CBDT extends deadline to process ITRs with refunds claimed for AYs 2018-19 to 2020-21 till January 31, 2024 [Read Order]
The Central Board of Direct Taxes (CBDT) has extended the time limit to process Income Tax Returns (ITRs) with refund claims for AYs 2018-19 to...
![Non-Issuance of notice u/s 143(2) of Income Tax Act is not Curable Defect: ITAT quashes Assessment Order [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/12/Assessment-Order-Income-Tax-Act-Curable-Defect-taxscan.jpg "Non-Issuance of notice u/s 143(2) of Income Tax Act is not Curable Defect: ITAT quashes Assessment Order [Read Order]")
![Explanation 7 of Section 9(1)(i) of Income Tax Act has retrospective effect: Delhi HC upholds Deletion of Addition towards LTCG [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/12/Income-Tax-Act-LTCG-HC-retrospective-effect-taxscan.jpg "Explanation 7 of Section 9(1)(i) of Income Tax Act has retrospective effect: Delhi HC upholds Deletion of Addition towards LTCG [Read Order]")
Opinion of Income Tax Dept not Tangible Material for Reopening Assessment: Calcutta HC quashes Reassessment [Read Order]
The Calcutta High Court quashed reassessment proceedings and observed that the opinion of Income Tax Department not tangible material for reopening assessment. The appellant, Dinesh Kumar Goyal...
![Opinion of Income Tax Dept not Tangible Material for Reopening Assessment: Calcutta HC quashes Reassessment [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/12/Calcutta-HC-Reopening-Assessment-Tangible-Material-taxscan.jpg "Opinion of Income Tax Dept not Tangible Material for Reopening Assessment: Calcutta HC quashes Reassessment [Read Order]")
Floor Bed Area Open to sky and Balcony Area below Floor level doesn't form part of Constructed Area, Deduction u/s 80IB(10) shall be allowed: ITAT [Read Order]
The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) held that the floor bed area open to the sky and balcony area below the floor level doesn’t form part of the constructed area and shall be...
![Floor Bed Area Open to sky and Balcony Area below Floor level doesnt form part of Constructed Area, Deduction u/s 80IB(10) shall be allowed: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/12/Income-Tax-Appellate-Tribunal-ITAT-Floor-Bed-Area-sky-and-Balcony-Area-TAXSCAN.jpg "Floor Bed Area Open to sky and Balcony Area below Floor level doesnt form part of Constructed Area, Deduction u/s 80IB(10) shall be allowed: ITAT [Read Order]")
Availability of Interest-Free Funds more than Investments: Delhi HC upholds Deletion of Disallowance under Income Tax Act [Read Order]
The Delhi High Court upheld the deletion of disallowance under the Income Tax Act, 1961 as the availability of interest-free funds more than investments. The Court further observed that if the...
![Availability of Interest-Free Funds more than Investments: Delhi HC upholds Deletion of Disallowance under Income Tax Act [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/12/Delhi-HC-Income-Tax-Act-Disallowance-Availability-taxscan.jpg "Availability of Interest-Free Funds more than Investments: Delhi HC upholds Deletion of Disallowance under Income Tax Act [Read Order]")
Interest u/s 244A shall be Calculated by first Adjusting Amount of Refund towards Interest Component and Balance left towards Tax Component: ITAT grants relief to IDBI Bank [Read Order]
The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) granted relief to the IDBI Bank and held that the interest under Section 244A of the Income Tax Act, 1961 shall be calculated by first...
![Interest u/s 244A shall be Calculated by first Adjusting Amount of Refund towards Interest Component and Balance left towards Tax Component: ITAT grants relief to IDBI Bank [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/12/ITAT-grants-relief-to-IDBI-Bank-IDBI-Bank-Tax-Component-Interest-Component-ITAT-grants-relief-TAXSCAN.jpg "Interest u/s 244A shall be Calculated by first Adjusting Amount of Refund towards Interest Component and Balance left towards Tax Component: ITAT grants relief to IDBI Bank [Read Order]")
Failure to Issue Notice Fixing Date and Place of Hearing as per S. 250 of Income Tax Act is Invalid: Kerala HC Sets aside Assessment Order [Read Order]
The Kerala High Court set aside the assessment order which was passed without issuing proper notice as per section 250 of the Income Tax Act, 1961. The Court ruled that failure to issue notice fixing...
Exemption u/s 54EC shall not be allowed when Investment has not been made during Period of limitation provided u/s 54EC: ITAT [Read Order]
The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) held that exemption under Section 54EC of the Income Tax Act, 1961 shall not be allowed when the investment has not been made during the...
![Exemption u/s 54EC shall not be allowed when Investment has not been made during Period of limitation provided u/s 54EC: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/12/ITAT-Investment-Income-Tax-Act-TAXSCAN.jpg "Exemption u/s 54EC shall not be allowed when Investment has not been made during Period of limitation provided u/s 54EC: ITAT [Read Order]")
Ex-Parte order passed for Non-Appearance of Assessee: ITAT grants another opportunity giving relief to Oriental Bank [Read Order]
The Jaipur bench of the Income Tax Appellate Tribunal (ITAT) granted another opportunity while giving relief to Oriental Bank as an ex-parte order was passed for non-appearance of the assessee. ...
![Ex-Parte order passed for Non-Appearance of Assessee: ITAT grants another opportunity giving relief to Oriental Bank [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/12/Oriental-Bank-site-img.jpg "Ex-Parte order passed for Non-Appearance of Assessee: ITAT grants another opportunity giving relief to Oriental Bank [Read Order]")