Income Tax Act
![Assessment concluded by Predecessor cant be Reopened u/s 147 of Income Tax Act merely on ground of Change of Opinion: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/Assessment-Predecessor-Assessment-concluded-by-Predecessor-Income-Tax-Act-ITAT-taxscan.jpg "Assessment concluded by Predecessor cant be Reopened u/s 147 of Income Tax Act merely on ground of Change of Opinion: ITAT [Read Order]")
Assessment concluded by Predecessor can't be Reopened u/s 147 of Income Tax Act merely on ground of "Change of Opinion": ITAT [Read Order]
The Raipur bench of the Income Tax Appellate Tribunal (ITAT) held that the assessment concluded by the predecessor cannot be reopened under Section...
![Interest Income earned by a NRI from a Foreign Bank shall not be Taxable in India u/s 5(2) of Income Tax Act: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/Interest-Income-Income-Interest-NRI-Foreign-Bank-Interest-Income-earned-by-a-NRI-from-a-Foreign-Bank-ITAT-taxscan.jpg "Interest Income earned by a NRI from a Foreign Bank shall not be Taxable in India u/s 5(2) of Income Tax Act: ITAT [Read Order]")
![Exemption u/s 10(38) of Income Tax Act shall be denied when Assessee enters into Sham Transaction with Paper Companies: ITAT upholds Order of CIT(A) [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/Exemption-Income-Tax-Act-Assessee-Transaction-Paper-Companies-ITAT-taxscan.jpg "Exemption u/s 10(38) of Income Tax Act shall be denied when Assessee enters into Sham Transaction with Paper Companies: ITAT upholds Order of CIT(A) [Read Order]")
![Addition u/s 68 due to Non-Consideration of Unsigned Reply by Assessee to Notice issued u/s 147 of Income Tax Act: ITAT directs Re-adjudication [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/Addition-Non-Consideration-of-Unsigned-Reply-Reply-ITAT-taxscan-1.jpg "Addition u/s 68 due to Non-Consideration of Unsigned Reply by Assessee to Notice issued u/s 147 of Income Tax Act: ITAT directs Re-adjudication [Read Order]")
![Disallowance u/s 14A of Income Tax Act without examining Accounts of Security Printing &Mining Corporation is invalid: Delhi HC [read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/Disallowance-Income-Tax-Act-examining-Accounts-Security-Printing-Mining-Corporation-invalid-Delhi-High-Court-taxscan.jpg "Disallowance u/s 14A of Income Tax Act without examining Accounts of Security Printing &Mining Corporation is invalid: Delhi HC [read Order]")
Write-off of Bad Debt not Asset, Clause - (a) of 4th Proviso to Section 153A(1) of Income Tax Act bars Assessment: Bombay HC [Read Order]
The Bombay High Court recently ruled that write-off of bad debt is not asset and clause - (a) of 4th proviso to Section 153A(1) of Income Tax Act, 1961 bars assessment. The petitioner, Ashok...
![Write-off of Bad Debt not Asset, Clause - (a) of 4th Proviso to Section 153A(1) of Income Tax Act bars Assessment: Bombay HC [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/Write-off-of-Bad-Debt-Debt-Asset-Income-Tax-Act-Assessment-Bombay-HC-taxscan.jpg "Write-off of Bad Debt not Asset, Clause - (a) of 4th Proviso to Section 153A(1) of Income Tax Act bars Assessment: Bombay HC [Read Order]")
Granting of License to Developer doesn’t Amount to possession within Meaning of Section 53A of TP Act, S. 2(47)(v) of Income Tax Act not applicable: Bombay HC [Read Order]
The Bombay High Court granting of license to developer doesn’t amount to possession within meaning of section 53 A of Transfer of Property Act (TP) and Section 2(47)(v) of Income Tax Act,1961...
![Granting of License to Developer doesn’t Amount to possession within Meaning of Section 53A of TP Act, S. 2(47)(v) of Income Tax Act not applicable: Bombay HC [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/Granting-License-to-Developer-Amount-Possession-Meaning-Income-Tax-Act-Bombay-High-Court-taxscan.jpg "Granting of License to Developer doesn’t Amount to possession within Meaning of Section 53A of TP Act, S. 2(47)(v) of Income Tax Act not applicable: Bombay HC [Read Order]")
Penalty u/s 271D of Income Tax Act can't be imposed on loan transactions made through Banking Channels: ITAT [Read Order]
The Ahmedabad bench of the Income Tax Appellate Tribunal (ITAT) held that the penalty under Section 271D of the Income Tax Act, 1961 cannot be imposed on the loan transactions made through banking...
![Penalty u/s 271D of Income Tax Act cant be imposed on loan transactions made through Banking Channels: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/Penalty-Income-Tax-Act-imposed-loan-transactions-Banking-Channels-ITAT-taxscan.jpg "Penalty u/s 271D of Income Tax Act cant be imposed on loan transactions made through Banking Channels: ITAT [Read Order]")
No Deduction u/s 80I(4) of Income Tax Act to be Allowed without Agreement between Assessee and Government /Statutory body: ITAT [Read Order]
The Hyderabad Bench of Income Tax Appellate Tribunal (ITAT) held that the agreement was not entered between the assessee and the Government / Statutory Government and there was a violation laid down...
![No Deduction u/s 80I(4) of Income Tax Act to be Allowed without Agreement between Assessee and Government /Statutory body: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/No-Deduction-Income-Tax-Act-Allowed-Agreement-Assessee-Government-Statutory-body-ITAT-taxscan.jpg "No Deduction u/s 80I(4) of Income Tax Act to be Allowed without Agreement between Assessee and Government /Statutory body: ITAT [Read Order]")
Section 50C(1) of Income Tax Act is Retrospective in Nature: ITAT directs AO to Calculate Capital Gain [Read Order]
The Hyderabad Bench of Income Tax Appellate Tribunal (ITAT) held that the amended provisions of section 50C(1) of the Income Tax Act is retrospective in nature, the value adopted or assessed or...
![Section 50C(1) of Income Tax Act is Retrospective in Nature: ITAT directs AO to Calculate Capital Gain [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/Income-Tax-Retrospective-Nature-ITAT-Directs-AO-Calculate-Capital-Gain-taxscan.jpg "Section 50C(1) of Income Tax Act is Retrospective in Nature: ITAT directs AO to Calculate Capital Gain [Read Order]")
![Donation towards CSR Allowable u/s 80G of Income Tax Act: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/Donation-CSR-Income-Tax-Act-ITAT-Donation-towards-CSR-income-tax-taxscan.jpg "Donation towards CSR Allowable u/s 80G of Income Tax Act: ITAT [Read Order]")
Cash Deposit in Bank by NRI: ITAT Deletes Addition u/s 68 of Income tax Act in absence of Source to use Cash [Read Order]
The Hyderabad bench of the Income Tax Appellate Tribunal (ITAT) held that an addition under Section 68 of the Income Tax Act, 1961 cannot be made in the absence of the source to use the cash...
![Cash Deposit in Bank by NRI: ITAT Deletes Addition u/s 68 of Income tax Act in absence of Source to use Cash [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/Cash-Deposit-Bank-NRI-ITAT-Deletes-Addition-Income-tax-Act-absence-Source-use-Cash-taxscan.jpg "Cash Deposit in Bank by NRI: ITAT Deletes Addition u/s 68 of Income tax Act in absence of Source to use Cash [Read Order]")