Undisclosed Income Source must be Specified and Substantiated u/s 271-AAA(2): SC upholds Penalty for Non-Compliance [Read Judgement]
In a recent ruling, the Supreme Court confirmed that Section 271-AAA(2) of the Income Tax Act, 1961 mandated that undisclosed income sources must be...
![Concealment Or Inaccurate Particulars u/s 271(1)(c) of Income Tax Carry Different Meanings, Revenue Fails To Specify: Delhi HC Invalidates Penalty [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/12/Income-Tax-Delhi-High-Court-invalidates-income-tax-penalty-Income-tax-penalty-under-Section-271-TAXSCAN.jpg "Concealment Or Inaccurate Particulars u/s 271(1)(c) of Income Tax Carry Different Meanings, Revenue Fails To Specify: Delhi HC Invalidates Penalty [Read Order]")
![ITAT Deletes Rs. 52.4 Lakh Addition, Confirms Legitimacy of Cash Deposits from Land Sale [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/12/ITAT-Legitimacy-of-Cash-Deposits-ITAT-Ahmedabad-Income-Tax-Appellate-Tribunal-The-Assessing-Officer-agriculturist-in-Gujarat-Cash-Deposits-from-Land-Sale-Taxscan.jpg "ITAT Deletes Rs. 52.4 Lakh Addition, Confirms Legitimacy of Cash Deposits from Land Sale [Read Order]")
![Trusts Activities Governed by Charitable Purposes, CIT(E) incorrectly denied Registration u/s 12AA: ITATÂ Directs to Re-examine [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/11/Trusts-Activities-ITAT-Charitable-Purposes-ITAT-Directs-to-Re-examine-ITAT-Ahmedabad-Commissioner-of-Income-Tax-The-Income-Tax-Appellate-Tribunal-CITE-incorrectly-denied-Registration-Incometax-Taxscan.jpg "Trusts Activities Governed by Charitable Purposes, CIT(E) incorrectly denied Registration u/s 12AA: ITATÂ Directs to Re-examine [Read Order]")
![Jewellery Owners Late ITR Filing Rejected: ITAT Upholds Addition of Demonetization Period Deposits Due to Lack of Justification [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/11/ITAT-Jewellery-Owners-Late-ITR-Filing-ITAT-Upholds-Addition-of-Demonetization-Period-Income-Tax-Appellate-Tribunal-l-ITAT-Chandigarh-ITAT-Upholds-Taxscan.jpg "Jewellery Owners Late ITR Filing Rejected: ITAT Upholds Addition of Demonetization Period Deposits Due to Lack of Justification [Read Order]")
No Concealment of Income Found: ITAT Sets Aside Penalty u/s 271(1)(c) of Income Tax Act [Read Order]
The Kolkata bench of the Income Tax Appellate Tribunal (ITAT) deleted the penalty under Section 271(1)(c) of the Income Tax Act, 1961 concluding there was no furnishing of inaccurate particulars of...
![No Concealment of Income Found: ITAT Sets Aside Penalty u/s 271(1)(c) of Income Tax Act [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/11/No-Concealment-of-Income-ITAT-Income-Tax-ITAT-Kolkata-Income-Tax-Appellate-Tribunal-Income-Tax-Act-assessment-under-Section-147-Taxscan.jpg "No Concealment of Income Found: ITAT Sets Aside Penalty u/s 271(1)(c) of Income Tax Act [Read Order]")
![Excise Duty Exemption Not Taxable Under Income Tax Act: Jammu & Kashmir And Ladakh HC [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/11/Excise-Duty-Exemption-Taxable-Under-Income-Tax-Act-Jammu-Kashmir-And-Ladakh-HC-TAXSCAN.jpg "Excise Duty Exemption Not Taxable Under Income Tax Act: Jammu & Kashmir And Ladakh HC [Read Order]")
No Jurisdiction to AO for considering Claim by Assessee in Revised Return filed after Time Prescribed u/s 139(5) of Income Tax Act: Supreme Court [Read Order]
In a significant case, the Supreme Court while upholding the order of the Madras High Court held that the Assessing Officer ( AO ) had no jurisdiction to consider the claim by Assessee in revised...
![No Jurisdiction to AO for considering Claim by Assessee in Revised Return filed after Time Prescribed u/s 139(5) of Income Tax Act: Supreme Court [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/10/Income-Tax-Income-Tax-Act-Income-Tax-Return-Assessing-Officer-TAXSCAN.jpg "No Jurisdiction to AO for considering Claim by Assessee in Revised Return filed after Time Prescribed u/s 139(5) of Income Tax Act: Supreme Court [Read Order]")
Supreme Court remands Income Tax Matter for Determination of Purpose of Short Term FD Accounts, Nature Of Income [Read Judgement]
The Supreme Court of India in a recent Appeal before it remanded an Income Tax matter back to the Assessing Officer (AO) while directing the AO to reconsider the nature of business conducted by the...
![Supreme Court remands Income Tax Matter for Determination of Purpose of Short Term FD Accounts, Nature Of Income [Read Judgement]](https://www.taxscan.in/wp-content/uploads/2024/10/Supreme-Court-Income-Tax-Matter-Determination-of-Purpose-FD-Accounts-Nature-Of-Income-TAXSCAN.jpg "Supreme Court remands Income Tax Matter for Determination of Purpose of Short Term FD Accounts, Nature Of Income [Read Judgement]")
CBDT notifies Direct Tax Vivad Se Vishwas Income Tax Amnesty Scheme, 2024 Effective from Oct 1 [Read Notification]
The Central Board of Direct Taxes ( CBDT ) has officially notified the Direct Tax Vivad Se Vishwas Scheme, 2024, which will be operational from October 1, 2024. This scheme is an amnesty initiative...
Charging of Short Gross Tax liability Determined u/s 5(3) by CIT(A) is Final and Non-Revisable: Delhi HC quashes Rectification notice u/s 154 [Read Order]
In a recent Judgement, the Delhi High Court has ruled that the charging of short gross tax liability determined under Section 5(3) Direct Tax Vivad Se Vishwas Act ( DTVSV Act ) by the...
