order on Cash Deposits due to AOs Vague Reasoning and Non-Application of Mind [Read Order]")
Received Income Tax Notice on availing Rebate u/s 87A in New Regime? Know How to Respond to Demand/Intimation u/s 143(1) of Income Tax Act with FAQs
Receiving an Income Tax Notice, especially for a rebate claimed under Section 87A in the New Tax Regime, can be a cause of concern for many taxpayers. A common form of this notice comes under Section...
Mere Submission of Documents Insufficient u/s 263, Proper Inquiry and Verification by AO Essential for Valid Assessment: ITAT [Read Order]
The Mumbai Bench of Income Tax Appellate Authority ( ITAT ) ruled that the mere submission of documents was not sufficient under Section 263 of the Income Tax Act, 1961. The tribunal emphasized that...
![Mere Submission of Documents Insufficient u/s 263, Proper Inquiry and Verification by AO Essential for Valid Assessment: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/09/ITAT-ITAT-Mumbai-AO-Assessment-Documents-Insufficient-Income-Tax-Taxscan.jpg "Mere Submission of Documents Insufficient u/s 263, Proper Inquiry and Verification by AO Essential for Valid Assessment: ITAT [Read Order]")
Form 67 Deemed Directory, Not Mandatory: ITAT Rules FTC Claim Should Not Be Denied for Late Submission [Read Order]
The Bangalore Bench of Income Tax Appellate Authority ( ITAT ) ruled that Foreign Tax Credit should not be denied just because of late filing of Form 67. The tribunal emphasized that Form 67 is...
![Form 67 Deemed Directory, Not Mandatory: ITAT Rules FTC Claim Should Not Be Denied for Late Submission [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/09/ITAT-Bangalore-ITAT-Income-Tax-Appellate-Authority-Form-67-Deemed-Directory-FTC-Rules-FTC-Rule-128-of-the-Income-Tax-Rules-late-filing-of-Form-67-Foreign-Tax-Credit-TAXSCAN.jpg "Form 67 Deemed Directory, Not Mandatory: ITAT Rules FTC Claim Should Not Be Denied for Late Submission [Read Order]")
Karnataka HC Upholds Deletion of Disallowance of Short Term Capital Loss Citing Monetary Limit Circular [Read Order]
The court upheld the decision of the Income Tax Appellate Tribunal ( ITAT ) to delete the disallowance of short-term capital loss claimed by M/s Agnus Holdings Pvt. Ltd. and dismissed the Revenue’s...
![Karnataka HC Upholds Deletion of Disallowance of Short Term Capital Loss Citing Monetary Limit Circular [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/09/Karnataka-High-Court-Disallowance-Short-Term-Capital-Loss-Karnataka-HC-Capital-Loss-Taxscan.jpg "Karnataka HC Upholds Deletion of Disallowance of Short Term Capital Loss Citing Monetary Limit Circular [Read Order]")