![Loans by NOIDA not Commercial Activity: Delhi HC allows Income Tax Exemption u/s 10(46) [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/07/loans-noida-New-Okhla-Industrial-Development-Authority-delhi-hc-delhi-hc-news-delhi-high-court-delhi-high-court-news-income-tax-income-tax-news-tax-exemption-tax-news-tax-scan.jpg "Loans by NOIDA not Commercial Activity: Delhi HC allows Income Tax Exemption u/s 10(46) [Read Order]")
Loans by NOIDA not Commercial Activity: Delhi HC allows Income Tax Exemption u/s 10(46) [Read Order]
The Delhi High Court has ruled that the loans and advances given by the New Okhla Industrial Development Authority (NOIDA) are not commercial...
![Section 254(2) of Income Tax cannot be used for Recall and Review Order by Tribunal: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/07/Income-Tax-Recall-Review-Tribunal-ITAT-taxscan.jpg "Section 254(2) of Income Tax cannot be used for Recall and Review Order by Tribunal: ITAT [Read Order]")
![Scrip cant be Penny Stock: ITAT deletes Addition u/s 68 of Income Tax Act [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/07/Scrip-Penny-Stock-ITAT-Income-Tax-Act-taxscan.jpg "Scrip cant be Penny Stock: ITAT deletes Addition u/s 68 of Income Tax Act [Read Order]")
![Income Tax Refund Rejected without Providing Opportunity to Hear: Karnataka HC allows Petition [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/07/Income-Tax-Refund-Opportunity-Hear-Karnataka-Petition-tascan.jpg "Income Tax Refund Rejected without Providing Opportunity to Hear: Karnataka HC allows Petition [Read Order]")
Income Tax Portal Technical Glitches Frustrate CAs and Tax Filers as Deadline Nears: Here's 15 Glitches Found
The income tax portal technical glitches frustrated the Chartered Accountants ( CAs ) and income tax return ( ITR ) filers as the deadline nears. The last date to file the return is July 31st 2024. ...
Bonus of Equity Shareholders not Covered under S.2(22)(b) of Income Tax Act, not Taxable as “Other Income” u/s 56(2): ITAT [Read Order]
Concerning the latest case, the Chennai bench of the Income Tax Appellate Tribunal ( ITAT ) dismissed the appeal made by the assessee as the tribunal agreed to the findings made by the Commissioner...
![Bonus of Equity Shareholders not Covered under S.2(22)(b) of Income Tax Act, not Taxable as “Other Income” u/s 56(2): ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/07/ITAT-ITAT-Chennai-Income-tax-Equity-Shareholders-Section-222b-Income-Tax-Act-Bonus-Of-Equity-Shareholders-taxscan.jpg "Bonus of Equity Shareholders not Covered under S.2(22)(b) of Income Tax Act, not Taxable as “Other Income” u/s 56(2): ITAT [Read Order]")
Beneficial provision of S.54 F should be given a Liberal Construction to the Maximum Extent Possible: ITAT upholds Full Deduction for Purchase of Property in Wife's name out of Bank Loan [Read Order]
In the recent case, the Chennai Bench of the Income Tax Appellate Tribunal ( ITAT ) directed the Income-tax Assessing Officer ( AO ) to allow the claim of the assessee under Section 54F of the Income...
![Beneficial provision of S.54 F should be given a Liberal Construction to the Maximum Extent Possible: ITAT upholds Full Deduction for Purchase of Property in Wifes name out of Bank Loan [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/07/Income-Tax-ITAT-ITAT-Chennai-Income-Tax-Appellate-Tribunal-Income-Tax-Officer-TAXSCAN.jpg "Beneficial provision of S.54 F should be given a Liberal Construction to the Maximum Extent Possible: ITAT upholds Full Deduction for Purchase of Property in Wifes name out of Bank Loan [Read Order]")
Family Business of Money Lending for 20 Years: ITAT upholds Addition of Excess Income as ‘Business Income’ [Read Order]
The Chennai Bench of the Income Tax Appellate Tribunal (I TAT ) upheld the addition of excess income as 'business income' for a family engaged in the money lending business for 20 years. The...
![Family Business of Money Lending for 20 Years: ITAT upholds Addition of Excess Income as ‘Business Income’ [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/07/ITAT-Money-Lending-Income-Tax-Appellate-Tribunal-ITAT-Chennai-Family-Business-Business-Income-taxscan.jpg "Family Business of Money Lending for 20 Years: ITAT upholds Addition of Excess Income as ‘Business Income’ [Read Order]")
Income Tax Reassessment after Expiry of 4 years due to Non-Filing of GST by Supplier is Invalid: ITAT [Read Order]
The Mumbai Bench of Income Tax Appellate Tribunal ( ITAT ) has held that no reopening can be done after the expiry of four years from the end of the relevant assessment year unless any income...
![Income Tax Reassessment after Expiry of 4 years due to Non-Filing of GST by Supplier is Invalid: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/07/Income-Tax-Reassessment-Expiry-of-4-years-due-Non-Filing-GST-Supplier-Invalid-ITAT-taxscan.jpg "Income Tax Reassessment after Expiry of 4 years due to Non-Filing of GST by Supplier is Invalid: ITAT [Read Order]")