![Disallowance of Interest Expenses: ITAT remands Matter for Fresh Adjudication [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/10/ITAT-Income-Tax-ITAT-Ahmedabad-Income-Tax-Appellate-Tribunal-Assessing-Officer-TAXSCAN.jpg "Disallowance of Interest Expenses: ITAT remands Matter for Fresh Adjudication [Read Order]")
Disallowance of Interest Expenses: ITAT remands Matter for Fresh Adjudication [Read Order]
The Ahmedabad Bench of Income Tax Appellate Tribunal ( ITAT ) the matter of disallowance of interest expenses back to the Jurisdictional Assessing...
![ITAT Upholds Legitimacy of Cash Deposits, Rejects Unexplained Classification u/s 68 of Income Tax Act [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/10/ITAT-ITAT-Jaipur-Cash-Deposit-Section-68-of-Income-Tax-Act-Income-Tax-Income-Tax-Act-Cash-deposits-in-demonetization-period-taxscan.jpg "ITAT Upholds Legitimacy of Cash Deposits, Rejects Unexplained Classification u/s 68 of Income Tax Act [Read Order]")
![AO is “Prescribed Income Tax Authority” to issue Notices u/s 143(2) and 142(1): Delhi HC [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/10/Income-Tax-Delhi-High-Court-Delhi-HC-Income-Tax-Authority-section-1432-TAXSCAN.jpg "AO is “Prescribed Income Tax Authority” to issue Notices u/s 143(2) and 142(1): Delhi HC [Read Order]")
![ITAT Rules VLCC Health Care Ltd.s Revenue-Sharing Model Not Subject to TDS, Dismisses Revenues Appeal [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/10/ITAT-Income-Tax-Income-Tax-Appellate-Tribunal-ITAT-Rules-TAXSCAN.jpg "ITAT Rules VLCC Health Care Ltd.s Revenue-Sharing Model Not Subject to TDS, Dismisses Revenues Appeal [Read Order]")
Unsold Flats held as Stock-in-Trade should be Treated as Business Stock, Not Income from House Property: ITAT on Palm Grove's Matter [Read Order]
The Mumbai Bench of Income Tax Appellate Tribunal ( ITAT ) ruled in favor of Palm Grove Beach Hotels Pvt. Ltd. that unsold flats held as stock-in-trade should be treated as business stock, not income...
![Unsold Flats held as Stock-in-Trade should be Treated as Business Stock, Not Income from House Property: ITAT on Palm Groves Matter [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/10/ITAT-ITAT-Mumbai-Stock-in-Trade-Income-from-House-Property-Unsold-flats-not-house-property-taxscan.jpeg "Unsold Flats held as Stock-in-Trade should be Treated as Business Stock, Not Income from House Property: ITAT on Palm Groves Matter [Read Order]")
Non-discharge of Onus of Proof by AO: Bombay HC quashes treatment of Purchase Expenses as Bogus [Read Order]
The Bombay High Court ( Bombay HC ) recently set aside an order by the Income Tax Appellate Tribunal ( ITAT ) and Revenue Department, ruling that the purchase expenses claimed by the petitioner could...
![Non-discharge of Onus of Proof by AO: Bombay HC quashes treatment of Purchase Expenses as Bogus [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/10/Income-Tax-ITAT-Income-Tax-Appellate-Tribunal-Bombay-High-Court-Revenue-Department-TAXSCAN.jpg "Non-discharge of Onus of Proof by AO: Bombay HC quashes treatment of Purchase Expenses as Bogus [Read Order]")
Relief for Genpact India: ITAT Allows 60% Depreciation Citing Printers and Routers as Part of an Integrated System with Computers [Read Order]
The Delhi Bench of Income Tax Appellate Tribunal ( ITAT ) granted relief to Genpact India by allowing depreciation at the rate of 60% on certain computer peripherals such as printers, routers etc.,...
![Relief for Genpact India: ITAT Allows 60% Depreciation Citing Printers and Routers as Part of an Integrated System with Computers [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/10/ITAT-ITAT-Delhi-Genpact-India-Depreciation-allowance-Printers-routers-depreciation-Integrated-system-depreciation-taxscan.jpg "Relief for Genpact India: ITAT Allows 60% Depreciation Citing Printers and Routers as Part of an Integrated System with Computers [Read Order]")
ITAT invalidates Deemed Gift Addition u/s 56(2)(vii)(b)(ii) based on Allotment Letter Validity [Read Order]
The Kolkata Bench of Income Tax Appellate Tribunal ( ITAT ) invalidated the deemed gift addition made under Section 56(2)(vii)(b)(ii) of the Income Tax Act,1961, emphasizing that an allotment letter...
![ITAT invalidates Deemed Gift Addition u/s 56(2)(vii)(b)(ii) based on Allotment Letter Validity [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/10/ITAT-Income-Tax-Income-Tax-Appellate-Tribunal-ITAT-Kolkata-Income-Tax-Act-1961-TAXSCAN.jpg "ITAT invalidates Deemed Gift Addition u/s 56(2)(vii)(b)(ii) based on Allotment Letter Validity [Read Order]")
ITAT upholds NFAC Order for Recomputation of Income as ‘Capital Gains’ due to Improper Classification u/s68 r.w.s. 115BBE [Read Order]
The Income Tax Appellate Tribunal (ITAT), Visakhapatnam recently upheld an order passed by the Commissioner of Income Taxes - National Faceless Appeals Centre (CIT(A)-NFAC) directing an Assessing...
![ITAT upholds NFAC Order for Recomputation of Income as ‘Capital Gains’ due to Improper Classification u/s68 r.w.s. 115BBE [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/10/capital-gain.jpg "ITAT upholds NFAC Order for Recomputation of Income as ‘Capital Gains’ due to Improper Classification u/s68 r.w.s. 115BBE [Read Order]")
No Jurisdiction to AO for considering Claim by Assessee in Revised Return filed after Time Prescribed u/s 139(5) of Income Tax Act: Supreme Court [Read Order]
In a significant case, the Supreme Court while upholding the order of the Madras High Court held that the Assessing Officer ( AO ) had no jurisdiction to consider the claim by Assessee in revised...
![No Jurisdiction to AO for considering Claim by Assessee in Revised Return filed after Time Prescribed u/s 139(5) of Income Tax Act: Supreme Court [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/10/Income-Tax-Income-Tax-Act-Income-Tax-Return-Assessing-Officer-TAXSCAN.jpg "No Jurisdiction to AO for considering Claim by Assessee in Revised Return filed after Time Prescribed u/s 139(5) of Income Tax Act: Supreme Court [Read Order]")
ITAT Cancels ₹20,29,394 Penalty u/s 271AAA, Highlighting Variations in Income Assessment Calculations [Read Order]
The Ahmedabad Bench of Income Tax Appellate Tribunal ( ITAT ) canceled a penalty of ₹20,29,394 imposed under Section 271AAA of the Income Tax Act,1961 emphasizing the significant variations in income...
![ITAT Cancels ₹20,29,394 Penalty u/s 271AAA, Highlighting Variations in Income Assessment Calculations [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/10/ITAT-cancels-Penalty-Highlighting-Variations-Income-Assessment-Calculations-taxscan.jpeg "ITAT Cancels ₹20,29,394 Penalty u/s 271AAA, Highlighting Variations in Income Assessment Calculations [Read Order]")