Received Income Tax Notice for claiming Section 87A Rebate on STCG? Here’s what you need to know
Section 87A and Section 111A of the Income Tax Act, 1961 are key provisions that directly impact taxpayers, primarily those that have lower incomes...
![ITAT Invalidates PCITs Hasty Revision u/s 263 and Remands Case for Fresh Hearing [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/10/ITAT-Income-Tax-Income-Tax-Appellate-Tribunal-Hasty-revision-under-Section-263-TAXSCAN.jpg "ITAT Invalidates PCITs Hasty Revision u/s 263 and Remands Case for Fresh Hearing [Read Order]")
![Proper Adjudication and Verification Needed for Addition of Unexplained Cash Credit u/s 68 of Income Tax Act:ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/08/ITAT-ITAT-Ahmedabad-Adjudication-Verification-Cash-Credit-Unexplained-Cash-Credit-Income-Tax-Act-TAXSCAN.jpg "Proper Adjudication and Verification Needed for Addition of Unexplained Cash Credit u/s 68 of Income Tax Act:ITAT [Read Order]")
![Proper Adjudication and Verification needed for Addition of Unexplained Cash Credit u/s 68 of Income Tax Act: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/08/ITAT-Income-Tax-Section-68-Income-Tax-Act-Assessing-Officer-unexplained-cash-credits-taxscan.jpg "Proper Adjudication and Verification needed for Addition of Unexplained Cash Credit u/s 68 of Income Tax Act: ITAT [Read Order]")
![Cash Deposit Sources Insufficiently Verified before making Addition u/s 68 of Income Tax Act: ITAT Remands Matter Back to Assessing Officer for Re-Adjudication [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/08/Cash-Deposit-Sources-Income-Tax-Act-ITAT-Assessing-Officer-Re-Adjudication-taxscan.jpeg "Cash Deposit Sources Insufficiently Verified before making Addition u/s 68 of Income Tax Act: ITAT Remands Matter Back to Assessing Officer for Re-Adjudication [Read Order]")
No Concealment of Income: ITAT rebukes CIT(A) for sustaining Penalty Order by AO under Wrong Provisions [Read Order]
The Hyderabad Bench of the Income Tax Appellate Tribunal ( ITAT ) has overturned an order regarding Concealment of Income, passed by the Commissioner of Income Taxes (Appeals) ( CIT(A) ) pertaining...
![No Concealment of Income: ITAT rebukes CIT(A) for sustaining Penalty Order by AO under Wrong Provisions [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/08/Income-Tax-Income-Tax-Order-Income-Tax-Commissioner-Penalty-order-by-AO-TAXSCAN.jpg "No Concealment of Income: ITAT rebukes CIT(A) for sustaining Penalty Order by AO under Wrong Provisions [Read Order]")
ITAT confirms Rs. 1.45 Crore Income Tax Addition as Short-Term Capital Gain in Taxpayer's Non-Agricultural Land Sale [Read Order]
The Mumbai bench of the Income Tax Appellate Tribunal ( ITAT ) confirmed an Income tax addition of Rs. 1.45 crore as short-term capital gain from the taxpayer's sale of non-agricultural land. The...
![ITAT confirms Rs. 1.45 Crore Income Tax Addition as Short-Term Capital Gain in Taxpayers Non-Agricultural Land Sale [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/06/ITAT-Mumbai-Income-Tax-Addition-as-Short-Term-Capital-Gain-Taxpayers-Non-Agricultural-Land-Sale-taxscan.jpg "ITAT confirms Rs. 1.45 Crore Income Tax Addition as Short-Term Capital Gain in Taxpayers Non-Agricultural Land Sale [Read Order]")
Failure to prove Ownership of Company with respect to Purchase Agreement of Land for Develop Property: ITAT upholds STCG from Transfer to Non Agriculture Land [Read Order]
The Mumbai bench of Income Tax Appellate Tribunal ( ITAT ) while upheld the Short Term Capital Gain ( STCG ) from the transfer of the non agriculture land observed that the assessee failed to prove...
![Failure to prove Ownership of Company with respect to Purchase Agreement of Land for Develop Property: ITAT upholds STCG from Transfer to Non Agriculture Land [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/05/Failure-to-prove-ownership-Non-Agriculture-land-tax-updates-taxscan.jpg "Failure to prove Ownership of Company with respect to Purchase Agreement of Land for Develop Property: ITAT upholds STCG from Transfer to Non Agriculture Land [Read Order]")
No Interest Cost cannot be claimed as Business Expenditure when borrowed amount utilized for making Investment in Shares: ITAT directs to recompute STCG from Shares [Read Order]
The Mumbai bench of the Income Tax Appellate Tribunal ( ITAT ) while making directions to recompute the Short Term Capital Gain( STCG ), held that interest cost can not be claimed as business...
![No Interest Cost cannot be claimed as Business Expenditure when borrowed amount utilized for making Investment in Shares: ITAT directs to recompute STCG from Shares [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/03/ITAT-Mumbai-ITAT-Income-Tax-ITAT-ruling-on-interest-cost-Business-expenditure-and-shares-investment-Short-Term-Capital-Gains-Taxscan.jpg "No Interest Cost cannot be claimed as Business Expenditure when borrowed amount utilized for making Investment in Shares: ITAT directs to recompute STCG from Shares [Read Order]")
Property Sale Consideration not grounds for inaccurate Income Particulars: ITAT deletes Penalty u/s 271 (1) (c) of Income Tax Act [Read Order]
The Delhi bench of the Income Tax Appellate Tribunal ( ITAT ) deleted the penalty under Section 271(1)(c) of the Income Tax Act, stating that property sale consideration should not be grounds for...
![Property Sale Consideration not grounds for inaccurate Income Particulars: ITAT deletes Penalty u/s 271 (1) (c) of Income Tax Act [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/03/ITAT-Income-Tax-ITAT-Delhi-Property-Sale-tax-Tax-penalty-property-sale-Misreporting-income-tax-penalty-taxscan.jpeg "Property Sale Consideration not grounds for inaccurate Income Particulars: ITAT deletes Penalty u/s 271 (1) (c) of Income Tax Act [Read Order]")
Change of Opinion by AO not Justification for assuming Income Chargeable to Tax by AO: Bombay HC [Read Order]
The Bombay High Court recently ruled that change of opinion by the Assessing Officer ( AO ) is not justification for assuming income chargeable to tax. An assessment order came to be passed in...
![Change of Opinion by AO not Justification for assuming Income Chargeable to Tax by AO: Bombay HC [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/02/Bombay-High-Court-Assessing-Officer-Income-Chargeable-to-Tax-Income-Tax-TAXSCAN.jpeg "Change of Opinion by AO not Justification for assuming Income Chargeable to Tax by AO: Bombay HC [Read Order]")