![Relief to City Union Bank: Madras HC Defers Income Tax Dept Dues Until Bank’s Dues Are Settled [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/08/Income-Tax-Income-Tax-Department-Income-Tax-Act-Madras-High-Court-City-Union-Bank-TAXSCAN.jpg "Relief to City Union Bank: Madras HC Defers Income Tax Dept Dues Until Bank’s Dues Are Settled [Read Order]")
Relief to City Union Bank: Madras HC Defers Income Tax Dept Dues Until Bank’s Dues Are Settled [Read Order]
In a recent ruling, the Madras High Court granted relief to the City Union Bank by deferring the Income Tax Department's dues until the bank has...
![Delay in Filing ITR due to COVID-19 Pandemic: ITAT remands matter to consider Condonation of Delay [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/08/ITAT-ITAT-Kolkata-Delay-in-filing-ITR-COVID-19-COVID-19-Pandemic-ITAT-remands-Income-Tax-Appellate-Tribunal-ITAT-news-taxscan.jpg "Delay in Filing ITR due to COVID-19 Pandemic: ITAT remands matter to consider Condonation of Delay [Read Order]")
![Non-mentioning of Specific Limb in Income Tax Notice and Assessment Order by AO: ITAT deletes Penalty u/s 271(1)(c) [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/08/ITAT-ITAT-Mumbai-Income-Tax-Income-Tax-Notice-Income-Tax-Act-Assessment-Order-taxscan.jpg "Non-mentioning of Specific Limb in Income Tax Notice and Assessment Order by AO: ITAT deletes Penalty u/s 271(1)(c) [Read Order]")
![Hardship allowances Received From Housing Developers to Compensate Dispossession are Non Taxable: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/08/ITAT-ITAT-Mumbai-Income-Tax-Appellate-Tribunal-Hardship-Allowances-Non-Taxable-Compensate-Dispossession-ITAT-News-taxscan.jpg "Hardship allowances Received From Housing Developers to Compensate Dispossession are Non Taxable: ITAT [Read Order]")
![No Penalty after Completion of Scrutiny Assessment u/s 143(3) of IT Act, when necessary Evidence is Furnished: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/08/Income-Tax-Scrutiny-Assessment-Delhi-High-Court-ITAT-penalty-TAXSCAN.jpg "No Penalty after Completion of Scrutiny Assessment u/s 143(3) of IT Act, when necessary Evidence is Furnished: ITAT [Read Order]")
Consolidated Penalty u/s 271D and 271E of Income Tax Act not leviable without Specifying Individual Cash Transactions: ITAT [Read Order]
In a recent case, the Cochin Bench of Income Tax Appellate Tribunal (ITAT) held that the consolidated penalty under section 271D and 271E of Income Tax Act (ITA) cannot be levied without specifying...
![Consolidated Penalty u/s 271D and 271E of Income Tax Act not leviable without Specifying Individual Cash Transactions: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/08/ITAT-Cochin-ITAT-Income-Tax-individual-cash-transactions-Cash-Transactions-Penalty-Consolidated-Penalty-taxscan.webp "Consolidated Penalty u/s 271D and 271E of Income Tax Act not leviable without Specifying Individual Cash Transactions: ITAT [Read Order]")
Addition u/s 68 of Income Tax Act Unjustified Due to Incorrect Tax Neutrality: ITAT Sets Aside CIT(A) Order [Read Order]
The Mumbai Bench of Income Tax Appellate Tribunal ( ITAT ) set aside the Commissioner Of Income Tax(Appeals)[ CIT(A)] order, observing that the reopening of assessment was based on incorrect facts...
![Addition u/s 68 of Income Tax Act Unjustified Due to Incorrect Tax Neutrality: ITAT Sets Aside CIT(A) Order [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/08/Income-Tax-Income-Tax-Act-ITAT-Income-Tax-Commissioner-Tax-Neutrality-TAXSCAN-1.jpg "Addition u/s 68 of Income Tax Act Unjustified Due to Incorrect Tax Neutrality: ITAT Sets Aside CIT(A) Order [Read Order]")
Unreasoned approval by PCCIT is not valid for Reopening of Income Tax Assessment: Delhi HC [Read Order]
The Delhi High Court has ruled that simply appending the word "approved" by the PCCIT when granting approval under Section 151 of the Income Tax Act is insufficient for reopening under Section 148 of...
![Unreasoned approval by PCCIT is not valid for Reopening of Income Tax Assessment: Delhi HC [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/08/Unreasoned-PCCIT-Reopening-Income-Tax-Assessment-Delhi-HC-taxscan.jpg "Unreasoned approval by PCCIT is not valid for Reopening of Income Tax Assessment: Delhi HC [Read Order]")
Interest Expenditure incurred for Earning Income Chargeable under "Income from Business and Profession" Eligible for Deduction u/s 36(1)(iii): ITAT [Read Order]
The two member bench of the Income Tax appellate Tribunal (ITAT), Raipur, has ruled that Expenditures incurred for earning income chargeable under "Income from Other Sources" should be eligible for...
![Interest Expenditure incurred for Earning Income Chargeable under Income from Business and Profession Eligible for Deduction u/s 36(1)(iii): ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/08/TAT-Deduction-Interest-Expenditure-Income-from-Business-Income-from-Other-Sources-Section-361iii-of-the-Income-Tax-ITAT-Raipur-taxscan.webp "Interest Expenditure incurred for Earning Income Chargeable under Income from Business and Profession Eligible for Deduction u/s 36(1)(iii): ITAT [Read Order]")
ITAT Restores Case to AO for Proper Verification of Rs. 18.5 Lakhs Unexplained Cash Additions from Opening Balance and Unsecured Loans [Read Order]
The Raipur bench of the Income Tax Appellate Tribunal ( ITAT ) has restored the case to the Assessing Officer ( AO ) for proper verification of the unexplained cash additions totaling Rs. 18.5 lakhs,...
![ITAT Restores Case to AO for Proper Verification of Rs. 18.5 Lakhs Unexplained Cash Additions from Opening Balance and Unsecured Loans [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/08/Income-Tax-ITAT-AO-issues-Opening-Balance-TAXSCAN.jpg "ITAT Restores Case to AO for Proper Verification of Rs. 18.5 Lakhs Unexplained Cash Additions from Opening Balance and Unsecured Loans [Read Order]")
Non Compliance with Section 153(3) of Income Tax Act: Delhi High Court bars Passing of Fresh Assessment Order [Read Order]
In a recent ruling of Delhi High Court the writ petition filed was allowed owing to lack of compliance with provisions of Section 153(3) of Income tax Act and barred the fresh assessment order passed...
![Non Compliance with Section 153(3) of Income Tax Act: Delhi High Court bars Passing of Fresh Assessment Order [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/08/Non-Compliance-Income-Tax-Act-Delhi-High-Court-bars-Passing-Fresh-Assessment-Order-taxscan.jpg "Non Compliance with Section 153(3) of Income Tax Act: Delhi High Court bars Passing of Fresh Assessment Order [Read Order]")