![Jurisdiction of PCIT will sustain if AO failed to rightly compute Capital Gain on Sale of Land: ITAT upholds Revisional Order [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/07/Jurisdiction-PCIT-AO-capital-gain-sale-of-land-ITAT-revisional-order-Taxscan.jpg "Jurisdiction of PCIT will sustain if AO failed to rightly compute Capital Gain on Sale of Land: ITAT upholds Revisional Order [Read Order]")
Jurisdiction of PCIT will sustain if AO failed to rightly compute Capital Gain on Sale of Land: ITAT upholds Revisional Order [Read Order]
The Chennai bench of the Income Tax Appellate Tribunal (ITAT), held that if AO failed to rightly compute capital gain on the sale of the land then...
![CBDT issues Circular regarding filing of Condonation of delay for Form No. 10B and 10BB for Assessment Year 2018-19 and Subsequent Years [Read Circular]](https://www.taxscan.in/wp-content/uploads/2022/07/CBDT-Circular-Condonation-delay-Form-No.-10B-Assessment-Year-Taxscan.jpg "CBDT issues Circular regarding filing of Condonation of delay for Form No. 10B and 10BB for Assessment Year 2018-19 and Subsequent Years [Read Circular]")
![Negligent and Casual Approach during Income Tax Assessment Proceedings: ITAT imposes Cost of Rs. 5000 on Assessee [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/07/Negligent-Casual-Approach-Income-Tax-Assessment-Proceedings-ITAT-Assessee-Taxscan.jpg "Negligent and Casual Approach during Income Tax Assessment Proceedings: ITAT imposes Cost of Rs. 5000 on Assessee [Read Order]")
![Eviction Charges paid are allowable as Business Expenditure: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/07/Eviction-charges-business-expenditure-ITAT-taxscan.jpeg "Eviction Charges paid are allowable as Business Expenditure: ITAT [Read Order]")
![Addition of Unexplained Cash not sustainable when Primary onus was discharged by sufficient evidence: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/07/unexplained-cash-sustainable-primary-onus-sufficient-evidence-ITAT-Taxscan.jpg "Addition of Unexplained Cash not sustainable when Primary onus was discharged by sufficient evidence: ITAT [Read Order]")
Loan Amount from Friends out of Labour Work Income cannot be dismissed as Unbelievable: ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT), Ahmedabad bench has held that the loan amount obtained by the assessee from his friends out of their labour work income cannot be dismissed by the income tax...
![Loan Amount from Friends out of Labour Work Income cannot be dismissed as Unbelievable: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/07/Loan-Amount-Labour-Work-Income-ITAT-taxscan.jpeg "Loan Amount from Friends out of Labour Work Income cannot be dismissed as Unbelievable: ITAT [Read Order]")
Director of Company, not being a 'Principal Officer', cannot be prosecuted for Failure to file Income Tax Returns: Delhi HC [Read Order]
A division bench of the Delhi High Court, while considering a complaint against a Company for non-filing of income tax returns, has held that a “Director” cannot be treated as the “Principal Officer”...
![Director of Company, not being a Principal Officer, cannot be prosecuted for Failure to file Income Tax Returns: Delhi HC [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/07/Director-of-Company-Principal-Officer-Income-Tax-Returns-Delhi-HC-taxscan.jpg "Director of Company, not being a Principal Officer, cannot be prosecuted for Failure to file Income Tax Returns: Delhi HC [Read Order]")
NFAC acted Thick-Skinned instead of Adopting Liberal Approach during Pandemic: Gujarat HC slams Income Tax Dept [Read Order]
In an assessee-friendly ruling, the Gujarat High Court has slammed the National Faceless Assessment Centre (NFAC)for acting thick skinned instead of adopting a liberal approach during the pandemic...
![NFAC acted Thick-Skinned instead of Adopting Liberal Approach during Pandemic: Gujarat HC slams Income Tax Dept [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/07/NFAC-Gujarat-HC-Income-Tax-Dept-taxscan.jpeg "NFAC acted Thick-Skinned instead of Adopting Liberal Approach during Pandemic: Gujarat HC slams Income Tax Dept [Read Order]")
Cash seized during Search cannot be Adjusted against Self Assessed Tax Liability: ITAT deletes Penalty [Read Order]
The Income Tax Appellate Tribunal (ITAT), Ahmedabad bench has held that the cash seized during search cannot be adjusted against the self-assessed existing tax liability as per the provisions of...
![Cash seized during Search cannot be Adjusted against Self Assessed Tax Liability: ITAT deletes Penalty [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/07/Cash-seized-Search-Self-Assessed-Tax-Liability-ITA-Penalty-Taxscan.jpg "Cash seized during Search cannot be Adjusted against Self Assessed Tax Liability: ITAT deletes Penalty [Read Order]")
Partition/Family Arrangement is not 'Capital Gain': ITAT deletes Addition towards Transfer of Shares as per Family Arrangement [Read Order]
While deleting an addition of capital gain on account of transfer of shares as family arrangement, the Income Tax Appellate Tribunal (ITAT), Mumbai bench has held that a partition or family...
![Partition/Family Arrangement is not Capital Gain: ITAT deletes Addition towards Transfer of Shares as per Family Arrangement [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/07/ITAT-Mumbai-Partition-Capital-Gain-ITAT-Family-Arrangement-taxscan.jpeg "Partition/Family Arrangement is not Capital Gain: ITAT deletes Addition towards Transfer of Shares as per Family Arrangement [Read Order]")
![Carbon Credit Income Exempted from Normal Income Tax Provisions and Book Profit: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/07/Carbon-Credit-Income-Income-Tax-Provisions-Book-Profit-ITAT-taxscan.jpg "Carbon Credit Income Exempted from Normal Income Tax Provisions and Book Profit: ITAT [Read Order]")
