Central Govt may Decriminalise Minor Income Tax Offences in 100 Days, says Sources
Following the swearing-in of the new Cabinet, sources indicate that the Central Government is poised to decriminalise minor income tax offences...
![Project Completion Method is Right Method Prescribed by ICAI for determining Profit, Eligible for Deduction u/s 80IB(10) of Income Tax Act: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/06/ITAT-ITAT-delhi-Income-Tax-Income-Tax-Act-ICAI-Income-Tax-Appellate-Tribunal-Section-80IB10-of-the-Income-Tax-Act-taxscan.jpg "Project Completion Method is Right Method Prescribed by ICAI for determining Profit, Eligible for Deduction u/s 80IB(10) of Income Tax Act: ITAT [Read Order]")
![Interest / Dividend Income from Investment with Cooperative Society is Entitled to Deduction u/s 80 P (2)(d) of Income Tax Act: ITAT remits to AO for Fresh Consideration [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/06/ITAT-income-tax-appellate-tribunal-Dividend-income-Cooperative-society-TAXSCAN.jpg "Interest / Dividend Income from Investment with Cooperative Society is Entitled to Deduction u/s 80 P (2)(d) of Income Tax Act: ITAT remits to AO for Fresh Consideration [Read Order]")
![CIT(A) fails to provide Evidence of Notice Served: ITAT deletes Penalty u/s 271 (1) (b) of Income Tax Act [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/06/ITAT-ITAT-Delhi-Income-tax-Income-tax-news-Income-tax-act-taxscan.jpg "CIT(A) fails to provide Evidence of Notice Served: ITAT deletes Penalty u/s 271 (1) (b) of Income Tax Act [Read Order]")
![Kerala Co-operative Deposit Guarantee Fund Board exempted from Income Tax u/s 10(46): CBDT [Read Notification]](https://www.taxscan.in/wp-content/uploads/2024/06/Income-Tax-Income-Tax-Act-CBDT-kerala-co-operative-deposit-guarantee-fund-board-taxscan.jpg "Kerala Co-operative Deposit Guarantee Fund Board exempted from Income Tax u/s 10(46): CBDT [Read Notification]")
Interest Income from SBI Investments not attributable to Business of Taxpayer, Not Eligible for Deduction u/s 80P (2)(a)(i) of Income Tax Act: ITAT [Read Order]
The Bangalore bench of the Income Tax Appellate Tribunal ( ITAT ) ruled that interest income received on investments from State Bank of India ( SBI ) was not attributable to the business of the...
![Interest Income from SBI Investments not attributable to Business of Taxpayer, Not Eligible for Deduction u/s 80P (2)(a)(i) of Income Tax Act: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/06/ITAT-Bangalore-Income-tax-Income-Tax-Act-State-Bank-of-India-SBI-taxscan.jpg "Interest Income from SBI Investments not attributable to Business of Taxpayer, Not Eligible for Deduction u/s 80P (2)(a)(i) of Income Tax Act: ITAT [Read Order]")
Depreciation on Goodwill Acquired from Subsidiary Company by Demerger Allowed if Not Previously Claimed or Allowed u/s 32 of Income Tax Act: ITAT [Read Order]
The Mumbai bench of the Income Tax Appellate Tribunal ( ITAT ) ruled that the assessee was eligible to claim depreciation on the cost of goodwill acquired from MSN Singapore through a demerger if not...
![Depreciation on Goodwill Acquired from Subsidiary Company by Demerger Allowed if Not Previously Claimed or Allowed u/s 32 of Income Tax Act: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/06/ITAT-mumbai-section-32-of-income-tax-act-goodwill-aquired-from-subsidiary-company-taxscan.jpg "Depreciation on Goodwill Acquired from Subsidiary Company by Demerger Allowed if Not Previously Claimed or Allowed u/s 32 of Income Tax Act: ITAT [Read Order]")
Interest Income from Investment in KDCC Bank is not Eligible for Deduction u/s 80 P(2)(a)(i) of Income Tax Act: ITAT remits to AO for Fresh Consideration [Read Order]
The Bangalore bench of the Income Tax Appellate Tribunal ( ITAT ) ruled that interest income from investment in Karnataka District Central Co-operative Bank ( KDCC Bank ) was not eligible for...
![Interest Income from Investment in KDCC Bank is not Eligible for Deduction u/s 80 P(2)(a)(i) of Income Tax Act: ITAT remits to AO for Fresh Consideration [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/06/ITAT-bangalore-investment-in-kdcc-bank-interest-income-from-kdcc-bank-remand-to-assessing-officer-taxscan.jpg "Interest Income from Investment in KDCC Bank is not Eligible for Deduction u/s 80 P(2)(a)(i) of Income Tax Act: ITAT remits to AO for Fresh Consideration [Read Order]")
Income Tax Assessment Order Challenged Over Rs.136 Crore Expenses: Madras HC disposes Petition Leaving to Contest before Appellate Authority [Read Order]
The Madras High Court disposed of the writ petition filed against the Income Tax Assessment order over addition of Rs.136 crores rejecting the total expenses. The court disposed of by leaving it open...
![Income Tax Assessment Order Challenged Over Rs.136 Crore Expenses: Madras HC disposes Petition Leaving to Contest before Appellate Authority [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/06/Madras-High-Court-Madras-hc-Income-tax-assessment-income-tax-order-TAXSCAN.jpg "Income Tax Assessment Order Challenged Over Rs.136 Crore Expenses: Madras HC disposes Petition Leaving to Contest before Appellate Authority [Read Order]")
Deletion of Addition Linked to Alleged Bogus Penny Stock Company's LTCG Claim: MP HC dismisses Appeal of Income Tax Dept [Read Order]
The Madhya Pradesh High Court has dismissed the appeal of the Income Tax Department with regards to the deletion of an addition linked to an alleged bogus penny stock company's long-term capital...
![Deletion of Addition Linked to Alleged Bogus Penny Stock Companys LTCG Claim: MP HC dismisses Appeal of Income Tax Dept [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/06/madhya-pradesh-high-court-dismissal-long-term-capital-gains-deletion-of-addition-of-alleged-bogus-penny-stock-company-taxscan.jpg "Deletion of Addition Linked to Alleged Bogus Penny Stock Companys LTCG Claim: MP HC dismisses Appeal of Income Tax Dept [Read Order]")
Exemption u/s 54F of Income Tax Act not allowable for 500 sqm Shed on Agricultural Land: ITAT [Read Order]
The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) rejected a claim for exemption under Section 54F of the Income Tax Act, as the exemption from sale of capital assets were claimed in the...
![Exemption u/s 54F of Income Tax Act not allowable for 500 sqm Shed on Agricultural Land: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/06/site-img-6-1.jpg "Exemption u/s 54F of Income Tax Act not allowable for 500 sqm Shed on Agricultural Land: ITAT [Read Order]")
Dispute over Non-Communicated Extension and Lack of required Approval in Order u/s 148A (d): Delhi HC to Hear matter on 26th July 2024 [Read Order]
The Delhi High Court is set to hear a dispute on July 26, 2024, concerning a non-communicated extension and the lack of required approval in an order under Section 148A (d) of the Income Tax Act,...
![Dispute over Non-Communicated Extension and Lack of required Approval in Order u/s 148A (d): Delhi HC to Hear matter on 26th July 2024 [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/06/Delhi-High-Court-Delhi-High-Court-is-set-to-hear-a-dispute-Lack-of-required-Approval-Dispute-over-Non-Communicated-Extension-taxscan.jpg "Dispute over Non-Communicated Extension and Lack of required Approval in Order u/s 148A (d): Delhi HC to Hear matter on 26th July 2024 [Read Order]")