![S.68 Applicable When Credit Received in Relevant Year, not for Earlier Years: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/11/ITAT-ITAT-Kolkata-Income-Tax-Appellate-Tribunal-Income-Tax-Section-68-of-Income-Tax-Act-Taxscan.jpg "S.68 Applicable When Credit Received in Relevant Year, not for Earlier Years: ITAT [Read Order]")
S.68 Applicable When Credit Received in Relevant Year, not for Earlier Years: ITAT [Read Order]
The Kolkata Bench of Income Tax Appellate Tribunal ( ITAT ) ruled that section 68 of the Income Tax Act,1961 applies only to credits received in the...
![Assessment not Prejudicial to Revenue if AO Follows Jurisdictional HC’s Ruling: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/11/ITAT-ITAT-Kolkata-Income-Tax-Appellate-Tribunal-ITAT-judgment-on-jurisdictional-High-Court-Taxscan.jpg "Assessment not Prejudicial to Revenue if AO Follows Jurisdictional HC’s Ruling: ITAT [Read Order]")
![ITAT directs CIT(A) to Consider Reasons for Delay in Filing Appeal after Dismissing it over 208-Day Delay [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/11/ITAT-ITAT-DIRECTS-INCOME-TAX-INCOME-TAX-APPEALS-Bangalore-Bench-Income-Tax-Appellate-Tribunal-Commissioner-of-Income-Tax-Filing-Appeal.jpg "ITAT directs CIT(A) to Consider Reasons for Delay in Filing Appeal after Dismissing it over 208-Day Delay [Read Order]")
![ITAT Remands Case to AO for Reconsideration of Tax Exemption Claim u/s 10(26AAA) for Sikkimese Assessee [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/11/ITAT-Case-to-AO-Reconsideration-of-Tax-Exemption-Claim-Sikkimese-Assessee-taxscan.jpg "ITAT Remands Case to AO for Reconsideration of Tax Exemption Claim u/s 10(26AAA) for Sikkimese Assessee [Read Order]")
![Trusts Appeal Partly Allowed: ITAT Remits Matter to CIT(E) for Fresh Consideration of Registration Application [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/11/ITAT-Income-Tax-ITAT-Jaipur-Income-Tax-Appellate-Tribunal-ITAT-CIT-cases-TAXSCAN.jpg "Trusts Appeal Partly Allowed: ITAT Remits Matter to CIT(E) for Fresh Consideration of Registration Application [Read Order]")
Borrower cannot retain Liability in Subsequent FYs After Lender Writes Off amount in his Accounts: ITAT upholds Addition u/s 41(1) [Read Order]
The Chennai bench of the Income Tax Appellate Tribunal ( ITAT ) upheld that an addition made on account of rescission of liability under Section 41(1) of the Income Tax Act 1961 is justified when the...
![Borrower cannot retain Liability in Subsequent FYs After Lender Writes Off amount in his Accounts: ITAT upholds Addition u/s 41(1) [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/11/ITAT-Income-Tax-Appellate-Tribunal-ITAT-Chennai-Section-411-of-the-Income-Tax-Act-Retain-Liability-in-Subsequent-FYs-TAXSCAN.jpg "Borrower cannot retain Liability in Subsequent FYs After Lender Writes Off amount in his Accounts: ITAT upholds Addition u/s 41(1) [Read Order]")
Depreciation as Granted with Rate per Income Tax Act Must Be Deducted to Determine Accumulated Profits: Telangana HC [Read Order]
Telangana High Court in a recent case has held that for purposes of taxation,depreciation as granted with rates prescribed by Income-Tax Act, 1961 would have to be deducted for ascertaining the...
![Depreciation as Granted with Rate per Income Tax Act Must Be Deducted to Determine Accumulated Profits: Telangana HC [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/11/income-tax-Income-Tax-Depreciation-Rates-Accumulated-Profits-taxscan.jpg "Depreciation as Granted with Rate per Income Tax Act Must Be Deducted to Determine Accumulated Profits: Telangana HC [Read Order]")
Interest Income from FDRs with other Cooporative Banks eligible for deduction u/s 80P (2)(d): ITAT [Read Order]
In a recent ruling, the Ahmedabad bench of the Income Tax Appellate Tribunal ( ITAT ) held that interest income derived from FDRs with other cooperative banks is eligible for deduction under Section...
![Interest Income from FDRs with other Cooporative Banks eligible for deduction u/s 80P (2)(d): ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/11/ITAT-ITAT-Ahmedabad-Interest-income-Interest-income-from-FDRs-Cooporative-Banks-Section-80-P-2d-of-the-Income-Tax-Act-TAXSCAN.jpg "Interest Income from FDRs with other Cooporative Banks eligible for deduction u/s 80P (2)(d): ITAT [Read Order]")
![ITAT Quashes Reassessment Due to Non-Issuance of Mandatory S.143(2) Notice [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/11/ITAT-Section-1432-Income-Tax-Act-Income-tax-reassessment-taxscan.jpg "ITAT Quashes Reassessment Due to Non-Issuance of Mandatory S.143(2) Notice [Read Order]")
Rebate u/s 87A on STCG from Shares Allowed under New Tax Regime: CIT(A) directs JAO to Verify Claim Again [Read Order]
In a recent ruling, the Commissioner of Income Tax (Appeals) [ CIT(A) ] has ruled that a taxpayer is entitled to the rebate under Section 87A of Income Tax Act, 1961 on Short-Term Capital Gain ( STCG...
![Rebate u/s 87A on STCG from Shares Allowed under New Tax Regime: CIT(A) directs JAO to Verify Claim Again [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/11/New-Tax-Regime-STCG-Short-Term-Capital-Gain-Section-87A-of-Income-Tax-Act-CITA-directs-JAO-Tax-Regime-CITA-taxscan.jpg "Rebate u/s 87A on STCG from Shares Allowed under New Tax Regime: CIT(A) directs JAO to Verify Claim Again [Read Order]")
Gauhati HC Directs to File Application u/s 249(4) of Income Tax as Tax Dues mentioned under ITR were Paid [Read Order]
The Gauhati High Court directed to file application under section 249(4) of Income Tax Act, 1961 as tax dues mentioned under income tax return ( ITR ) were paid. It was observed that as per section...
![Gauhati HC Directs to File Application u/s 249(4) of Income Tax as Tax Dues mentioned under ITR were Paid [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/11/Income-Tax-Gauhati-HC-Income-Tax-Act-ITR-income-tax-return-TAXSCAN.jpg "Gauhati HC Directs to File Application u/s 249(4) of Income Tax as Tax Dues mentioned under ITR were Paid [Read Order]")
ITAT Remands Case for Reassessment of Rs. 9.74 Lakh Unexplained Cash Deposits, allows Assessee to Submit Evidence [Read Order]
The Kolkata Bench of Income Tax Appellate Tribunal ( ITAT ) remanded the case for reassessment regarding Rs. 9.74 lakh in unexplained cash deposits made during the demonetization period,allowing the...
![ITAT Remands Case for Reassessment of Rs. 9.74 Lakh Unexplained Cash Deposits, allows Assessee to Submit Evidence [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/11/ITAT-ITAT-Kolkata-Unexplained-Cash-Deposit-Income-Tax-Appellate-Tribunal-ITAT-Case-for-Reassessment-of-Cash-Deposit-Taxscan.jpg "ITAT Remands Case for Reassessment of Rs. 9.74 Lakh Unexplained Cash Deposits, allows Assessee to Submit Evidence [Read Order]")