![Six Year Time Limit u/s 153C(1) of Income tax Act applies only from Transfer of Seized Materials to Jurisdictional AO: Supreme Court [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/10/Six-Year-Time-Limit-Income-tax-Act-Transfer-of-Seized-Materials-Jurisdictional-AO-Supreme-Court-TAXSCAN.jpg "Six Year Time Limit u/s 153C(1) of Income tax Act applies only from Transfer of Seized Materials to Jurisdictional AO: Supreme Court [Read Order]")
Six Year Time Limit u/s 153C(1) of Income tax Act applies only from Transfer of Seized Materials to Jurisdictional AO: Supreme Court [Read Order]
The Supreme Court, in a sequence of appeals initiated by the tax department, upheld the ruling of the Delhi High Court. It also made a significant...
![Disallowance of Interest u/s 36(1)(iii) Not attributable to Borrowed Amount utilized for Purchase of Immovable Property: ITAT restored issue to file of AO [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/10/Disallowance-Interest-attributable-Borrowed-Amount-utilized-Purchase-Immovable-Property-ITAT-AO-TAXSCAN.jpg "Disallowance of Interest u/s 36(1)(iii) Not attributable to Borrowed Amount utilized for Purchase of Immovable Property: ITAT restored issue to file of AO [Read Order]")
![ITAT upholds Addition u/s 56(2) (viib) of Income Tax Act as Share Premium Received by was in Excess of Fair Market Value of Share [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/10/ITAT-upholds-Addition-income-Tax-Act-as-Share-Premium-Received-by-was-in-Excess-of-Fair-Market-Value-of-Share-TAXSCAN.jpg "ITAT upholds Addition u/s 56(2) (viib) of Income Tax Act as Share Premium Received by was in Excess of Fair Market Value of Share [Read Order]")
![Assessee could not Recall Details of Income within Specified time due to Old Age: ITAT Quashes Addition u/s 115BBE [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/10/Assessee-Recall-Assessee-could-not-Recall-Details-of-Income-Income-Old-Age-ITAT-taxscan-1.jpg "Assessee could not Recall Details of Income within Specified time due to Old Age: ITAT Quashes Addition u/s 115BBE [Read Order]")
![Availment of Fictitious Loan of Rs 40 lakhs: Delhi HC directs AO to furnish Relevant Material to Support Allegation [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/Availment-Delhi-HC-Delhi-HC-directs-AO-to-furnish-Relevant-Material-to-Support-Allegation-taxscan.jpg "Availment of Fictitious Loan of Rs 40 lakhs: Delhi HC directs AO to furnish Relevant Material to Support Allegation [Read Order]")
CBDT releases Procedures, Format and Standards for filling application for grant of Income Tax Deduction Certificate Via App TRACES [Read Notification]
The Directorate of Income-tax (Systems) under Central Board of Direct Taxes (CBDT) Notification No.02/2023 issued on 27th September 2023 has released the procedures, format and standards for filling...
![CBDT releases Procedures, Format and Standards for filling application for grant of Income Tax Deduction Certificate Via App TRACES [Read Notification]](https://www.taxscan.in/wp-content/uploads/2023/09/CBDT-releases-Procedures-Format-Standards-filling-application-grant-Income-Tax-Deduction-Certificate-App-TRACES-taxscan.jpg "CBDT releases Procedures, Format and Standards for filling application for grant of Income Tax Deduction Certificate Via App TRACES [Read Notification]")
Non-Acquaintance with the new Procedure of Sending Notices through E-mail resulted in Denial of Opportunity to Assessee: ITAT sets aside Exparte Order [Read Order]
The Hyderabad Bench of Income Tax Appellate Tribunal (ITAT) held that substance of assessee’s case is that the non-acquaintance with the new procedure resulted in denial of opportunity to the...
![Non-Acquaintance with the new Procedure of Sending Notices through E-mail resulted in Denial of Opportunity to Assessee: ITAT sets aside Exparte Order [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/Non-Acquaintance-new-Procedure-Sending-Notices-E-mail-Denial-of-Opportunity-Assessee-ITAT-Exparte-Order-taxscan.jpg "Non-Acquaintance with the new Procedure of Sending Notices through E-mail resulted in Denial of Opportunity to Assessee: ITAT sets aside Exparte Order [Read Order]")
No 'abnormal jump' in cash sales during Demonitization Period: ITAT Deletes Income Tax Addition u/s 68 of Income Tax Act [Read Order]
The Delhi Bench of Income Tax Appellate Tribunal (ITAT) held that there is no abnormal jump in cash sales during demonetization period and all these facts clearly proved the genuineness claim made by...
![No abnormal jump in cash sales during Demonitization Period: ITAT Deletes Income Tax Addition u/s 68 of Income Tax Act [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/No-abnorma-l-jump-cash-sales-Demonitization-Period-ITAT-Income-Tax-Income-Tax-Act-TAXSCAN.jpg "No abnormal jump in cash sales during Demonitization Period: ITAT Deletes Income Tax Addition u/s 68 of Income Tax Act [Read Order]")
Disallowance u/s 14A of Income Tax Act without examining Accounts of Security Printing &Mining Corporation is invalid: Delhi HC [read Order]
The Delhi High Court observed that disallowance under section 14 A of the Income Tax Act, 1961 without examining accounts of Security Printing and Mining Corporation of India Ltd is...
![Disallowance u/s 14A of Income Tax Act without examining Accounts of Security Printing &Mining Corporation is invalid: Delhi HC [read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/Disallowance-Income-Tax-Act-examining-Accounts-Security-Printing-Mining-Corporation-invalid-Delhi-High-Court-taxscan.jpg "Disallowance u/s 14A of Income Tax Act without examining Accounts of Security Printing &Mining Corporation is invalid: Delhi HC [read Order]")
Granting of License to Developer doesn’t Amount to possession within Meaning of Section 53A of TP Act, S. 2(47)(v) of Income Tax Act not applicable: Bombay HC [Read Order]
The Bombay High Court granting of license to developer doesn’t amount to possession within meaning of section 53 A of Transfer of Property Act (TP) and Section 2(47)(v) of Income Tax Act,1961...
![Granting of License to Developer doesn’t Amount to possession within Meaning of Section 53A of TP Act, S. 2(47)(v) of Income Tax Act not applicable: Bombay HC [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/Granting-License-to-Developer-Amount-Possession-Meaning-Income-Tax-Act-Bombay-High-Court-taxscan.jpg "Granting of License to Developer doesn’t Amount to possession within Meaning of Section 53A of TP Act, S. 2(47)(v) of Income Tax Act not applicable: Bombay HC [Read Order]")
Penalty u/s 271D of Income Tax Act can't be imposed on loan transactions made through Banking Channels: ITAT [Read Order]
The Ahmedabad bench of the Income Tax Appellate Tribunal (ITAT) held that the penalty under Section 271D of the Income Tax Act, 1961 cannot be imposed on the loan transactions made through banking...
![Penalty u/s 271D of Income Tax Act cant be imposed on loan transactions made through Banking Channels: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/Penalty-Income-Tax-Act-imposed-loan-transactions-Banking-Channels-ITAT-taxscan.jpg "Penalty u/s 271D of Income Tax Act cant be imposed on loan transactions made through Banking Channels: ITAT [Read Order]")
No Deduction u/s 80I(4) of Income Tax Act to be Allowed without Agreement between Assessee and Government /Statutory body: ITAT [Read Order]
The Hyderabad Bench of Income Tax Appellate Tribunal (ITAT) held that the agreement was not entered between the assessee and the Government / Statutory Government and there was a violation laid down...
![No Deduction u/s 80I(4) of Income Tax Act to be Allowed without Agreement between Assessee and Government /Statutory body: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/No-Deduction-Income-Tax-Act-Allowed-Agreement-Assessee-Government-Statutory-body-ITAT-taxscan.jpg "No Deduction u/s 80I(4) of Income Tax Act to be Allowed without Agreement between Assessee and Government /Statutory body: ITAT [Read Order]")