![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]")
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...
![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]](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]")
![ITAT Grants Full Deduction u/s 80P: Rules Income from Cooperative Banks Eligible for Tax Relief [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/10/ITAT-ITAT-Ahmedabad-ITAT-Grants-Full-Deduction-Cooperative-Bank-Tax-Relief-Tax-Relief-for-Cooperative-Banks-taxscan.jpg "ITAT Grants Full Deduction u/s 80P: Rules Income from Cooperative Banks Eligible for Tax Relief [Read Order]")
![Government Grants for Specific Purposes Not Recognized as Income Until Utilized: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/10/ITAT-ITAT-Ahmedabad-Income-Tax-Rashtriya-Krishi-Vikas-Yojana-RKVY-Grant-utilization-Income-Tax-Appellate-Tribunal-taxscan.jpg "Government Grants for Specific Purposes Not Recognized as Income Until Utilized: ITAT [Read Order]")
“Off the Books” Share Purchase Allegations: ICAI Disciplinary Committee finds CA not Guilty of Misconduct
The Institute of Chartered Accountants ( ICAI ) recently acquitted a Chartered Accountant ( CA ) of misconduct in a matter regarding “Off the Books” purchase of shares by a company facing allegations...
Own-Occupancy and Usage of Office Space: ITAT Remands Matter for Production of Lease Agreement and other Evidences [Read Order]
The Income Tax Appellate Tribunal ( ITAT ), Visakhapatnam in a recent case regarding self-occupancy and usage of office, proceeded to remand the matter back to the Commissioner of Income Taxes...
![Own-Occupancy and Usage of Office Space: ITAT Remands Matter for Production of Lease Agreement and other Evidences [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/10/ITAT-Income-Tax-ITAT-Visakhapatnam-Office-space-lease-agreement-Office-space-ownership-legal-TAXSCAN.jpg "Own-Occupancy and Usage of Office Space: ITAT Remands Matter for Production of Lease Agreement and other Evidences [Read Order]")
ITAT Rejects Plea to Condone One-Day Delay in PF and ESI Contributions, Upholds Disallowance [Read Order]
The Surat Bench of the Income Tax Appellate Tribunal ( ITAT ) rejected the assessee’s plea to condone the one-day delay in PF and ESI contribution and upheld the lower authorities' decision of...
![ITAT Rejects Plea to Condone One-Day Delay in PF and ESI Contributions, Upholds Disallowance [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/10/ITAT-Income-Tax-Income-Tax-Appellate-Tribunal-ITAT-Surat-PF-and-ESI-Contributions-TAXSCAN.jpg "ITAT Rejects Plea to Condone One-Day Delay in PF and ESI Contributions, Upholds Disallowance [Read Order]")
ITAT invalidates Addition u/s 56(2)(vii) and deletes Deemed Gift due to Incorrect Valuation Date [Read Order]
The Kolkata Bench ofIncome Tax Appellate Tribunal ( ITAT ) invalidated the addition made under Section 56(2)(vii) of the Income Tax Act,1961 and deleted the deemed gift classification due to the...
![ITAT invalidates Addition u/s 56(2)(vii) and deletes Deemed Gift due to Incorrect Valuation Date [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/10/ITAT-ITAT-Kolkata-Deemed-Gift-Incorrect-Valuation-Date-Section-562vii-of-Income-Tax-Act-Income-tax-taxscan.jpg "ITAT invalidates Addition u/s 56(2)(vii) and deletes Deemed Gift due to Incorrect Valuation Date [Read Order]")
ITAT Addresses Non-Compliance by Assessee, Grants Opportunity to Present Case with Cost Imposed [Read Order]
The Ahmedabad Bench of Income Tax Appellate Tribunal ( ITAT ) addressed the issue of non-compliance by the assessee, granting him an opportunity to present his case and also imposed a nominal cost of...
![ITAT Addresses Non-Compliance by Assessee, Grants Opportunity to Present Case with Cost Imposed [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/10/ITAT-ITAT-Ahmedabad-ITAT-non-compliance-Assessee-non-compliance-Income-tax-Case-presentation-taxscan.jpg "ITAT Addresses Non-Compliance by Assessee, Grants Opportunity to Present Case with Cost Imposed [Read Order]")
ITAT upholds Sun Pharma Labs Ltd.'s Deduction for Consultancy fees paid to McKinsey & Company, Classifying it as Revenue Expenditure [Read Order]
The Ahmedabad Bench of Income Tax Appellate Tribunal ( ITAT ) upheld the decision of the Commissioner of Income Tax(Appeals)[CIT(A)] regarding Sun Pharma Laboratories Ltd.'s deduction for consultancy...
![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]")
Challenge against Genuineness of Transaction not raised before ITAT does not survive before HC: Karnataka HC [Read Order]
In a recent ruling, the Karnataka High Court dismissed a revenue appeal upholding the Income Tax Appellate Tribunal ( ITAT ) decision, which did not accept the revenue's argument about the...
![Challenge against Genuineness of Transaction not raised before ITAT does not survive before HC: Karnataka HC [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/10/ITAT-ITAT-Karnataka-Income-tax-Genuine-transaction-Karnataka-High-Court-Genuineness-of-Transaction-ITAT-appeal-taxscan.jpeg "Challenge against Genuineness of Transaction not raised before ITAT does not survive before HC: Karnataka HC [Read Order]")