Adjudication of Income Tax Appeal by CIT(A) w/o waiting for Remand Report from AO: ITAT Remands Matter
The Income Tax Appellate Tribunal ( ITAT ), Visakhapatnam recently remanded a case arising from the decision of the Commissioner of Income Taxes...
![ITAT upholds Sun Pharma Labs Ltd.s Deduction for Consultancy fees paid to McKinsey & Company, Classifying it as Revenue Expenditure [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/10/ITAT-Income-Tax-ITAT-Ahmedabad-Sun-Pharma-Labs-Ltd-ITAT-tax-decision-TAXSCAN.jpg "ITAT upholds Sun Pharma Labs Ltd.s Deduction for Consultancy fees paid to McKinsey & Company, Classifying it as Revenue Expenditure [Read Order]")
![Registration of House 24 months after Sale not ground to deny Exemptions u/s 54F: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/10/ITAT-Income-Tax-ITAT-Visakhapatnam-Income-Tax-Appellate-Tribunal-Income-tax-exemption-TAXSCAN.jpeg "Registration of House 24 months after Sale not ground to deny Exemptions u/s 54F: ITAT [Read Order]")
![Delhi HC upholds CITs Decision to Revise Assessment Due to AOs Failure to Verify Dishonored Cheques [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/10/Income-Tax-Delhi-High-Court-AO-failure-cheques-case-TAXSCAN.jpeg "Delhi HC upholds CITs Decision to Revise Assessment Due to AOs Failure to Verify Dishonored Cheques [Read Order]")
Income from Surplus Funds in Bank Deposits Eligible for Deduction u/s 80P(2)(a)(i) of Income Tax: ITAT [Read Order]
The Income Tax Appellate Tribunal ( ITAT ) has ruled that the interest income from bank deposits is eligible for deduction under Section 80P(2)(a)(i) of the Income Tax Act, 1961. The appellant,...
![Income from Surplus Funds in Bank Deposits Eligible for Deduction u/s 80P(2)(a)(i) of Income Tax: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/10/ITAT-Income-Tax-Appellate-Tribunal-Section-80P2ai-Section-80P2ai-Income-Tax-Act-Income-Tax-Income-Tax-News-Tax-news-TAXSCAN.webp "Income from Surplus Funds in Bank Deposits Eligible for Deduction u/s 80P(2)(a)(i) of Income Tax: ITAT [Read Order]")
Assessment u/s 147 cannot be Reopened based on Mere Change of Opinion: ITAT quashes Reassessment [Read Order]
The Delhi Bench of Income Tax Appellate Tribunal ( ITAT ) quashed the reassessment of the assessee, ruling that an assessment under section 147 of the Income Tax Act,1961 cannot be reopened based on...
![Assessment u/s 147 cannot be Reopened based on Mere Change of Opinion: ITAT quashes Reassessment [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/10/ITAT-Income-Tax-ITAT-Delhi-ITAT-Reassessment-TAXSCAN.jpg "Assessment u/s 147 cannot be Reopened based on Mere Change of Opinion: ITAT quashes Reassessment [Read Order]")
ITAT restores Additional Depreciation Claim for Statistical Reassessment following Legal Amendment in S.32(1)(iia) of Income Tax Act [Read Order]
The Ahmedabad Bench of Income Tax Appellate Tribunal ( ITAT ) restored the additional depreciation claim for statistical reassessment following a legal amendment in Section 32(1)(iia) of the Income...
![ITAT restores Additional Depreciation Claim for Statistical Reassessment following Legal Amendment in S.32(1)(iia) of Income Tax Act [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/10/ITAT-Income-Tax-Income-Statistical-Reassessment-TAXSCAN.jpg "ITAT restores Additional Depreciation Claim for Statistical Reassessment following Legal Amendment in S.32(1)(iia) of Income Tax Act [Read Order]")
Belated Return Filed u/s 139(4) Satisfies Proviso to S.201(1) of Income Tax Act: ITAT Allows Appeal [Read Order]
The Raipur Bench of Income Tax Appellate Tribunal ( ITAT ) allowed the appeal, stating that belated returns filed under Section 139(4) satisfy the "1st proviso" to Section 201(1) of the Income Tax...
![Belated Return Filed u/s 139(4) Satisfies Proviso to S.201(1) of Income Tax Act: ITAT Allows Appeal [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/10/Income-Tax-ITAT-ITAT-Raipur-Income-Tax-Return-filing-TAXSCAN.jpg "Belated Return Filed u/s 139(4) Satisfies Proviso to S.201(1) of Income Tax Act: ITAT Allows Appeal [Read Order]")
ITAT upholds CIT(A)’s Deletion of ₹3.4 crore Addition u/s 69A, Dismisses AO’s Appeal for Lack of Evidence [Read Order]
The Cuttack Bench of the Income Tax Appellate Tribunal (ITAT) rejected the assessing officer (AO)’s appeal challenging the Commissioner of Income Tax (Appeals) [CIT(A)] deletion of Rs. 3.4 Crore...
![ITAT upholds CIT(A)’s Deletion of ₹3.4 crore Addition u/s 69A, Dismisses AO’s Appeal for Lack of Evidence [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/10/ITAT-ITAT-Cuttack-CITA-Commissioner-of-Income-Tax-Appeals-AO-assessing-officer-Evidence-TAXSCAN.webp "ITAT upholds CIT(A)’s Deletion of ₹3.4 crore Addition u/s 69A, Dismisses AO’s Appeal for Lack of Evidence [Read Order]")
![Self Funded Assets of Delhi Airport Metro Express: ITAT Upholds Depreciation Claimed [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/10/Delhi-Airport-Metro-Express.jpg "Self Funded Assets of Delhi Airport Metro Express: ITAT Upholds Depreciation Claimed [Read Order]")
Chhattisgarh HC Directs to Treat Unexplained Cash Credit In Bank Account Would Be Treated As Income In Absence of Satisfactory Explanation [Read Order]
The Chhattisgarh High Court recently upheld an ex-parte assessment under Section 144 of the Income Tax Act, 1961, against an assessee who failed to participate in assessment proceedings or explain...
![Chhattisgarh HC Directs to Treat Unexplained Cash Credit In Bank Account Would Be Treated As Income In Absence of Satisfactory Explanation [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/10/Income-Tax-Income-Tax-Act-Bank-account-cash-credit-cases-TAXSCAN.jpg "Chhattisgarh HC Directs to Treat Unexplained Cash Credit In Bank Account Would Be Treated As Income In Absence of Satisfactory Explanation [Read Order]")