![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]")
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...
![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]](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]")
![“Transfer of property” completes only after extinguishing rights of owners : ITAT allows capital gain exemption [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/11/Transfer-of-property-extinguishing-rights-of-owners-ITAT-capital-gain-exemption-taxscan.jpg "“Transfer of property” completes only after extinguishing rights of owners : ITAT allows capital gain exemption [Read Order]")
CIT (A) can Enhance any Issue which touched upon by AO in Assessment Order : ITAT upholds Enhancement of Income made u/s 251(2) of Income Tax Act [Read Order]
The Income Tax Appellate Tribunal (ITAT), Chennai bench held that Commissioner Income Tax (Appeals) [CIT(A)] could enhance any issue which was touched upon by an Assessing Officer in the Assessment...
![CIT (A) can Enhance any Issue which touched upon by AO in Assessment Order : ITAT upholds Enhancement of Income made u/s 251(2) of Income Tax Act [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/11/CIT-A-Issue-CIT-A-can-Enhance-any-Issue-which-touched-upon-by-AO-AO-Assessment-Order-ITAT-taxscan.jpg "CIT (A) can Enhance any Issue which touched upon by AO in Assessment Order : ITAT upholds Enhancement of Income made u/s 251(2) of Income Tax Act [Read Order]")
Allegation of Bogus Transaction in absence of Corroborative Evidence is invalid: Delhi HC Sets aside Notice issued u/s 148 of Income Tax Act [Read Order]
The Delhi High Court set aside the notice issued under section 148 of the Income Tax Act, 1961 in an allegation of bogus transaction in the absence of Corroborative Evidence is...
![Allegation of Bogus Transaction in absence of Corroborative Evidence is invalid: Delhi HC Sets aside Notice issued u/s 148 of Income Tax Act [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/11/Allegation-Bogus-Transaction-Allegation-of-Bogus-Transaction-taxscan.jpg "Allegation of Bogus Transaction in absence of Corroborative Evidence is invalid: Delhi HC Sets aside Notice issued u/s 148 of Income Tax Act [Read Order]")
Deletion of Amount added u/s 68 of Income Tax Act in Consonance with NCLT order: Delhi HC sets aside Demand of Penalty [Read Order]
The Delhi High Court set aside the demand for a penalty as the deletion of the amount added u/s 68 of the Income Tax Act, 1961 in consonance with the National Company Law Tribunal (NCLT) order....
![Deletion of Amount added u/s 68 of Income Tax Act in Consonance with NCLT order: Delhi HC sets aside Demand of Penalty [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/11/Income-Tax-Act-Consonance-NCLT-Delhi-HC-Demand-of-Penalty-TAXSCAN.jpg "Deletion of Amount added u/s 68 of Income Tax Act in Consonance with NCLT order: Delhi HC sets aside Demand of Penalty [Read Order]")
Relief to TNS India: Telangana HC quashes orders passed beyond Period of Limitation prescribed under sub-section (2A) of Section 153 of Income Tax Act [Read Order]
In a major relief to M/s. TNS India Private Limited, the Telangana High Court quashed orders passed beyond period of limitation prescribed under sub-section (2A) of Section 153 of the Income Tax Act,...
![Relief to TNS India: Telangana HC quashes orders passed beyond Period of Limitation prescribed under sub-section (2A) of Section 153 of Income Tax Act [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/11/Relief-to-TNS-India-Telangana-HC-Period-of-Limitation-sub-section-Income-Tax-Act-TAXSCAN.jpg "Relief to TNS India: Telangana HC quashes orders passed beyond Period of Limitation prescribed under sub-section (2A) of Section 153 of Income Tax Act [Read Order]")
Gujarat HC allows Concessional Tax Benefit as Form No.10-IC Couldn’t Uploaded on ITBA Portal Due to Technical Glitches [Read Order]
In a recent case, the Gujarat High Court upheld the allowance of concessional tax benefit by the Income Tax Appellate Tribunal(ITAT) as Form No.10-IC couldn’t uploaded on the ITBA portal due to...
Filing of Statement as Neither Employees entitled to ERS Nor Company has Obligation against Relief u/s 89: ITAT directs Re-adjudication [Read Order]
The Pune Bench of Income Tax Appellate Tribunal (ITAT) has directed the re-adjudication of the statement has been filed as neither the employees entitled to Early Retirement Scheme (ERS) nor the...
![Filing of Statement as Neither Employees entitled to ERS Nor Company has Obligation against Relief u/s 89: ITAT directs Re-adjudication [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/11/Filing-of-Statement-Employees-entitled-ERS-Early-Retirement-Scheme-Company-has-Obligation-ITAT-Directs-Re-adjudication-Re-adjudication-ITAT-News-Income-Tax-News-Income-Tax-Act-Tax-News-TAXSCAN.jpg "Filing of Statement as Neither Employees entitled to ERS Nor Company has Obligation against Relief u/s 89: ITAT directs Re-adjudication [Read Order]")