![ITAT upholds NFAC Order for Recomputation of Income as ‘Capital Gains’ due to Improper Classification u/s68 r.w.s. 115BBE [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/10/capital-gain.jpg "ITAT upholds NFAC Order for Recomputation of Income as ‘Capital Gains’ due to Improper Classification u/s68 r.w.s. 115BBE [Read Order]")
ITAT upholds NFAC Order for Recomputation of Income as ‘Capital Gains’ due to Improper Classification u/s68 r.w.s. 115BBE [Read Order]
The Income Tax Appellate Tribunal (ITAT), Visakhapatnam recently upheld an order passed by the Commissioner of Income Taxes - National Faceless...
![No Jurisdiction to AO for considering Claim by Assessee in Revised Return filed after Time Prescribed u/s 139(5) of Income Tax Act: Supreme Court [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/10/Income-Tax-Income-Tax-Act-Income-Tax-Return-Assessing-Officer-TAXSCAN.jpg "No Jurisdiction to AO for considering Claim by Assessee in Revised Return filed after Time Prescribed u/s 139(5) of Income Tax Act: Supreme Court [Read Order]")
![S. 80IA Claim Disallowance w/o Verification of Nature of Assessee as Developer or Works Contractor by AO: ITAT returns Matter [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/10/ITAT-ITAT-Pune-Assessing-Officer-Sectio-80IA-Claim-Disallowance-Income-Tax-Denial-of-a-deduction-taxscan.jpg "S. 80IA Claim Disallowance w/o Verification of Nature of Assessee as Developer or Works Contractor by AO: ITAT returns Matter [Read Order]")
![No Due Date for Employees Contributions to NPS in PFRDA Act, Deposits before ITR Filing Valid: ITAT rules in Favor of Adani Electricity [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/10/ITAT-ITAT-Ahmedabad-NPS-in-PFRDA-Act-No-Due-Date-for-Employees-ITR-Filing-ITR-Adani-Electricity-taxscan.jpg "No Due Date for Employees Contributions to NPS in PFRDA Act, Deposits before ITR Filing Valid: ITAT rules in Favor of Adani Electricity [Read Order]")
![ITAT Cancels ₹20,29,394 Penalty u/s 271AAA, Highlighting Variations in Income Assessment Calculations [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/10/ITAT-cancels-Penalty-Highlighting-Variations-Income-Assessment-Calculations-taxscan.jpeg "ITAT Cancels ₹20,29,394 Penalty u/s 271AAA, Highlighting Variations in Income Assessment Calculations [Read Order]")
ITAT Grants Full Deduction u/s 80P: Rules Income from Cooperative Banks Eligible for Tax Relief [Read Order]
The Ahmedabad Bench of Income Tax Appellate Tribunal ( ITAT ) ruled in favour of the assessee allowing full deductions under Section 80P of the Income Tax Act,1961Â for income earned from cooperative...
![ITAT Grants Full Deduction u/s 80P: Rules Income from Cooperative Banks Eligible for Tax Relief [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/10/ITAT-ITAT-Ahmedabad-ITAT-Grants-Full-Deduction-Cooperative-Bank-Tax-Relief-Tax-Relief-for-Cooperative-Banks-taxscan.jpg "ITAT Grants Full Deduction u/s 80P: Rules Income from Cooperative Banks Eligible for Tax Relief [Read Order]")
Government Grants for Specific Purposes Not Recognized as Income Until Utilized: ITAT [Read Order]
The Ahmedabad Bench of Income Tax Appellate Tribunal ( ITAT ) ruled that government grants received for specific purposes, such as the ₹50,00,000 grant under the Rashtriya Krishi Vikas Yojana (RKVY),...
![Government Grants for Specific Purposes Not Recognized as Income Until Utilized: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/10/ITAT-ITAT-Ahmedabad-Income-Tax-Rashtriya-Krishi-Vikas-Yojana-RKVY-Grant-utilization-Income-Tax-Appellate-Tribunal-taxscan.jpg "Government Grants for Specific Purposes Not Recognized as Income Until Utilized: ITAT [Read Order]")
ITAT Deletes ₹55,14,076 Penalty for Concealment of Income, Citing Inconsistencies in Income Assessment Estimates [Read Order]
The Ahmedabad Bench of Income Tax Appellate Tribunal ( ITAT ) deleted the penalty of ₹55,14,076 imposed under Section 271(1)(c) of the Income Tax Act,1961, for concealment of income, citing...
![ITAT Deletes ₹55,14,076 Penalty for Concealment of Income, Citing Inconsistencies in Income Assessment Estimates [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/10/ITAT-ITAT-Ahmedabad-Income-Tax-Appellate-Tribunal-Income-concealment-penalty-under-ITAT-TAXSCAN.jpg "ITAT Deletes ₹55,14,076 Penalty for Concealment of Income, Citing Inconsistencies in Income Assessment Estimates [Read Order]")
Gujarat High Court directs to Avoid Pedantic Approach while considering Petition u/s. 119(2)(b) Income Tax Act, Condones 1 Year Delay in Filing Return [Read Order]
In a recent case, the Gujarat High Court directed to avoid pedantic approach while considering petition under section 119(2)(b) Income Tax Act, 1961 and condoned one year delay in filing return. ...
![Gujarat High Court directs to Avoid Pedantic Approach while considering Petition u/s. 119(2)(b) Income Tax Act, Condones 1 Year Delay in Filing Return [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/10/Gujarat-High-Court-Income-Tax-Act-Income-Tax-Income-tax-filing-Income-tax-return-delay-condonation-taxscan.jpg "Gujarat High Court directs to Avoid Pedantic Approach while considering Petition u/s. 119(2)(b) Income Tax Act, Condones 1 Year Delay in Filing Return [Read Order]")
![ITAT quashes Reassessment due to Invalid S.148 Notice, Deletes ₹6.93 Crore Additions [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/10/Income-Tax-Income-tax-Reassessment-Section-148-Income-Tax-Act-Income-Tax-Act-taxscan.jpg "ITAT quashes Reassessment due to Invalid S.148 Notice, Deletes ₹6.93 Crore Additions [Read Order]")
Patna HC Condones Delay in filing Income Tax appeal Due to Medical Grounds directs to Deposit Rs. 5,000 to BSLSA
In a recent ruling, the Patna High Court condoned delay in filing the tax appeal due to medical grounds and directed the petitioner to deposit Rs. 5000 to the Bihar State Legal Services Authority. ...
![Calcutta HC Stays Notice Issued u/s 148 of Income Tax Act Till Disposal of Writ Petition [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/10/Calcutta-High-Court-Income-Tax-Act-Section-148-of-Income-Tax-Act-Notice.jpg "Calcutta HC Stays Notice Issued u/s 148 of Income Tax Act Till Disposal of Writ Petition [Read Order]")