![Allotment of enquiry shares to subscribers is outside scope of Section 56(2)(viib) of Income Tax Act : ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/02/ITAT-Delhi-Income-Tax-Act-ITAT-ruling-on-share-allotment-Tax-treatment-of-share-subscribers-Income-Tax-Act-and-share-issuance-Taxscan.jpg "Allotment of enquiry shares to subscribers is outside scope of Section 56(2)(viib) of Income Tax Act : ITAT [Read Order]")
Allotment of enquiry shares to subscribers is outside scope of Section 56(2)(viib) of Income Tax Act : ITAT [Read Order]
The Delhi bench of the Income Tax Appellate Tribunal ( ITAT ) observed that allotment of enquiry shares to subscribers was outside scope of Section...
![Displacement of Fair Market Value supported by Valuation Report by AO: ITAT deletes Penalty u/s 271(1)(c) of Income Tax Act [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/01/Income-Tax-ITAT-Delhi-Fair-market-value-Income-tax-penalty-Income-Tax-Appellate-Tribunal-taxscan.jpg "Displacement of Fair Market Value supported by Valuation Report by AO: ITAT deletes Penalty u/s 271(1)(c) of Income Tax Act [Read Order]")
![Disallowance of loss due to Incorrect Comprehension of Section 43(6) of Income Tax Act: ITAT upholds order of CIT(A) [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/11/Disallowance-of-Loss-Incorrect-Comprehension-Income-Tax-Act-ITAT-CITA-taxscan.jpg "Disallowance of loss due to Incorrect Comprehension of Section 43(6) of Income Tax Act: ITAT upholds order of CIT(A) [Read Order]")
![Fair Market Value determined by Registered valuers for Computation of Taxable value should not be ignored: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/05/Fair-market-value-determined-by-registered-valuers-for-computation-of-taxable-value-should-not-be-ignored-ITAT-TAXSCAN.jpg "Fair Market Value determined by Registered valuers for Computation of Taxable value should not be ignored: ITAT [Read Order]")
![Third Party Shareholders Renouncing Rights Shares in Favour of the Assessee is Liable to Tax u/s 56(2): ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/05/Third-Party-Shareholders-Rights-Shares-Assesse-Liable-to-Tax-ITAT-Taxscan.jpeg "Third Party Shareholders Renouncing Rights Shares in Favour of the Assessee is Liable to Tax u/s 56(2): ITAT [Read Order]")
Interest from Loan given to related party for Business purpose does not attract section 40A(2)(b) of the Income Tax Act: ITAT [Read Order]
The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has held that the interest received on loan given to related party for business purpose cannot be subjected to provisions of section...
![Interest from Loan given to related party for Business purpose does not attract section 40A(2)(b) of the Income Tax Act: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/03/Interest-Loan-party-business-Income-Tax-Act-taxscan.jpg "Interest from Loan given to related party for Business purpose does not attract section 40A(2)(b) of the Income Tax Act: ITAT [Read Order]")
Onus to prove Lease Rent paid to Trustees is excessive, beyond the Fair Market Value lies on CIT(E): ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT), Mumbai Bench ruled that the Onus to prove lease rent paid to trustees is excessive, beyond the fair market value lies on CIT(E). The assessee, Sardar...
![Income Tax: CBDT notifies Slump Sale Amendment Rules [Read Notification]](https://www.taxscan.in/wp-content/uploads/2021/05/Income-Tax-CBDT-Slump-Sale-Amendment-Rules-Taxscan.jpeg "Income Tax: CBDT notifies Slump Sale Amendment Rules [Read Notification]")
Determining Fair Market Value of the Property without Converting Limited Scrutiny to Comprehensive Scrutiny is Nullity: ITAT [Read Order]
The Jaipur bench of the Income Tax Appellate Tribunal ( ITAT ) has ruled that, Determining Fair Market Value of the Property without Converting Limited Scrutiny to Comprehensive Scrutiny is Nullity. ...
![Determining Fair Market Value of the Property without Converting Limited Scrutiny to Comprehensive Scrutiny is Nullity: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2019/12/Fair-Market-Value-Taxscan.jpg "Determining Fair Market Value of the Property without Converting Limited Scrutiny to Comprehensive Scrutiny is Nullity: ITAT [Read Order]")
CBDT allows Exemption under section 56(2)(x) to Resident of Unauthorised Colony [Read Notification]
The Central Board of Direct Taxes (CBDT) has notified a new Rule 11UAC in the Income Tax Rules, 1962 which provided that provisions of Section 56(2)(x) of the Income Tax Act shall not be applicable to...
![CBDT allows Exemption under section 56(2)(x) to Resident of Unauthorised Colony [Read Notification]](https://www.taxscan.in/wp-content/uploads/2019/11/Unauthorised-Colony-CBDT-Taxscan.jpg "CBDT allows Exemption under section 56(2)(x) to Resident of Unauthorised Colony [Read Notification]")
Fair Market Value of Property applicable from the Date of Execution of Agreement to Sale: ITAT [Read Order]
The Mumbai bench of the Income Tax Appellate Tribunal ( ITAT ) has held that the provisions of section 50C of the Income Tax Act, 1961 mandating application of fair market value of the property is...
![Fair Market Value of Property applicable from the Date of Execution of Agreement to Sale: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2018/07/Agreement-Taxscan.jpg "Fair Market Value of Property applicable from the Date of Execution of Agreement to Sale: ITAT [Read Order]")