Received Income Tax Notice for claiming Section 87A Rebate on STCG? Here’s what you need to know
Section 87A and Section 111A of the Income Tax Act, 1961 are key provisions that directly impact taxpayers, primarily those that have lower incomes...
![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]")
![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]](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]](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]")
Onus on AO to Prove unreasonableness in Expenditure when invoking Section 40A(2)(b) of Income Tax Act: ITAT [Read Order]
The Ahmedabad Bench of the Income Tax Act, 1961 that for invoking Section 40A(2)(b)of the Income Tax Act, onus to prove the unreasonableness is on the Assessing Officer only. The assessee is a...
![Onus on AO to Prove unreasonableness in Expenditure when invoking Section 40A(2)(b) of Income Tax Act: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/10/Onus-on-AO-Prove-unreasonableness-Expenditure-invoking-Income-Tax-Act-ITAT-taxscan.jpg "Onus on AO to Prove unreasonableness in Expenditure when invoking Section 40A(2)(b) of Income Tax Act: ITAT [Read Order]")
AO incorrectly applied S. 37 on already disallowed Penalty: ITAT deletes Penalty to prevent Double Addition [Read Order]
The Ahmedabad Bench of Income Tax Appellate Tribunal (ITAT) deleted the penalty disallowance after the assessing officer (AO) incorrectly applied Section 37 of the Income Tax Act, 1961 to an amount...
![AO incorrectly applied S. 37 on already disallowed Penalty: ITAT deletes Penalty to prevent Double Addition [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/10/AO-incorrectly-already-disallowed-Penalty-ITAT-Penalty-prevent-Double-Addition-taxscan.jpg "AO incorrectly applied S. 37 on already disallowed Penalty: ITAT deletes Penalty to prevent Double Addition [Read Order]")
CBDT Circular on Monetary Limits in Filing Appeal/SLP Not Applicable on International Tax Appeal Involving DTAA: Punjab & Haryana HC [Read Order]
In a recent case, the Punjab and Haryana High Court has held that the circular issued by the Central Board Of Direct Taxes (CBDT) prescribing monetary limits to file appeal/SLP is not applicable on...
![CBDT Circular on Monetary Limits in Filing Appeal/SLP Not Applicable on International Tax Appeal Involving DTAA: Punjab & Haryana HC [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/10/Punjab-and-Haryana-HC-Punjab-and-Haryana-High-Court-CBDT-Central-Board-Of-Direct-Taxes-CBDT-Circular-Monetary-Limits-in-Filing-taxscan.jpg "CBDT Circular on Monetary Limits in Filing Appeal/SLP Not Applicable on International Tax Appeal Involving DTAA: Punjab & Haryana HC [Read Order]")
Income Tax Dept. equips itself for Maharashtra Elections, Launches Campaign to Prevent Misuse of Funds
With the Maharashtra assembly elections fast approaching, the Pune office of the Income Tax ( IT ) Department has launched a special campaign aimed at preventing the misuse of funds by candidates...
ITAT Rules VLCC Health Care Ltd.'s Revenue-Sharing Model Not Subject to TDS, Dismisses Revenue's Appeal [Read Order]
The Delhi Bench Of Income Tax Appellate Tribunal( ITAT )dismissed the Revenue's appeal against VLCC Health Care Ltd., ruling that the company's revenue-sharing model under its franchise agreement was...
![ITAT Rules VLCC Health Care Ltd.s Revenue-Sharing Model Not Subject to TDS, Dismisses Revenues Appeal [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/10/ITAT-Income-Tax-Income-Tax-Appellate-Tribunal-ITAT-Rules-TAXSCAN.jpg "ITAT Rules VLCC Health Care Ltd.s Revenue-Sharing Model Not Subject to TDS, Dismisses Revenues Appeal [Read Order]")
Unsold Flats held as Stock-in-Trade should be Treated as Business Stock, Not Income from House Property: ITAT on Palm Grove's Matter [Read Order]
The Mumbai Bench of Income Tax Appellate Tribunal ( ITAT ) ruled in favor of Palm Grove Beach Hotels Pvt. Ltd. that unsold flats held as stock-in-trade should be treated as business stock, not income...
![Unsold Flats held as Stock-in-Trade should be Treated as Business Stock, Not Income from House Property: ITAT on Palm Groves Matter [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/10/ITAT-ITAT-Mumbai-Stock-in-Trade-Income-from-House-Property-Unsold-flats-not-house-property-taxscan.jpeg "Unsold Flats held as Stock-in-Trade should be Treated as Business Stock, Not Income from House Property: ITAT on Palm Groves Matter [Read Order]")