Income Tax Act
Investment in ULIP Policy treated as “Capital Asset” u/s 2(14) of Income Tax Act, Accretion on Surrender of Policy Taxable under “Income from Capital Gains” & Not “Income from Other Sources”: ITAT
The Income Tax Appellate Tribunal (ITAT), Mumbai bench has held that the investment in the Unit Linked Insurance Policy (ULIP) of Life Insurance...
![Set off of any Loss Prior to AY 2016-17 cannot be Denied u/s 115BBE of Income Tax Act: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/06/income-tax-act-income-tax-act-set-off-ITAT-loss-denial-taxscan.jpg "Set off of any Loss Prior to AY 2016-17 cannot be Denied u/s 115BBE of Income Tax Act: ITAT [Read Order]")
![ITAT quashes Penalty imposed u/s 271D of Income Tax Act in Absence of Satisfaction in Assessment Order [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/06/Assessment-Order-passed-without-enquiry-Assessment-Order-CFS-Charges-Continental-Warehousing-Corporation-ITAT-Revision-Order-taxscan.jpg "ITAT quashes Penalty imposed u/s 271D of Income Tax Act in Absence of Satisfaction in Assessment Order [Read Order]")
![ITAT quashes Reassessment Order passed without issuing Valid Notice u/s 148 of Income Tax Act [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/06/ITAT-quash-reassessment-order-issue-Valid-Notice-Income-Tax-Act-taxscan.jpg "ITAT quashes Reassessment Order passed without issuing Valid Notice u/s 148 of Income Tax Act [Read Order]")
ITAT Upholds Disallowance made u/s 143(1) of Income Tax Act on ground of Late Deposition of Employee’s Contribution to PF/ESI [Read Order]
The Bangalore bench of the Income Tax Appellate Tribunal ( ITAT) upheld the disallowance made by the assessing officer under section 143(1) of the Income Tax Act,1961 on the ground of late Deposition...
![ITAT Upholds Disallowance made u/s 143(1) of Income Tax Act on ground of Late Deposition of Employee’s Contribution to PF/ESI [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/06/Uphold-Employees-Contribution-Provident-fund-deposit-Disallowance-income-tax-taxscan.jpg "ITAT Upholds Disallowance made u/s 143(1) of Income Tax Act on ground of Late Deposition of Employee’s Contribution to PF/ESI [Read Order]")
Additional Income cannot be Treated as Unexplained Expenditure to Invoke Section 115BBE of Income Tax Act: ITAT [Read Order]
The Hyderabad Bench of Income Tax Appellate Tribunal (ITAT) held that the additional income cannot be treated as unexplained expenditure under Section 69C of the Income Tax Act, 1961 to attract...
![Additional Income cannot be Treated as Unexplained Expenditure to Invoke Section 115BBE of Income Tax Act: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/06/Additional-Income-Income-Additional-Income-cannot-be-Treated-Unexplained-Expenditure-Income-Tax-Act-ITAT-taxscan.jpg "Additional Income cannot be Treated as Unexplained Expenditure to Invoke Section 115BBE of Income Tax Act: ITAT [Read Order]")
Capital Gains cannot be Taxable when Transfer of Land Taken Place in Previous Year of Assessment proceedings: ITAT [Read Order]
The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) held that capital gains cannot be taxable when the transfer of land took place in the previous year of the assessment proceedings. ...
![Capital Gains cannot be Taxable when Transfer of Land Taken Place in Previous Year of Assessment proceedings: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/06/Capital-gain-Tax-previous-year-Assessment-Income-Tax-Act-ITAT-income-tax-income-act-taxscan.jpg "Capital Gains cannot be Taxable when Transfer of Land Taken Place in Previous Year of Assessment proceedings: ITAT [Read Order]")
Notice u/s 143(2) of Income Tax Act is Condition Precedent for Framing of Income Tax Assessment: Madras HC [Read Order]
In a recent decision the Madras High Court ruled that the notice under Section 143(2) of Income Tax Act, 1961 is a condition precedent for framing of the income tax assessment. The petitioner,...
![Notice u/s 143(2) of Income Tax Act is Condition Precedent for Framing of Income Tax Assessment: Madras HC [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/06/Income-Tax-Act-Condition-Precedent-Framing-Income-Tax-Assessment-Madras-HC-TAXSCAN.jpg "Notice u/s 143(2) of Income Tax Act is Condition Precedent for Framing of Income Tax Assessment: Madras HC [Read Order]")
![CBDT Notifies Scope of e-Appeals Scheme, 2023 u/s 246(6) of Income Tax Act [Read Notification]](https://www.taxscan.in/wp-content/uploads/2023/06/CBDT-e-Appeals-Scheme-Income-Tax-Act-Scope-of-e-Appeals-Scheme-e-Appeals-Scheme-2023-taxscan.jpg "CBDT Notifies Scope of e-Appeals Scheme, 2023 u/s 246(6) of Income Tax Act [Read Notification]")
Addition made by AO u/s. 115BBE of Income Tax Act on ground of Late filing of ROI: ITAT Directs Re-adjudication [Read Order]
The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) directed the Assessing Officer (AO) to re-adjudicatethe addition made under section 115BBE of the Income Tax Act, 1961 on the ground of...
![Addition made by AO u/s. 115BBE of Income Tax Act on ground of Late filing of ROI: ITAT Directs Re-adjudication [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/06/Addition-made-by-AO-Addition-AO-Income-Tax-Act-Late-filing-of-ROI-Late-filing-ROI-ITAT-Directs-Re-adjudication-ITAT-Income-Tax-taxscan.jpg "Addition made by AO u/s. 115BBE of Income Tax Act on ground of Late filing of ROI: ITAT Directs Re-adjudication [Read Order]")
![ITAT Directs AO to delete Addition made u/s 68 of Income Tax Act based on Mere Suspicion [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/06/Assessing-officer-Delete-addition-Income-Tax-Act-Suspicion-ITAT-income-tax-act-taxscan.jpg "ITAT Directs AO to delete Addition made u/s 68 of Income Tax Act based on Mere Suspicion [Read Order]")