![Notice for Reopening Assessment u/s 148 of IT Act without DIN is Invalid: Bombay HC [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/05/Bombay-high-court-Income-Tax-Act-DIN-income-tax-authority-in-India-texscan.jpg "Notice for Reopening Assessment u/s 148 of IT Act without DIN is Invalid: Bombay HC [Read Order]")
Notice for Reopening Assessment u/s 148 of IT Act without DIN is Invalid: Bombay HC [Read Order]
A Division bench of the Bombay High Court has held that notice issued without DIN for reopening of assessment under Section 148 of the Income Tax...
![Building, Machinery Plant or Furniture not Exclusively used for Purpose of Business or Profession: ITAT disallows Depreciation Claim on Building [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/05/income-tax-ITAT-ITAT-Mumbai-Plant-machinery-taxscan.jpg "Building, Machinery Plant or Furniture not Exclusively used for Purpose of Business or Profession: ITAT disallows Depreciation Claim on Building [Read Order]")
![AO Fails to Examine Correctness of Asian Paints Earning Exempt Income Expenditure Claim: ITAT deletes Disallowance u/s 14 A r.w Rule 8D [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/05/ITAT-ITAT-Mumbai-income-tax-income-tax-acts-income-tax-rules.jpg "AO Fails to Examine Correctness of Asian Paints Earning Exempt Income Expenditure Claim: ITAT deletes Disallowance u/s 14 A r.w Rule 8D [Read Order]")
![ITAT Deletes disallowance of payment made on account of Forward Contract Loss incurred towards hedging Foreign Exchange Fluctuation Loss on FCNRB Loan Account [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/05/WhatsApp-Image-2024-05-09-at-3.03.51-PM.jpeg "ITAT Deletes disallowance of payment made on account of Forward Contract Loss incurred towards hedging Foreign Exchange Fluctuation Loss on FCNRB Loan Account [Read Order]")
![AO Misconstrued Directions given by PCIT in Revisionary Order regarding Payment of Loans: ITAT directs re adjudication [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/05/AO-Misconstrued-Directions-PCIT-Revisionary-Order-Payment-of-Loans-ITAT-re-adjudication-TAXSCAN.jpg "AO Misconstrued Directions given by PCIT in Revisionary Order regarding Payment of Loans: ITAT directs re adjudication [Read Order]")
Taxpayer Substantiates Cash Deposit Source with Sufficient Evidence: ITAT Deletes Addition of 28 lakhs [Read Order]
The Delhi bench of the Income Tax Appellate Tribunal (ITAT) ruled in favor of the taxpayer, deleting an addition of 28 lakhs after the taxpayer successfully substantiated the source of a cash deposit...
![Taxpayer Substantiates Cash Deposit Source with Sufficient Evidence: ITAT Deletes Addition of 28 lakhs [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/05/WhatsApp-Image-2024-05-09-at-11.33.42-AM-1.jpeg "Taxpayer Substantiates Cash Deposit Source with Sufficient Evidence: ITAT Deletes Addition of 28 lakhs [Read Order]")
Expenditure incurred by Asian Paints on research and Development Eligible for Deduction u/s 35 (2AB) of Income Tax Act: ITAT [Read Order]
The two member bench of the Income Tax Appellate Tribunal ( ITAT ) Mumbai has ruled that expenditure incurred by Asian Paints on research and development was eligible for deduction under Section 35 (...
![Expenditure incurred by Asian Paints on research and Development Eligible for Deduction u/s 35 (2AB) of Income Tax Act: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/05/Expenditure-Asian-Paints-research-Development-Eligible-Deduction-Income-Tax-Act-ITAT-taxscan.jpg "Expenditure incurred by Asian Paints on research and Development Eligible for Deduction u/s 35 (2AB) of Income Tax Act: ITAT [Read Order]")
Capital Gains earned from sale of shares of CCL International is genuine: ITAT deletes addition made u/s 69 of Income Tax Act [Read Order]
The Delhi bench of Income Tax Appellate Tribunal ( ITAT ) deleted the addition made under Section 69 of the Income Tax Act, 1961 when finding that capital gains earned from the sale of shares of CCL...
![Capital Gains earned from sale of shares of CCL International is genuine: ITAT deletes addition made u/s 69 of Income Tax Act [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/05/Capital-Gains-sale-of-shares-CCL-International-genuine-ITAT-Income-Tax-Act-taxscan.jpg "Capital Gains earned from sale of shares of CCL International is genuine: ITAT deletes addition made u/s 69 of Income Tax Act [Read Order]")
Notice for Reopening of Assessment Invalid on Belief of Escapement of Income when Deduction u/s 80JJAA allowed in earlier Years: Bombay HC [Read Order]
A Division bench of the Bombay High Court held that the notice for reopening of assessment is invalid on mere belief of escapement of income when the deduction under Section 80JJAA had been...
![Notice for Reopening of Assessment Invalid on Belief of Escapement of Income when Deduction u/s 80JJAA allowed in earlier Years: Bombay HC [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/05/Bombay-High-Court-Reopening-of-assessment-Section-80JJAA-Escapement-of-income-taxscan.jpeg "Notice for Reopening of Assessment Invalid on Belief of Escapement of Income when Deduction u/s 80JJAA allowed in earlier Years: Bombay HC [Read Order]")
ITAT rules Expenditures on Freebies to Doctors by Pharmaceutical Sector Violate MCI Regulations, Disallows Deductions under Section 37(1) of Income Tax Act [Read Order]
The Ahmedabad bench of the Income Tax Appellate Tribunal ( ITAT ) ruled that expenditures on freebies to doctors by the pharmaceutical sector violate Medical Council of India ( MCI ) regulations and...
![ITAT rules Expenditures on Freebies to Doctors by Pharmaceutical Sector Violate MCI Regulations, Disallows Deductions under Section 37(1) of Income Tax Act [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/05/ITAT-Expenditures-on-Freebies-Doctors-Pharmaceutical-Sector-Violate-MCI-Regulations-Disallows-Deductions-Income-Tax-Act-taxscan.jpg "ITAT rules Expenditures on Freebies to Doctors by Pharmaceutical Sector Violate MCI Regulations, Disallows Deductions under Section 37(1) of Income Tax Act [Read Order]")
No disallowance of interest expense claimed in respect of ST RRB Credit Refinance Fund of NABARD: ITAT [Read Order]
The Mumbai bench of Income Tax Appellate Tribunal ( ITAT ) held that no disallowance shall be made on interest expense claimed in respect of ST RRB Credit Refinance Fund of National Bank for...
![No disallowance of interest expense claimed in respect of ST RRB Credit Refinance Fund of NABARD: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/05/No-disallowance-interest-expense-respect-ST-RRB-Credit-Refinance-Fund-NABARD-ITAT-taxscan.jpg "No disallowance of interest expense claimed in respect of ST RRB Credit Refinance Fund of NABARD: ITAT [Read Order]")
High Net Worth Individuals with Offshore Investments in 'Blank Cheque' SPACs under Income Tax Scanner, gets IT Notices
Indian tax authorities are investigating wealthy individuals ( HNIs ) who invested in Special Purpose Acquisition Companies ( SPACs ), also known as "blank cheque" firms. Sources say at least four...
