![No Reopening of Assessment under Income Tax Act when Reasons cited was inspired from Change of Opinion of AO: Madras HC [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/01/Madras-high-court-Income-tax-Reopening-of-assessment-AO-opinion-in-reopening-of-assessment-Madras-High-Court-ruling-in-reopening-of-assessment-TAXSCAN.jpg "No Reopening of Assessment under Income Tax Act when Reasons cited was inspired from Change of Opinion of AO: Madras HC [Read Order]")
No Reopening of Assessment under Income Tax Act when Reasons cited was inspired from Change of Opinion of AO: Madras HC [Read Order]
In a recent decision the Madras High Court observed that no reopening of Assessment under Income Tax Act, 1961 can be made when the reasons cited was...
![Addition of Rs. 23 Crores Without any Evidence: Madras HC quashes Addition of Income u/s 68 of Income Tax Act [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/01/Income-Tax-Act-Madras-High-Court-appellate-authority-Income-TAXSCAN.jpg "Addition of Rs. 23 Crores Without any Evidence: Madras HC quashes Addition of Income u/s 68 of Income Tax Act [Read Order]")
![Functional Dissimilarity between Companies and Assessee: Delhi HC upholds Order of ITAT Directing Exclusion of Comparables [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/01/Functional-Dissimilarity-Companies-Assessee-Delhi-HC-ITAT-Exclusion-of-Comparables-taxscan.jpg "Functional Dissimilarity between Companies and Assessee: Delhi HC upholds Order of ITAT Directing Exclusion of Comparables [Read Order]")
![Cost of Acquisition of Capital Asset u/S 48(ii) of Income Tax Act should be Actual Cost of Acquisition of Agricultural Land: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/01/Agricultural-land-acquisition-for-tax-purposes-Cost-of-Acquisition-of-Capital-Asset-Income-Tax-Act-itat-Ahmedabad-Income-Tax-Act-capital-gain-rules-Taxscan.jpg "Cost of Acquisition of Capital Asset u/S 48(ii) of Income Tax Act should be Actual Cost of Acquisition of Agricultural Land: ITAT [Read Order]")
![Non-Mentioning of Valid DIN: ITAT quashes Assessment Order u/S 143 of Income Tax Act [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/01/ITAT-DIN-Director-Identification-Number-TAXSCAN.jpg "Non-Mentioning of Valid DIN: ITAT quashes Assessment Order u/S 143 of Income Tax Act [Read Order]")
Onus is on Income Tax Dept to bring Corroborative Material to Tax Amount credited in Foreign Bank Account of NRI: ITAT [Read Order]
The Ahmadabad bench of the Income Tax Appellate Tribunal ( ITAT ) observed that onus is on Income Tax Department, to bring corroborative material to tax amount credited in foreign bank account of...
![Onus is on Income Tax Dept to bring Corroborative Material to Tax Amount credited in Foreign Bank Account of NRI: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/01/NRI-taxation-and-foreign-bank-account-NRI-tax-liability-in-foreign-bank-account-income-tax-Foreign-Bank-Account-of-NRI-taxscan.jpg "Onus is on Income Tax Dept to bring Corroborative Material to Tax Amount credited in Foreign Bank Account of NRI: ITAT [Read Order]")
ITAT directs Re adjudication in Respect of Depreciation Claimed on Goodwill arising on Acquisition of Business under Slump Sale [Read Order]
The Income Tax Appellate Tribunal (ITAT), Bangalore bench, directed readjudication regarding depreciation claims on goodwill arising from the acquisition of business under a slump sale. I&B Seeds...
![ITAT directs Re adjudication in Respect of Depreciation Claimed on Goodwill arising on Acquisition of Business under Slump Sale [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/01/ITAT-Bangalore-Income-Tax-Goodwill-depreciation-I-and-B-Seeds-Private-Limited-Hybrid-seeds-business-taxscan.jpg "ITAT directs Re adjudication in Respect of Depreciation Claimed on Goodwill arising on Acquisition of Business under Slump Sale [Read Order]")
Supreme court upholds ITAT’s power in having a final say on reopening of investigation proceedings against assessee [Read Order]
The Supreme Court set aside assesse’s demand for re opening of assessment proceedings against her. The three member bench of the Supreme court pointed out that the tribunal itself had appropriate...
![Supreme court upholds ITAT’s power in having a final say on reopening of investigation proceedings against assessee [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/01/Supreme-court-ITAT-Income-tax-appellate-tribunal-TAXSCAN-1.jpg "Supreme court upholds ITAT’s power in having a final say on reopening of investigation proceedings against assessee [Read Order]")
No Prejudice when Assessee “clearly understood” Purport and Import of Income Tax Notice issued before 30 years: Bombay HC [Read Order]
In a significant ruling the Bombay High Court ruled that no prejudice is caused to the assessee when the assessee “clearly understood” the purport and import of income tax notice issued before 30...
![No Prejudice when Assessee “clearly understood” Purport and Import of Income Tax Notice issued before 30 years: Bombay HC [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/01/Bombay-High-Court-Income-Tax-Notice-Import-of-Income-Tax-income-tax-TAXSCAN.jpg "No Prejudice when Assessee “clearly understood” Purport and Import of Income Tax Notice issued before 30 years: Bombay HC [Read Order]")
Addition u/s 69 is not valid Without Incriminating Evidence: Delhi HC upholds ITAT's order Deleting Addition [Read Order]
The Delhi High Court held that the addition under section 69 of the Income Tax Act, 1961 is not valid without incriminating evidence and Upheld the Order of the Income Tax Appellate Tribunal(ITAT). ...
![Addition u/s 69 is not valid Without Incriminating Evidence: Delhi HC upholds ITATs order Deleting Addition [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/01/Delhi-high-court-incriminating-evidence-itat-income-tax-Income-Tax-Appellate-Tribunal-Deletion-of-addition-Taxscan.webp "Addition u/s 69 is not valid Without Incriminating Evidence: Delhi HC upholds ITATs order Deleting Addition [Read Order]")
Investment in Gold and Foreign Companies Should be Excluded: ITAT upholds Order of CIT(A) [Read Order]
In a recent case, the Mumbai bench of the Income Tax Appellate Tribunal (ITAT) held that investment in gold and foreign companies should be excluded but while computing the disallowance under section...
![Investment in Gold and Foreign Companies Should be Excluded: ITAT upholds Order of CIT(A) [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/01/Investment-Gold-Investment-in-Gold-Foreign-Companies-ITAT-CITA-taxscan.jpg "Investment in Gold and Foreign Companies Should be Excluded: ITAT upholds Order of CIT(A) [Read Order]")