![CIT cannot exercise its revision powers when the AO allowed the claim of the assessee after proper examination: ITAT Kolkata [Read Order]](https://www.taxscan.in/wp-content/uploads/2016/08/Assessing-Officer.jpg "CIT cannot exercise its revision powers when the AO allowed the claim of the assessee after proper examination: ITAT Kolkata [Read Order]")
CIT cannot exercise its revision powers when the AO allowed the claim of the assessee after proper examination: ITAT Kolkata [Read Order]
The Kolkata bench of the Income Tax Appellate Tribunal, in a recent decision held that the Commissioner of Income Tax (CIT) cannot exercise its...
![CBEC issues clarification on Service Tax exemption for renting of precincts of a religious place [Read Notification]](https://www.taxscan.in/wp-content/uploads/2016/06/CBEC-Tax-Scan.jpg "CBEC issues clarification on Service Tax exemption for renting of precincts of a religious place [Read Notification]")
![Service Tax paid to the Government has no relevance in determining presumptive Tax: ITAT Mumbai [Read Order]](https://www.taxscan.in/wp-content/uploads/2016/09/Tax-News-Tax-Scan.jpg "Service Tax paid to the Government has no relevance in determining presumptive Tax: ITAT Mumbai [Read Order]")
![Refusal to follow the decision of Co-ordinate bench of Tribunal amount to breach of judicial discipline: Bombay HC [Read Order]](https://www.taxscan.in/wp-content/uploads/2016/06/Bombay-High-Court-2-Tax-Scan.jpg "Refusal to follow the decision of Co-ordinate bench of Tribunal amount to breach of judicial discipline: Bombay HC [Read Order]")
![Capital Gain cannot be determined merely on the basis of Stamp Duty: ITAT Kolkata [Read Order]](https://www.taxscan.in/wp-content/uploads/2016/09/ITAT-Kolkata-TaxScan.jpg "Capital Gain cannot be determined merely on the basis of Stamp Duty: ITAT Kolkata [Read Order]")
Capital Gain on Conversion of Investment into closing stock is Taxable on the date of Conversion: ITAT Mumbai [Read Order]
The Mumbai bench of the Income Tax Appellate Tribunal recently upheld the addition of closing stock in respect of conversion value of flat from Capital Asset into stock in trade. The Tribunal observed...
![Capital Gain on Conversion of Investment into closing stock is Taxable on the date of Conversion: ITAT Mumbai [Read Order]](https://www.taxscan.in/wp-content/uploads/2016/06/Sale-of-Shares-Tax-Scan.jpg "Capital Gain on Conversion of Investment into closing stock is Taxable on the date of Conversion: ITAT Mumbai [Read Order]")
ITAT Delhi exempts Income Tax liability of Compensation recieved via award on breach of contract [Read Order]
Compensation received through award on breach of the contract is a ‘capital receipt’, says ITAT. The delhi bench of the Income Tax Appellate Tribunal, in a recent decision held that, the...
![ITAT Delhi exempts Income Tax liability of Compensation recieved via award on breach of contract [Read Order]](https://www.taxscan.in/wp-content/uploads/2016/06/Income-Tax.jpg "ITAT Delhi exempts Income Tax liability of Compensation recieved via award on breach of contract [Read Order]")
![ITAT Bangalore confirms depreciation allowed on ‘income from other sources’ [Read Order]](https://www.taxscan.in/wp-content/uploads/2016/08/Depreciation-Taxscan.jpg "ITAT Bangalore confirms depreciation allowed on ‘income from other sources’ [Read Order]")
Enquiry would not be initiated against an assessee if any document of IDS declaration found during search or survey: CBDT [Read Circular]
In a recent Circular (No. 32 of 2016) of Central Board of Direct Taxes (CBDT), has clarified that wherever in the course of search under section 132 or survey operation under section 133A of...
![Enquiry would not be initiated against an assessee if any document of IDS declaration found during search or survey: CBDT [Read Circular]](https://www.taxscan.in/wp-content/uploads/2016/07/Income-Declaration-Scheme-2016.jpg "Enquiry would not be initiated against an assessee if any document of IDS declaration found during search or survey: CBDT [Read Circular]")
No exemption to ‘Cleaning Materials’ u/s 6(7)(b) of KVAT Act: Kerala HC [Read Judgment]
In a recent decision, the Kerala High Court observed that the exemption under section 6(7)(b) of the KVAT Act, 2003 is not available to ‘cleaning materials’ since they are not ‘consumables’ as per the...
