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ITAT sets aside Income Tax Reassessment completed without Providing a Copy of the Reasons [Read Order]

The Raipur Bench of the Income Tax Appellate Tribunal ( ITAT ) sets aside income tax reassessment completed without providing copy of the reasons.The...

No Income Tax Refund if you fail to e-Verify ITR: Know All Steps and Details Here

Budget 2024-25 to come with GST Council recommended Amendments: CBIC Chairman

Higher Late Fees payable even in absence of Income Tax Liability on belated ITR Filing when Income ...

Old Loans Converted into Share Allotment Cannot be Unexplained Money: ITAT deletes Addition under...

CIT(E) Rejects S.12AB Application under Income Tax Act without providing sufficient opportunity to furnish Documents: ITAT directs Re adjudication [Read Order]

The Raipur Bench of the Income Tax Appellate Tribunal ( ITAT ) observed that as the assessee institute had remained divested of sufficient opportunity to put forth its case and furnish the requisite...

Unsigned Excel Sheet without Corroboration Fails as Evidence in S. 153C Income Tax Proceedings: Gujarat HC dismisses Revenue’s Appeal [Read Order]

The Gujarat High Court dismissed the appeal filed by the revenue citing that there is no base for initiating proceedings under Section 153C of the Income Tax Act. The court stated that an unsigned...

Issuance of Reassessment Notices u/s 148 of Income Tax Act: CBDT issues Guidelines [Read Notification]

The Central Board of Direct Taxes ( CBDT ) under the Ministry of Finance has issued new guidelines for issuing notices under Section 148 of the Income Tax Act, 1961. These guidelines lay down the...

Ignorance of Adjournment Application by First Appellate Authority: Karnataka HC quashes Income Tax Order against Toyota [Read Order]

The Karnataka High Court has ruled in favor of Toyota Industries Engine India Private Limited, setting aside an income tax assessment order that was challenged on grounds of procedural unfairness and...

Licence Fees Received Towards Live Transmissions of Cricket Matches Held in Australia Not Taxable in India: ITAT [Read Order]

The Delhi Bench of Income Tax Appellate Tribunal ( ITAT ) has held that the licence fees received by the assessee towards live transmissions of cricket matches held in Australia are not taxable in...

Investments with Co-operative Society eligible for Section 80P(2)(d) Deduction: ITAT [Read Order]

The Bangalore bench of the Income Tax Appellate Tribunal ( ITAT ) has ruled that under Section 80P (2)(d), taxpayers are eligible for a deduction on interest and dividend income earned from...

ITAT Weekly Round Up

This weekly round-up analytically summarizes the key stories related to the Income Tax Appellate Tribunal ( ITAT ) reported at Taxscan.in during the previous week 1st July 2024 to 6th July 2024. ...

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