![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]")
Punjab & Haryana HC sets aside Reassessment Proceedings initiated without conducting Faceless Assessment u/s 144 B of Income Tax Act [Read Order]
In a recent case, the Punjab & Haryana High Court set aside the reassessment proceedings initiated without conducting Faceless Assessment under...
![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]](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]](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 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]")
Madras HC Orders Widow to Deposit ₹2.5 Lakh Against ₹57.7 Lakh Demand as pre-deposit on Income from Ancestral Property Sale [Read Order]
In a recent decision, the Madras High Court has directed a widow to deposit ₹2.5 lakh as pre-deposit against a demand of ₹57.7 lakh raised by the Income Tax Department. The court did not support the...
![Madras HC Orders Widow to Deposit ₹2.5 Lakh Against ₹57.7 Lakh Demand as pre-deposit on Income from Ancestral Property Sale [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/09/madras-High-Court-Madras-HC-Property-Sale-Ancestral-Property-Sale-Widow-to-Deposit-HC-Orders-pre-deposit-TAXSCAN.jpg "Madras HC Orders Widow to Deposit ₹2.5 Lakh Against ₹57.7 Lakh Demand as pre-deposit on Income from Ancestral Property Sale [Read Order]")
S.68 Invocable Only If Taxpayer Maintain Books: ITAT deletes Addition as Returns Filed u/s 44AD [Read Order]
The Amritsar Bench of Income Tax Appellate Authority ( ITAT ) ruled that Section 68 of the Income Tax Act,1961 can only be invoked if the taxpayer maintains books of accounts. In this case, the...
![S.68 Invocable Only If Taxpayer Maintain Books: ITAT deletes Addition as Returns Filed u/s 44AD [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/09/ITAT-ITAT-Amritstar-Income-Tax-Appellate-Authority-Section-68-Income-Tax-Act-ITAT-Deletes-Addition-taxscan.jpg "S.68 Invocable Only If Taxpayer Maintain Books: ITAT deletes Addition as Returns Filed u/s 44AD [Read Order]")
Relief to Alukkas Jewellery: Settlement Commission Unauthorized to Rectify Orders Pre-2011 Income Tax Amendment, Rules Madras HC [Read Order]
In a relief to Alukkas Jewellers, the Madras High Court ruled that the Income Tax Settlement Commission had no authority to rectify its orders under Section 154 of the Income Tax Act 1961 (ITA)...
![Relief to Alukkas Jewellery: Settlement Commission Unauthorized to Rectify Orders Pre-2011 Income Tax Amendment, Rules Madras HC [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/09/Delhi-High-Court-Income-Tax-Income-Tax-Settlement-Commission-ITSC-TAXSCAN.jpg "Relief to Alukkas Jewellery: Settlement Commission Unauthorized to Rectify Orders Pre-2011 Income Tax Amendment, Rules Madras HC [Read Order]")