Income Tax Act
![Addition u/s 50C of Income Tax Act based on SVAs Overvaluation of Capital Gain Sale Consideration : ITAT directs Readjudication [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/05/Addition-us-50C-of-Income-Tax-Act-based-on-SVAs-Overvaluation-of-Capital-Gain-Sale-Consideration-ITAT-directs-Readjudication-TAXSCAN.jpg "Addition u/s 50C of Income Tax Act based on SVAs Overvaluation of Capital Gain Sale Consideration : ITAT directs Readjudication [Read Order]")
Addition u/s 50C of Income Tax Act based on SVA's Overvaluation of Capital Gain Sale Consideration : ITAT directs Readjudication [Read Order]
The Kolkata Bench of the Income Tax Appellate Tribunal (ITAT) recently directed a readjudication due to an addition under Section 50C of the Income...
![Delay in Filing Form 67 not a Reason for Denial of Relief u/s 90 of Income Tax Act: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/05/Delay-in-Filing-Form-67-Reason-for-Denial-of-Relief-us-90-of-Income-Tax-Act-ITAT-TAXSCAN.jpg "Delay in Filing Form 67 not a Reason for Denial of Relief u/s 90 of Income Tax Act: ITAT [Read Order]")
![Cane Development Council is Local Authority u/s 10(20) of Income Tax Act: ITAT deletes Tax Demand [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/05/Cane-Development-Council-is-Local-Authority-us-1020-of-Income-Tax-Act-ITAT-deletes-Tax-Demand-TAXSCAN.jpg "Cane Development Council is Local Authority u/s 10(20) of Income Tax Act: ITAT deletes Tax Demand [Read Order]")
![Disallowance u/s 14A of the Income Tax Act cannot Exceed Exempt Income: ITATÂ [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/05/Disallowance-Income-Tax-Act-Exceed-Exempt-Income-Exempt-Income-ITAT-Taxscan.jpg "Disallowance u/s 14A of the Income Tax Act cannot Exceed Exempt Income: ITATÂ [Read Order]")
Fee u/s 234E of Income Tax Act is Leviable Only for Default Committed after June 1st 2015: ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT), Pune Bench, has recently, in appeals filed before it, held that fee under Section 234E of the Income Tax Act is leviable, only for defaults committed after...
![Fee u/s 234E of Income Tax Act is Leviable Only for Default Committed after June 1st 2015: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/05/Income-Tax-Act-is-Leviable-Income-Tax-Act-Fee-Income-Tax-Default-Committed-ITAT-taxscan.jpg "Fee u/s 234E of Income Tax Act is Leviable Only for Default Committed after June 1st 2015: ITAT [Read Order]")
Supporting Other Trusts and Societies for Charitable Activities falls under Section 80G of Income Tax Act: ITAT [Read Order]
The assessee Seth Paannalalji is a Trust created on 15.08.2001. It is registered under the M.P. Public Trust Act. It was also registered by the Income tax Department under Section 12A as well as...
![Supporting Other Trusts and Societies for Charitable Activities falls under Section 80G of Income Tax Act: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/05/Supporting-Supporting-Other-Trusts-and-Societies-Trusts-and-Societies-for-Charitable-Activities-Charitable-Activities-falls-Income-Tax-Act-ITAT-Income-Tax-taxscan.jpg "Supporting Other Trusts and Societies for Charitable Activities falls under Section 80G of Income Tax Act: ITAT [Read Order]")
Expenses incurred for Import of Rubber Process Oil eligible for Deduction u/s 37(1) Income Tax Act: ITAT [Read Order]
The Delhi bench of the Income Tax Appellate Tribunal (ITAT) has recently held that expenses incurred for import of rubber process oil is eligible for deduction under Section 37(1) of the Income Tax...
![Expenses incurred for Import of Rubber Process Oil eligible for Deduction u/s 37(1) Income Tax Act: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/05/Expenses-incurred-for-Import-of-Rubber-Process-Oil-eligible-for-Deduction-Expenses-incurred-Expenses-Rubber-Process-Oil-Deduction-Income-Tax-Act-ITAT-Taxscan.jpg "Expenses incurred for Import of Rubber Process Oil eligible for Deduction u/s 37(1) Income Tax Act: ITAT [Read Order]")
No Penalty u/s 271(1)(c) of Income Tax Act on Payment Received on Sale of Penny Stock Shares: ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT) of Jaipur bench has recently held that, no penalty shall be levied under Section 271(1)(c) of Income Tax Act 1961 on payment received on sale of...
![No Penalty u/s 271(1)(c) of Income Tax Act on Payment Received on Sale of Penny Stock Shares: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/05/No-Penalty-Income-Tax-Act-Income-Tax-Act-on-Payment-Received-Sale-of-Penny-Stock-Shares-ITAT-taxscan.jpg "No Penalty u/s 271(1)(c) of Income Tax Act on Payment Received on Sale of Penny Stock Shares: ITAT [Read Order]")
ITAT deletes Addition Based on Compliance with Donation Records u/s 115BBC of the Income Tax Act [Read Order]
The Patna bench of the Income Tax Appellate Tribunal (ITAT) removed the addition based on compliance with donation records under Section 115BBC of the Income Tax Act. The Aishwarya Foundation...
![ITAT deletes Addition Based on Compliance with Donation Records u/s 115BBC of the Income Tax Act [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/05/ITAT-deletes-Addition-Based-on-Compliance-with-Donation-Records-ITAT-deletes-Addition-ITAT-Addition-Income-Tax-Act-Donation-Donation-Records-Taxscan.jpg "ITAT deletes Addition Based on Compliance with Donation Records u/s 115BBC of the Income Tax Act [Read Order]")
Penalty u/s 271AAC is not Applicable, if Tax u/s 115BBE of Income Tax Act is NIL: ITAT directs Readjudication [Read Order]
The Hyderabad bench of Income Tax Appellate Tribunal (ITAT), while directing re-adjudication observed that penalty under Section 271AAC Income Tax Act, 1961 would not be applicable if tax under...
![Penalty u/s 271AAC is not Applicable, if Tax u/s 115BBE of Income Tax Act is NIL: ITAT directs Readjudication [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/05/Penalty-Tax-Income-Tax-Act-ITAT-directs-Readjudication-ITAT-ITAT-Readjudication-Taxscan.jpg "Penalty u/s 271AAC is not Applicable, if Tax u/s 115BBE of Income Tax Act is NIL: ITAT directs Readjudication [Read Order]")