Union Budget: Finance Bill 2023 Amends Appeal Provisions [Read Finance Bill]
As a significant move to ensure the speedy disposal of Income Tax cases, the Government by the Union Budget has proposed to amend the Income Tax Act,...
![Budget 2023: Major changes under Income Tax Act 1961 [Read Finance Bill]](https://www.taxscan.in/wp-content/uploads/2023/02/Income-Tax-Act-1961-Income-Tax-Act-budget-2023-union-budget-2023-nirmala-sitharaman-budget-2023-india-union-budget-2023-live-taxscan.jpg "Budget 2023: Major changes under Income Tax Act 1961 [Read Finance Bill]")
![AMP Expenditure is not International Transaction: ITAT rules in favour of Mattel Toys (India) [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/01/AMP-AMP-Expenditure-International-Transaction-Mattel-Toys-Mattel-Toys-India-Taxscan.jpg "AMP Expenditure is not International Transaction: ITAT rules in favour of Mattel Toys (India) [Read Order]")
Provisions of S. 54F of Income Tax Act are Benevolent Provisions, requires Liberal Interpretation: ITAT [Read Order]
The Income Tax Appellate Tribunal ( ITAT ) recently held that section 54 of the Income Tax Act 1961 are benevolent provisions therefore, requires liberal interpretation and the assessee is entitled...
![Provisions of S. 54F of Income Tax Act are Benevolent Provisions, requires Liberal Interpretation: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/01/Provisions-Income-Tax-Act-Income-Tax-Tax-Benevolent-Provisions-ITAT-taxscan.jpg "Provisions of S. 54F of Income Tax Act are Benevolent Provisions, requires Liberal Interpretation: ITAT [Read Order]")
![Profit from Sale of Carbon Credit is “Capital Receipt”, Not Taxable: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/01/Profit-Carbon-Credit-Capital-Receipt-Taxable-ITAT-Income-Tax-Tax-Credit-taxscan.jpg "Profit from Sale of Carbon Credit is “Capital Receipt”, Not Taxable: ITAT [Read Order]")
Capital Gain Exemption u/s 54B cannot be Denied if Agricultural Land was Purchased in Wife’s Name: ITAT [Read Order]
Delhi Bench of Income Tax Appellate Tribunal (ITAT) allowed the capital gain exemption under section 54B of Income Tax Act, 1961. The tribunal stated that such deduction shall not be denied merely...
![Capital Gain Exemption u/s 54B cannot be Denied if Agricultural Land was Purchased in Wife’s Name: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/01/Capital-Gain-Exemption-u-s-54B-Agricultural-Land-Purchased-in-Wifes-Name-ITAT-Taxscan.jpg "Capital Gain Exemption u/s 54B cannot be Denied if Agricultural Land was Purchased in Wife’s Name: ITAT [Read Order]")
Appeal filed beyond Prescribed Time: Madras HC Stays Auction of Property by Income Tax Dept [Read Order]
A Single Bench of the Madras High Court stayed the auction of property by Income Tax Department on the sole ground that the appeal was filed beyond the prescribed time. The petitioner, Subramanian...
![Appeal filed beyond Prescribed Time: Madras HC Stays Auction of Property by Income Tax Dept [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/01/Appeal-Madras-Highcourt-Property-Income-Tax-Dept-Income-Tax-taxscan.jpg "Appeal filed beyond Prescribed Time: Madras HC Stays Auction of Property by Income Tax Dept [Read Order]")
95% of Appeals in relation to Share Application and Share Premium are filed by Shell Companies: ITAT Kolkata [Read Order]
The Kolkata Bench of the Income Tax Appellate Tribunal (ITAT) has recently observed that the appeals filed in relation to share application and share premium are done by Shell Companies, devoid of...
![95% of Appeals in relation to Share Application and Share Premium are filed by Shell Companies: ITAT Kolkata [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/01/Appeals-Share-Application-Share-Premium-Shell-Companies-ITAT-Kolkata-taxscan.jpg "95% of Appeals in relation to Share Application and Share Premium are filed by Shell Companies: ITAT Kolkata [Read Order]")
Subscription Revenue received in Chemical extract Service and Publication division not Royalty u/s 9(1)(vi): ITAT [Read Order]
The Income Tax Appellate Tribunal ( ITAT ), Mumbai Bench, has recently, in an appeal filed before it, held that the subscription revenue received in chemical extract service and publication division...
![Subscription Revenue received in Chemical extract Service and Publication division not Royalty u/s 9(1)(vi): ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/01/Subscription-Revenue-Chemical-extract-Service-Royalty-Publication-division-ITAT-taxscan.jpg "Subscription Revenue received in Chemical extract Service and Publication division not Royalty u/s 9(1)(vi): ITAT [Read Order]")