Income Tax Act
![No Tax Concession to Company as Promoters Gifted Shares to Company instead of Sale to Avoid Capital Gain Tax: Delhi HC [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/No-Tax-Concession-to-Company-as-Promoters-Gifted-Shares-Company-instead-of-Sale-to-Avoid-Capital-Gain-Tax-Delhi-HC-TAXSCAN.jpg "No Tax Concession to Company as Promoters Gifted Shares to Company instead of Sale to Avoid Capital Gain Tax: Delhi HC [Read Order]")
No Tax Concession to Company as Promoters Gifted Shares to Company instead of Sale to Avoid Capital Gain Tax: Delhi HC [Read Order]
In a recent decision the Delhi High Court ruled that there can be no tax concession to company as promoters gifted shares to the company instead of...
![No Power to Review by Reopening Assessment under Section 147 of Income Tax Act if no Addition made by AO During Original Assessment : ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/No-Power-to-Review-by-Reopening-Assessment-Income-Tax-Act-if-no-Addition-made-by-AO-During-Original-Assessment-ITAT-TAXSCAN.jpg "No Power to Review by Reopening Assessment under Section 147 of Income Tax Act if no Addition made by AO During Original Assessment : ITAT [Read Order]")
![Income Tax Deduction cant be Denied on ground of Return filed Belatedly u/s 139(4) of IT Act: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/Income-Tax-Deduction-Income-Tax-Deduction-Return-filed-IT-Act-Income-Tax-Act-ITAT-Taxscan.jpg "Income Tax Deduction cant be Denied on ground of Return filed Belatedly u/s 139(4) of IT Act: ITAT [Read Order]")
![ITAT upholds addition made u/s 69C of Income Tax Act on Payment Received from sale of shares of paper company barred by SEBI [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/ITAT-ITAT-upholds-addition-Income-Tax-Act-Income-Tax-Payment-Received-from-sale-of-shares-Payment-Received-Payment-sale-of-shares-SEBI-taxscan.jpg "ITAT upholds addition made u/s 69C of Income Tax Act on Payment Received from sale of shares of paper company barred by SEBI [Read Order]")
![Addition u/s 69 of Income Tax Act shall not be made on basis of ledger account seized from third party on absence of clinching Evidence of Cash Payments towards Purchase of Flat: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/Income-Tax-Act-shall-not-be-made-on-basis-of-ledger-account-seized-from-third-party-absence-of-clinching-evidence-of-Cash-Payments-towards-purchase-of-Flat-ITAT-TAXSCAN.jpg "Addition u/s 69 of Income Tax Act shall not be made on basis of ledger account seized from third party on absence of clinching Evidence of Cash Payments towards Purchase of Flat: ITAT [Read Order]")
Foreign Tax Credit cannot be Denied for Technicality of not Filing Form 67 within Due Date of Return u/s 139(1) of Income Tax Act: ITAT [Read Order]
The Kolkata Bench of Income Tax Appellate Tribunal (ITAT) has held that the foreign tax credit could not be denied for technicality of not filing form 67 within the due date of return under Section...
![Foreign Tax Credit cannot be Denied for Technicality of not Filing Form 67 within Due Date of Return u/s 139(1) of Income Tax Act: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/Foreign-Tax-Credit-Foreign-Tax-Tax-Credit-Filing-Form-67-within-Due-Date-of-Return-Filing-Form-67-Due-Date-of-Return-Due-Date-Income-Tax-Act-Income-Tax-ITAT-Taxscan.jpg "Foreign Tax Credit cannot be Denied for Technicality of not Filing Form 67 within Due Date of Return u/s 139(1) of Income Tax Act: ITAT [Read Order]")
ITAT Quashes TPO order Passed u/s 92CA(3) of Income Tax Act against Frost & Sullivan on the Ground of Limitation [Read Order]
The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) has quashed the order passed by Transfer Pricing Officer (TPO) under Section 92CA(3) of the Income Tax Act against Frost and Sullivan on the...
![ITAT Quashes TPO order Passed u/s 92CA(3) of Income Tax Act against Frost & Sullivan on the Ground of Limitation [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/ITAT-Quashes-TPO-Passed-Income-Tax-Act-Frost-Sullivan-Ground-of-Limitation-taxscan.jpg "ITAT Quashes TPO order Passed u/s 92CA(3) of Income Tax Act against Frost & Sullivan on the Ground of Limitation [Read Order]")
Sale Proceeds of Shares Credited in Bank Account Entered in Book of Accounts cannot be Treated as Unexplained Cash Credit u/s 68 of Income Tax Act: ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT) Delhi bench held that the sale proceeds of shares credited in bank accounts entered in the book of accounts could not be treated as unexplained cash...
![Sale Proceeds of Shares Credited in Bank Account Entered in Book of Accounts cannot be Treated as Unexplained Cash Credit u/s 68 of Income Tax Act: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/Sale-proceeds-of-shares-credited-Bank-Account-entered-in-book-of-accounts-treated-as-Unexplained-Cash-Credit-Income-Tax-Act-ITAT-TAXSCAN.jpg "Sale Proceeds of Shares Credited in Bank Account Entered in Book of Accounts cannot be Treated as Unexplained Cash Credit u/s 68 of Income Tax Act: ITAT [Read Order]")
Revenue Expenditure incurred for Scientific Research allowable as deduction u/s 37 of Income Tax Act: ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT) Bangalore bench held that revenue expenditure incurred for the scientific research is allowed as deduction under Section 37 of the Income Tax Act, 1961.The...
![Revenue Expenditure incurred for Scientific Research allowable as deduction u/s 37 of Income Tax Act: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/ITAT-Revenue-Revenue-Expenditure-Revenue-Expenditure-incurred-for-Scientific-Research-taxscan.jpg "Revenue Expenditure incurred for Scientific Research allowable as deduction u/s 37 of Income Tax Act: ITAT [Read Order]")
Reassessment order passed on basis of invalid assumption of Jurisdiction cannot be Revised u/s 263 of Income Tax Act: ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT) Raipur bench held that reassessment order passed on the basis of invalid assumption of jurisdiction could not be revised under Section 263 of...
![Reassessment order passed on basis of invalid assumption of Jurisdiction cannot be Revised u/s 263 of Income Tax Act: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/Reassessment-invalid-assumption-Jurisdiction-Revised-Income-Tax-Act-ITAT-TAXSCAN-1.jpg "Reassessment order passed on basis of invalid assumption of Jurisdiction cannot be Revised u/s 263 of Income Tax Act: ITAT [Read Order]")
Calcutta HC Dismisses Writ Petition as no Objection filed before AO against Assessment Order u/s 147 of Income Tax Act [Read Order]
The Calcutta High Court dismissed a writ petition as no objection filed before the Assessing Officer (AO) against an assessment order passed under Section147 of Income Tax Act, 1961. By the writ...
![Calcutta HC Dismisses Writ Petition as no Objection filed before AO against Assessment Order u/s 147 of Income Tax Act [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/Calcutta-HC-Writ-Petition-Objection-filed-AO-Assessment-Income-Tax-Act-TAXSCAN.jpeg "Calcutta HC Dismisses Writ Petition as no Objection filed before AO against Assessment Order u/s 147 of Income Tax Act [Read Order]")
Separate PAN and Return not Needed when Receipts of Institution Included in Financial Statement of Controlling Entity: ITAT deletes Penalty u/s 68 of Income Tax Act [Read Order]
The Delhi Bench of IncomeTax Appellate Tribunal (ITAT) has deleted the penalty under Section 68 of the Income Tax Act 1961 holding that a separate Permanent Account Number (PAN) and filing of return...
![Separate PAN and Return not Needed when Receipts of Institution Included in Financial Statement of Controlling Entity: ITAT deletes Penalty u/s 68 of Income Tax Act [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/PAN-Separate-PAN-Separate-PAN-and-Return-not-Needed-when-Receipts-of-Institution-Included-in-Financial-Statement-Statement-of-Controlling-Entity-Receipts-taxscan.jpeg "Separate PAN and Return not Needed when Receipts of Institution Included in Financial Statement of Controlling Entity: ITAT deletes Penalty u/s 68 of Income Tax Act [Read Order]")