![Investment Income from Excess Stock cannot be Taxed u/s 69 B of Income Tax Act, Must be Assessed as Business Income: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/04/Investment-income-taxation-Business-income-assessment-Excess-stock-taxation-Taxation-of-investment-income-taxscan.jpg "Investment Income from Excess Stock cannot be Taxed u/s 69 B of Income Tax Act, Must be Assessed as Business Income: ITAT [Read Order]")
Investment Income from Excess Stock cannot be Taxed u/s 69 B of Income Tax Act, Must be Assessed as Business Income: ITAT [Read Order]
The Chandigarh bench of the Income Tax Appellate Tribunal ( ITAT ) ruled that investment income from excess stock cannot be taxed under Section 69 B...
![AO denies to grant Section 54F Deduction to LTCG from Sale of Inherited Jewellery: ITAT allows Deduction [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/04/ITAT-ITAT-Bangalore-Income-Tax-Sale-of-Inherited-Jewellery-TAXSCAN.jpg "AO denies to grant Section 54F Deduction to LTCG from Sale of Inherited Jewellery: ITAT allows Deduction [Read Order]")
![Taxpayer Fails to Provide Detailed Expenditure of Rs. 35.2 lakhs Claimed as Business Promotion Expenses: ITAT Directs Re-adjudication [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/04/ITAT-ITAT-Mumbai-Income-Tax-Business-Promotion-Expenses-TAXSCAN.jpg "Taxpayer Fails to Provide Detailed Expenditure of Rs. 35.2 lakhs Claimed as Business Promotion Expenses: ITAT Directs Re-adjudication [Read Order]")
![ITAT Directs to Grant TDS Exemption after Verification of TDS Exemption Certificate issued u/s 195(3) of IT Act by Joint Director found Genuine [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/04/ITAT-ITAT-Hyderabad-Income-Tax-TDS-Exemption-TAXSCAN.jpg "ITAT Directs to Grant TDS Exemption after Verification of TDS Exemption Certificate issued u/s 195(3) of IT Act by Joint Director found Genuine [Read Order]")
![Passing Intimation u/s 143 without Reasonable Opportunity to Taxpayer Deemed Unlawful: ITAT against AO [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/04/Passing-Intimation-Reasonable-Opportunity-Taxpayer-itat-taxscan.jpg "Passing Intimation u/s 143 without Reasonable Opportunity to Taxpayer Deemed Unlawful: ITAT against AO [Read Order]")
Sale Proceeds of Shares Properly Explained Through Documentary Evidence: ITAT Deletes Addition of 39.7 Lakhs [Read Order]
The Ahmedabad bench of the Income Tax Appellate Tribunal ( ITAT ) deleted the addition of 39.7 Lakhs after the proper explanation of sale proceeds of shares through documentary evidence. The...
![Sale Proceeds of Shares Properly Explained Through Documentary Evidence: ITAT Deletes Addition of 39.7 Lakhs [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/04/Sale-Proceeds-of-Shares-Documentary-Evidence-ITAT-Addition-taxscan.webp "Sale Proceeds of Shares Properly Explained Through Documentary Evidence: ITAT Deletes Addition of 39.7 Lakhs [Read Order]")
Plant and Machinery Held Over 36 Months Deemed Long-Term Capital Assets u/s 2 (42 A) of Income Tax Act: ITAT [Read Order]
The Ahmedabad bench of the Income Tax Appellate Tribunal ( ITAT) observed that plant and machinery held over 36 months deemed long-term capital assets under Section 2 (42A) of Income Tax Act, 1961. ...
![Plant and Machinery Held Over 36 Months Deemed Long-Term Capital Assets u/s 2 (42 A) of Income Tax Act: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/04/Plant-and-Machinery-Long-Term-Capital-Assets-Income-Tax-Act-ITAT-taxscan.jpg "Plant and Machinery Held Over 36 Months Deemed Long-Term Capital Assets u/s 2 (42 A) of Income Tax Act: ITAT [Read Order]")
Payments by Supervisors to Individual Labourers, each not Exceeding Rs. 20,000, cannot be Disallowed under Section 40A(3) of Income Tax Act: Calcutta HC [Read Order]
In a significant ruling the Calcutta High Court observed that the payments by supervisors to individual labourers, each not exceeding Rs. 20,000, cannot be disallowed under Section 40A(3) of the...
![Payments by Supervisors to Individual Labourers, each not Exceeding Rs. 20,000, cannot be Disallowed under Section 40A(3) of Income Tax Act: Calcutta HC [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/04/Payments-Payments-by-Supervisors-to-Individual-Labourers-calcuttahc-taxscan.jpg "Payments by Supervisors to Individual Labourers, each not Exceeding Rs. 20,000, cannot be Disallowed under Section 40A(3) of Income Tax Act: Calcutta HC [Read Order]")
Abatement u/s 153C of Income Tax Act should be Triggered by Formation of Opinion: Delhi HC [Read Order]
The Delhi High Court in a recent decision observed that the abatement under Section 153C of the Income Tax Act, 1963 should be triggered by the formation of opinion. The batch of writ petitions...
![Abatement u/s 153C of Income Tax Act should be Triggered by Formation of Opinion: Delhi HC [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/04/Delhi-High-Court-Delhi-HC-Income-Tax-Act-Section-153c-of-Income-Tax-Act-Income-Tax-Taxscan.jpg "Abatement u/s 153C of Income Tax Act should be Triggered by Formation of Opinion: Delhi HC [Read Order]")
Documents to Defect of Zero Rated Supplies without Tax Payment Sufficiently annexed in Reply to Income Tax: Madras HC sets aside Assessment Order [Read Order]
The Madras High Court has nullified an Income Tax Assessment order. In its ruling, the court highlighted that the documents pertaining to the issues of zero-rated supplies without tax payment and...
![Documents to Defect of Zero Rated Supplies without Tax Payment Sufficiently annexed in Reply to Income Tax: Madras HC sets aside Assessment Order [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/04/Madras-High-Court-Income-Tax-Zero-Rated-Supplies-Assessment-Order-TAXSCAN.jpg "Documents to Defect of Zero Rated Supplies without Tax Payment Sufficiently annexed in Reply to Income Tax: Madras HC sets aside Assessment Order [Read Order]")
Madras HC dismisses Writ Petition challenging Income Tax Assessment Order due to Alleged Unauthorised Bank Account Transactions [Read Order]
The Madras High Court dismissed the writ petition challenging the income tax assessment order due to alleged unauthorised bank account opening and transactions. The court stated that the fact...
![Madras HC dismisses Writ Petition challenging Income Tax Assessment Order due to Alleged Unauthorised Bank Account Transactions [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/04/Income-tax-news-Unauthorised-bank-account-Income-tax-assessment-Article-226-taxscan.jpg "Madras HC dismisses Writ Petition challenging Income Tax Assessment Order due to Alleged Unauthorised Bank Account Transactions [Read Order]")
Income Tax Dept busts 200 Cr Dubai Hawala Money Trade-in attempt for Election spends at Chennai Airport
Ahead of the Lok Sabha elections, the Income Tax department has intercepted an attempt to channel Rs 200 crore of hawala money into Tamil Nadu, allegedly for a prominent political party. According...
