![Failure to provide proper reason with respect to Escapement of Income regarding investment in House Construction: ITAT quashes Reassessment Proceedings [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/04/Failure-Failure-to-provide-proper-reason-Escapement-of-Income-House-Construction-taxscan.jpg "Failure to provide proper reason with respect to Escapement of Income regarding investment in House Construction: ITAT quashes Reassessment Proceedings [Read Order]")
Failure to provide proper reason with respect to Escapement of Income regarding investment in House Construction: ITAT quashes Reassessment Proceedings [Read Order]
The Delhi bench, Income Tax Appellate Tribunal (ITAT) while quashing the reassessment proceedings held that the Assessing officer failure to provide...
![CIT Appeal has no power u/s 250 of Income Tax Act to dismiss Appeal on account of non prosecution without discussing Merit of Case: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/04/ITAT-ITAT-Ahmedabad-Income-tax-Income-tax-news-CIT-Appeal-taxscan.jpg "CIT Appeal has no power u/s 250 of Income Tax Act to dismiss Appeal on account of non prosecution without discussing Merit of Case: ITAT [Read Order]")
![Assessee couldnt contact Tax Consultant due to Dislocation of Business: ITAT Remands Order Passed u/s 250 of Income Tax Act [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/04/ITAT-ITAT-Bangalore-Income-Tax-Tax-Consultant-TAXSCAN.jpg "Assessee couldnt contact Tax Consultant due to Dislocation of Business: ITAT Remands Order Passed u/s 250 of Income Tax Act [Read Order]")
![“Not every deposit during Demonetisation Period would fall under category of Unaccounted Cash”: ITAT directs Re-adjudication with respect to genuineness of deposit [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/04/Not-every-deposit-during-Demonetisation-Period-Demonetisation-Period-Unaccounted-Cash-ITAT-taxscan.jpg "“Not every deposit during Demonetisation Period would fall under category of Unaccounted Cash”: ITAT directs Re-adjudication with respect to genuineness of deposit [Read Order]")
![Relief to Bank of Nova Scotia: ITAT allows Deduction of Interest paid by Indian branch to Head office [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/04/Bank-of-Nova-Scotia-ITAT-ITAT-allows-Deduction-of-Interest-taxscan.jpg "Relief to Bank of Nova Scotia: ITAT allows Deduction of Interest paid by Indian branch to Head office [Read Order]")
Relief to Bank of Nova scortia: ITAT allows Expenditure incurred towards earnings interest income exempt u/s 10 (15) [Read Order]
The Income Tax Appellate Tribunal (ITAT) has provided relief to the Bank of Nova Scotia by permitting the expenditure incurred towards earning interest income exempt under Section 10(15) of the...
![Relief to Bank of Nova scortia: ITAT allows Expenditure incurred towards earnings interest income exempt u/s 10 (15) [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/04/Bank-of-Nova-scortia-ITAT-Expenditure-interest-income-exempt-us-10-15-TAXSCAN.jpg "Relief to Bank of Nova scortia: ITAT allows Expenditure incurred towards earnings interest income exempt u/s 10 (15) [Read Order]")
Addition u/s 68 is invalid When Creditworthiness of Money was proved by Balance Sheet showing Legitimate Fund Transfer to Company: ITAT [Read Order]
The Delhi bench of the Income Tax Appellate Tribunal( ITAT )has held that addition under section 68 is invalid when the creditworthiness of money was proved by a balance sheet showing legitimate fund...
![Addition u/s 68 is invalid When Creditworthiness of Money was proved by Balance Sheet showing Legitimate Fund Transfer to Company: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/04/ITAT-Delhi-ITAT-Income-Tax-Legitimate-fund-transfers-and-tax-implications-Balance-sheet-proof-for-Section-68-cases-Taxscan.jpg "Addition u/s 68 is invalid When Creditworthiness of Money was proved by Balance Sheet showing Legitimate Fund Transfer to Company: ITAT [Read Order]")
ITAT upholds Genuine Nature of Sunrise Asian Share Sales, allows LTCG claims under Section 10(38) of Income Tax Act [Read Order]
The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) decision to uphold the genuine nature of Sunrise Asian share sales resulted in granting Long Term Capital Gain (LTCG) claims under Section...
![ITAT upholds Genuine Nature of Sunrise Asian Share Sales, allows LTCG claims under Section 10(38) of Income Tax Act [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/04/ITAT-ITAT-upholds-Genuine-Nature-of-Sunrise-Asian-Share-Sales-Sunrise-Asian-Share-Sales-taxscan.jpg "ITAT upholds Genuine Nature of Sunrise Asian Share Sales, allows LTCG claims under Section 10(38) of Income Tax Act [Read Order]")
Taxpayer engaged in Development Work with Statutory Bodies eligible for Deduction under Section 80-IA of Income Tax Act: ITAT [Read Order]
The Ahmedabad bench of the Income Tax Appellate Tribunal ( ITAT) observed that the taxpayer engaged in development work with statutory bodies eligible for deduction under Section 80-IA of Income Tax...
![Taxpayer engaged in Development Work with Statutory Bodies eligible for Deduction under Section 80-IA of Income Tax Act: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/04/ITAT-Ahmedabad-ITAT-Income-Tax-Section-80-IA-of-Income-Tax-Act-Income-Tax-Act-Taxscan.jpg "Taxpayer engaged in Development Work with Statutory Bodies eligible for Deduction under Section 80-IA of Income Tax Act: ITAT [Read Order]")
Mere Pendency of Appellate Proceedings is not relevant factor for Initiating Prosecution Proceedings u/s 276CC of Income Tax Act: Madras HC [Read Order]
The Madras High Court has held that the mere pendency of appellate proceedings is not a relevant factor for initiating prosecution proceedings under section 276CC of the Income Tax Act, 1961. As the...
![Mere Pendency of Appellate Proceedings is not relevant factor for Initiating Prosecution Proceedings u/s 276CC of Income Tax Act: Madras HC [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/04/Madras-High-Court-Income-Tax-Madras-HC-on-prosecution-proceedings-Prosecution-Proceedings-TAXSCAN.jpg "Mere Pendency of Appellate Proceedings is not relevant factor for Initiating Prosecution Proceedings u/s 276CC of Income Tax Act: Madras HC [Read Order]")
Non-Deduction of TDS u/s 192 on Reimbursement of LTC/LFC and HTC: ITAT holds SBI in default u/s 201(1)(1A) of Income Tax Act [Read Order]
In recent ruling the Delhi bench of the Income Tax Appellate Tribunal ( ITAT) observed that the State Bank of India is in default meaning under Section 201 (1) (1A) of Income Tax Act, 1961 for...
![Non-Deduction of TDS u/s 192 on Reimbursement of LTC/LFC and HTC: ITAT holds SBI in default u/s 201(1)(1A) of Income Tax Act [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/04/ITAT-ITAT-Delhi-Income-Tax-SBI-Non-Deduction-of-TDS-TAXSCAN.jpg "Non-Deduction of TDS u/s 192 on Reimbursement of LTC/LFC and HTC: ITAT holds SBI in default u/s 201(1)(1A) of Income Tax Act [Read Order]")
![No Addition u/s 68 based on turnover declared under 44 AD of Income Tax Act: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/04/ITAT-ITAT-Mumbai-Income-tax-Income-tax-news-taxscan.jpg "No Addition u/s 68 based on turnover declared under 44 AD of Income Tax Act: ITAT [Read Order]")