![Sale Value as of Agreement Date to be Considered u/s 50C of the Act: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/12/ITAT-Sale-Value-as-of-Agreement-Date-Income-Tax-Appellate-Tribunal-agreement-date-under-Section-50C-capital-gains-under-Section-48-CIT-The-appellate-tribunal-capital-gains-Taxscan.jpg "Sale Value as of Agreement Date to be Considered u/s 50C of the Act: ITAT [Read Order]")
Sale Value as of Agreement Date to be Considered u/s 50C of the Act: ITAT [Read Order]
The Ahmedabad Bench of Income Tax Appellate Tribunal(ITAT)held that the sale value of a property should be considered as of the agreement date under...
![No Penalty if Assessee Discloses Genuine LTCG Amount: ITAT Deletes Income Tax Penalty finding Reasonable Cause for S.269SS Non-Compliance [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/12/ITAT-Income-Tax-Appellate-Tribunal-Income-Tax-Appellate-Tribunal-Bangalore-ITAT-Bangalore-LTCG-LTCG-Amount-ITAT-Deletes-Income-Tax-Penalty-Commissioner-of-Income-Taxes-CIT-Taxscan.jpg "No Penalty if Assessee Discloses Genuine LTCG Amount: ITAT Deletes Income Tax Penalty finding Reasonable Cause for S.269SS Non-Compliance [Read Order]")
![Mere Cash Deposit Cannot Be Considered as Income: ITAT Deletes Income Tax Addition u/s 69 [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/12/ITAT-Mere-Cash-Deposit-ITAT-Deletes-Income-Tax-Addition-Income-Tax-Appellate-Tribunal-Dinesh-Chandra-Dudhwala-Assessing-Officer-ITAT-news-Commissioner-of-Income-tax-NFAC-CIT-Taxscan.jpg "Mere Cash Deposit Cannot Be Considered as Income: ITAT Deletes Income Tax Addition u/s 69 [Read Order]")
Denial of Deduction u/s80P(2)(a)(i) to Souharda Cooperative Society citing provision of Banking Facilities to Nominal Members: ITAT Remits for Verification [Read Order]
The Income Tax Appellate Tribunal (ITAT), Bangalore recently examined the scope of services that can be provided by a Souharda Cooperative Society, while adjudicating the Revenue’s denial of...
![Denial of Deduction u/s80P(2)(a)(i) to Souharda Cooperative Society citing provision of Banking Facilities to Nominal Members: ITAT Remits for Verification [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/12/Denial-of-Deduction-Souharda-Cooperative-Society-provision-of-Banking-Facilities-Banking-Facilities-to-Nominal-Members-ITAT-ITAT-Remits-Income-Tax-Appellate-Tribunal-Sahakari-Act-Taxscan.jpg "Denial of Deduction u/s80P(2)(a)(i) to Souharda Cooperative Society citing provision of Banking Facilities to Nominal Members: ITAT Remits for Verification [Read Order]")
Settlement Commission Cannot invoke S. 154 of Income Tax to Rectify Concluded Proceedings or Levy Interest Prior to 2011: Madras HC [Read Order]
In a recent ruling, the Madras High Court ruled that the Income Tax Settlement Commission ( ITSC ) does not have the power to invoke Section 154 of the Income Tax Act, 1961, to rectify concluded...
![Settlement Commission Cannot invoke S. 154 of Income Tax to Rectify Concluded Proceedings or Levy Interest Prior to 2011: Madras HC [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/12/Income-Tax-Madras-High-Court-Income-Tax-Settlement-Commission-Section-154-TAXSCAN.jpg "Settlement Commission Cannot invoke S. 154 of Income Tax to Rectify Concluded Proceedings or Levy Interest Prior to 2011: Madras HC [Read Order]")
Loss of FD Investments is Capital Loss Not a 'Trading Loss': Telangana HC Upholds Disallowance of Deduction Claim u/s 28 Of Income Tax Act [Read Order]
In a significant case, the Telangana High Court has held that the loss of fixed deposit investments does not qualify as a 'trading loss' for the purposes of claiming deduction from income under...
ITAT Sets Aside Ex-Parte Order u/s 143(3) of Income Tax Act, Grants Assessee Another Chance Due to Non-Receipt of Hearing Notices [Read Order]
The Ahmedabad Bench of Income Tax Appellate Tribunal ( ITAT ) set aside an ex-parte order passed by the Commissioner of Income Tax(Appeals) regarding an assessment order under section 143(3) of...
![ITAT Sets Aside Ex-Parte Order u/s 143(3) of Income Tax Act, Grants Assessee Another Chance Due to Non-Receipt of Hearing Notices [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/12/ITAT-Income-Tax-ITAT-Ahmedabad-Income-Tax-Appellate-Tribunal-Income-Tax-Act-TAXSCAN-1.jpeg "ITAT Sets Aside Ex-Parte Order u/s 143(3) of Income Tax Act, Grants Assessee Another Chance Due to Non-Receipt of Hearing Notices [Read Order]")
Assessment Reopened w/o Mandatory Application of Mind: ITAT Quashes Income Tax Reassessment Order [Read Order]
In a recent ruling, the Income Tax Appellate Tribunal ( ITAT ), Delhi Bench, quashed the reassessment order against an assessee noting that the assessment was reopened by the Revenue without...
![Assessment Reopened w/o Mandatory Application of Mind: ITAT Quashes Income Tax Reassessment Order [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/12/ITAT-Income-Tax-ITAT-Delhi-Income-Tax-Appellate-Tribunal-Income-Tax-Reassessment-TAXSCAN.jpg "Assessment Reopened w/o Mandatory Application of Mind: ITAT Quashes Income Tax Reassessment Order [Read Order]")
Unexplained Cash Deposits: ITAT Directs CIT(A) to Pass Reasoned Order Based on Evidence Submitted by Assessee [Read Order]
The Income Tax Appellate Tribunal ( ITAT ), Delhi Bench, recently directed the Commissioner of Income Tax (Appeals) – National Faceless Appeal Centre (CIT(A)-NFAC) to reassess a case involving...
![Unexplained Cash Deposits: ITAT Directs CIT(A) to Pass Reasoned Order Based on Evidence Submitted by Assessee [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/12/Unexplained-Cash-Deposits-ITAT-Directs-Based-on-Evidence-Evidence-Submitted-by-Assessee-Cash-Deposits-taxscan.jpg "Unexplained Cash Deposits: ITAT Directs CIT(A) to Pass Reasoned Order Based on Evidence Submitted by Assessee [Read Order]")
Lack of Incriminating Evidence: ITAT deletes S.68 Income Tax Addition of ₹13.60 lakhs [Read Order]
The Income Tax Appellate Tribunal (ITAT), Delhi Bench, recently ruled in favor of an assessee by deleting an addition of ₹13.60 lakhs under section 68 of Income Tax Act 1961 (ITA) noting that the...
![Lack of Incriminating Evidence: ITAT deletes S.68 Income Tax Addition of ₹13.60 lakhs [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/12/Lack-of-Incriminating-Evidence-Incriminating-Evidence-Income-Tax-Income-Tax-Appellate-Tribunal-ITAT-under-section-68-of-Income-Tax-Act-Commissioner-of-Income-Tax-Civil-Contractors-Pvt-TAXSC.jpg "Lack of Incriminating Evidence: ITAT deletes S.68 Income Tax Addition of ₹13.60 lakhs [Read Order]")