![Proposed Addition made u/s 50C Income Tax Act in respect of LTCG can be processed only u/s 143(3) of I.T Act: ITAT restored issue back to AO [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/11/ITAT-restored-issue-back-to-AO-respect-of-LTCG-Income-Tax-Act-ITAT-restored-issue-taxscan.jpg "Proposed Addition made u/s 50C Income Tax Act in respect of LTCG can be processed only u/s 143(3) of I.T Act: ITAT restored issue back to AO [Read Order]")
Proposed Addition made u/s 50C Income Tax Act in respect of LTCG can be processed only u/s 143(3) of I.T Act: ITAT restored issue back to AO [Read Order]
The Income Tax Appellate Tribunal (ITAT), Mumbai bench, held that the proposed addition made under Section 50C of the Income Tax Act, 1961,...
![ITAT deletes Disallowance made u/s 36(1)(vii) of Income Tax Act in respect of Bad Debts written off by Non-Rural branches of Canara Bank [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/11/bad-debts-written-off-by-Non-Rural-branches-of-Canara-Bank-Non-Rural-branches-bad-debts-TAXSCAN.jpg "ITAT deletes Disallowance made u/s 36(1)(vii) of Income Tax Act in respect of Bad Debts written off by Non-Rural branches of Canara Bank [Read Order]")
![Disallowance of loss due to Incorrect Comprehension of Section 43(6) of Income Tax Act: ITAT upholds order of CIT(A) [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/11/Disallowance-of-Loss-Incorrect-Comprehension-Income-Tax-Act-ITAT-CITA-taxscan.jpg "Disallowance of loss due to Incorrect Comprehension of Section 43(6) of Income Tax Act: ITAT upholds order of CIT(A) [Read Order]")
![ITAT deletes Disallowance made toward Rental Expenses Incurred for Property taken on Rent for Business Purpose [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/11/ITAT-Disallowance-toward-Rental-Expenses-Incurred-for-Property-Rent-for-Business-Purpose-TAXSCAN.jpg "ITAT deletes Disallowance made toward Rental Expenses Incurred for Property taken on Rent for Business Purpose [Read Order]")
![ITAT allows Carry Forward of Unabsorbed Depreciation Pertaining to AY.s 1997-98 to 2000-01 for Unrestricted Set off [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/11/ITAT-Carry-Forward-Unabsorbed-Depreciation-Pertaining-Unrestricted-Set-off-TAXSCAN.jpg "ITAT allows Carry Forward of Unabsorbed Depreciation Pertaining to AY.s 1997-98 to 2000-01 for Unrestricted Set off [Read Order]")
Mere whims and fancies by AO, Ignoring Sustainable Vital Evidence: ITAT deletes Addition u/s 69A of Income Tax Act [Read Order]
The Delhi bench of the Income Tax Appellate Tribunal (ITAT) deleted the addition under Section 69A of the Income Tax Act, 1961 due to mere whims and fancies of the Assessing Officer and ignoring the...
![Mere whims and fancies by AO, Ignoring Sustainable Vital Evidence: ITAT deletes Addition u/s 69A of Income Tax Act [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/11/whims-fancies-Mere-whims-and-fancies-by-AO-AO-Vital-Evidence-taxscan.jpg "Mere whims and fancies by AO, Ignoring Sustainable Vital Evidence: ITAT deletes Addition u/s 69A of Income Tax Act [Read Order]")
Waiver of Loan for Acquiring Capital Assets cannot be taxed as Perquisite u/s 28(iv) of Income Tax Act :ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT), Delhi bench held that waiver of loan for acquiring capital assets could not be taxed as perquisite under Section 28(iv) of the Income Tax Act, 1961. The...
![Waiver of Loan for Acquiring Capital Assets cannot be taxed as Perquisite u/s 28(iv) of Income Tax Act :ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/11/Waiver-Waiver-of-Loan-Capital-Assets-Waiver-of-Loan-for-Acquiring-Capital-Assets-Perquisite-Income-Tax-Act-taxscan.jpg "Waiver of Loan for Acquiring Capital Assets cannot be taxed as Perquisite u/s 28(iv) of Income Tax Act :ITAT [Read Order]")
Section 56(2)(vii)(c) Income Tax Act Not Invokable when New Shares is Issued: Gujarat HC [Read Order]
The Gujarat High Court has held that Section 56(2)(vii)(c) Income Tax Act, 1961 is not invokable when new shares are issued. The court held that the issue of new shares by the company as a right is a...
![Section 56(2)(vii)(c) Income Tax Act Not Invokable when New Shares is Issued: Gujarat HC [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/11/Income-Tax-Income-Tax-Act-Shares-Gujarat-HC-TAXSCAN.jpg "Section 56(2)(vii)(c) Income Tax Act Not Invokable when New Shares is Issued: Gujarat HC [Read Order]")
State Declaration on KSCARDB as Cooperative Bank was Struck Down: Supreme Court directs RBI to Revoke Banking License [Read Order]
The Supreme Court directed the Reserve Bank India(RBI)to revoke the banking license and struck down the State declaration on Kerala State Co-Operative Agricultural And Rural Development Bank...
![State Declaration on KSCARDB as Cooperative Bank was Struck Down: Supreme Court directs RBI to Revoke Banking License [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/11/Cooperative-Bank-was-Struck-Down-Supreme-Court-directs-RBI-Revoke-Banking-License-Banking-License-Tax-News-TAXSCAN.jpg "State Declaration on KSCARDB as Cooperative Bank was Struck Down: Supreme Court directs RBI to Revoke Banking License [Read Order]")
Penalty u/s 271 (1)(c) of Income Tax Act cannot be invoked in Absence of Material Establishing Concealing of Income: Gujarat HC [Read Order]
In a significant case, the Gujarat High Court has held that penalty under section 271 (1)(c) of the Income Tax Act, 1961 cannot be invoked in the absence of material establishing concealing of...
![Penalty u/s 271 (1)(c) of Income Tax Act cannot be invoked in Absence of Material Establishing Concealing of Income: Gujarat HC [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/11/Penalty-Income-Tax-Act-Absence-Material-Establishing-Concealing-Income-Gujarat-HC-TAXSCAN.jpg "Penalty u/s 271 (1)(c) of Income Tax Act cannot be invoked in Absence of Material Establishing Concealing of Income: Gujarat HC [Read Order]")
Hearing Before CIT(A)got Disrupted as Audio was Absent During Video Conference: Delhi HC sets aside Assessment order [Read Order]
The Delhi High Court set aside the assessment order as the hearing before the Commissioner of Income Tax (Appeal) (CIT(A)) got disrupted as audio was absent during the video conference. Dr Rakesh...
