![Section 50C(1) of Income Tax Act is Retrospective in Nature: ITAT directs AO to Calculate Capital Gain [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/Income-Tax-Retrospective-Nature-ITAT-Directs-AO-Calculate-Capital-Gain-taxscan.jpg "Section 50C(1) of Income Tax Act is Retrospective in Nature: ITAT directs AO to Calculate Capital Gain [Read Order]")
Section 50C(1) of Income Tax Act is Retrospective in Nature: ITAT directs AO to Calculate Capital Gain [Read Order]
The Hyderabad Bench of Income Tax Appellate Tribunal (ITAT) held that the amended provisions of section 50C(1) of the Income Tax Act is retrospective...
![ITAT Upholds the Penalty Order u/s 271of Income Tax Act due to Concealment of Particular of Income by Assessee [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/ITAT-Penalty-Income-Tax-Act-Income-Tax-Concealment-Concealment-of-Particular-of-Income-by-Assessee-ITAT-Upholds-the-Penalty-taxscan.jpg "ITAT Upholds the Penalty Order u/s 271of Income Tax Act due to Concealment of Particular of Income by Assessee [Read Order]")
![Section 263 cant be invoked when Expenditure incurred on CSR is allowed by AO as Deduction u/s 80G of Income Tax Act: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/invoked-Expenditure-incurred-CSR-allowed-AO-Deduction-Income-Tax-Act-ITAT-taxscan.jpg "Section 263 cant be invoked when Expenditure incurred on CSR is allowed by AO as Deduction u/s 80G of Income Tax Act: ITAT [Read Order]")
![There cannot be Contradictory Course of Action as Revenue needs to be Consistent: Bombay HC rules Commission Payments Allowable as Business Expenditure [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/Contradictory-Course-Action-Revenue-Consistent-Bombay-HC-Commission-Payments-Business-Expenditure-TAXSCAN.jpeg "There cannot be Contradictory Course of Action as Revenue needs to be Consistent: Bombay HC rules Commission Payments Allowable as Business Expenditure [Read Order]")
![Application of Section 147 of Income Tax Act by AO having Tangible Material in Possession indicating Escapement of Income Chargeable to Tax is Valid: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/Application-Income-Tax-Act-AO-Tangible-Material-Possession-Escapement-Income-Chargeable-Tax-Valid-ITAT-TAXSCAN.jpg "Application of Section 147 of Income Tax Act by AO having Tangible Material in Possession indicating Escapement of Income Chargeable to Tax is Valid: ITAT [Read Order]")
ITAT directs AO to allow Indexation on cost of acquisition and improvement while Computing Long term capital gain for Computation done separately makes assessee Pay additional Tax [Read Order]
The Delhi bench of the Income Tax Appellate Tribunal (ITAT) helx that even if capital gain computed on the land and on the buiing separately as a long term capital asset and as a short term capital...
![ITAT directs AO to allow Indexation on cost of acquisition and improvement while Computing Long term capital gain for Computation done separately makes assessee Pay additional Tax [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/ITAT-directs-AO-to-indexation-on-cost-of-acquisition-and-improvement-while-computing-long-term-capital-gain-for-computation-separately-pay-additional-tax-TAXSCAN.jpg "ITAT directs AO to allow Indexation on cost of acquisition and improvement while Computing Long term capital gain for Computation done separately makes assessee Pay additional Tax [Read Order]")
No Penalty u/s 271(1)(c) of Income Tax Act can be Imposed when Assessee Sufficiently Proved the Bonafides of Losses Claimed: ITAT [Read Order]
The Delhi Bench of Income Tax Appellate Tribunal (ITAT) held that if bona fides of the losses claimed are sufficiently proved by the assessee and the onus has been primarily discharged on the...
![No Penalty u/s 271(1)(c) of Income Tax Act can be Imposed when Assessee Sufficiently Proved the Bonafides of Losses Claimed: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/No-Penalty-Income-tax-Act-Imposed-Assessee-Sufficiently-Bonafides-Losses-Claimed-ITAT-TAXSCAN.jpg "No Penalty u/s 271(1)(c) of Income Tax Act can be Imposed when Assessee Sufficiently Proved the Bonafides of Losses Claimed: ITAT [Read Order]")
Mere Rejection of Valuation Report without Referring matter for Valuation to DVO: ITAT Directs Re-adjudication for DVO Report [Read Order]
The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) has directed re-adjudication for the Departmental Valuation Officer (DVO) report as the AO had merely rejected the valuation report without...
![Mere Rejection of Valuation Report without Referring matter for Valuation to DVO: ITAT Directs Re-adjudication for DVO Report [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/Mere-Rejection-Valuation-Report-Referring-Valuation-DVO-ITAT-Re-adjudication-DVO-Report-TAXSCAN.jpg "Mere Rejection of Valuation Report without Referring matter for Valuation to DVO: ITAT Directs Re-adjudication for DVO Report [Read Order]")
Addition made on capital gain on revaluation of land to partners are not sustainable under law for Conversion of partnership firms can be considered only in the hands of the firms under Section 47(xiii)(b): ITAT [Read Order]
The Ahmedabad bench of the Income Tax Appellate Tribunal (ITAT) he that capital gain on revaluation of land to partners are not sustainable under law for Conversion of partnership firms can be...
![Addition made on capital gain on revaluation of land to partners are not sustainable under law for Conversion of partnership firms can be considered only in the hands of the firms under Section 47(xiii)(b): ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/Addition-capital-gain-revaluation-land-partners-law-Conversion-partnership-firms-hands-firms-ITAT-TAXSCAN.jpg "Addition made on capital gain on revaluation of land to partners are not sustainable under law for Conversion of partnership firms can be considered only in the hands of the firms under Section 47(xiii)(b): ITAT [Read Order]")
Higher Sales Shown during Demonetization Period to Cover up Cash Deposits to Bank Accounts: ITAT Directs to treat Addition as Income from Business and Tax at Normal Rates
The Income Tax Appellate Tribunal (ITAT) Chennai bench while directing to treat addition as the income from business and Tax at the normal rates observed that Assesee showed higher sales during...
Excess income declared during survey proceedings and credited to P&L Account not to be treated as Unexplained Income: ITAT [Read Order]
The Pune bench of the Income Tax Appellate Tribunal (ITAT) held that excess income declared during the course of survey proceedings cannot be treated as unexplained income since the same way credited...
![Excess income declared during survey proceedings and credited to P&L Account not to be treated as Unexplained Income: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/Excess-income-survey-proceedings-credited-PL-Account-treated-Unexplained-Income-ITAT-TAXSCAN.jpg "Excess income declared during survey proceedings and credited to P&L Account not to be treated as Unexplained Income: ITAT [Read Order]")
Acceptance of Demonetized Currency from 08.11.2016 Contrary to RBI Notification:ITAT Directs AO to Accept 50% Cash Deposits as Sale Proceeds received in Cash and Balance as Unexplained Money
The Chennai Bench of Income Tax Appellate Tribunal (ITAT) has directed the Assessing Officer (AO) to accept 50% of cash deposits as sale proceeds received in cash and balance as unexplained money as...
