![ITAT Allows Depreciation Claim by Purchaser under Income Tax on Excess Amount Paid Over & Above Net Asset Value of Sellers Business [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/07/Income-Tax-ITAT-ITAT-Bangalore-capital-gain-Depreciation-claims-Purchaser-TAXSCAN.jpg "ITAT Allows Depreciation Claim by Purchaser under Income Tax on Excess Amount Paid Over & Above Net Asset Value of Sellers Business [Read Order]")
ITAT Allows Depreciation Claim by Purchaser under Income Tax on Excess Amount Paid Over & Above Net Asset Value of Seller's Business [Read Order]
The Bangalore Income Tax Appellate Tribunal ( ITAT ) held that once the department has accepted the capital gain offered by the seller upon transfer...
![Income Tax Raid, No proceedings can be initiated under Prevention of Corruption Act in absence of Material evidence: Karnataka HCÂ [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/06/Karnataka-High-Court-Income-tax-Income-tax-raid-Corruption-act-TAXSCAN.jpg "Income Tax Raid, No proceedings can be initiated under Prevention of Corruption Act in absence of Material evidence: Karnataka HCÂ [Read Order]")
![CBDT Revises Jurisdiction of Income Tax Authorities u/s 120 of Income Tax Act, Effective from June 6, 2024 [Read Notification]](https://www.taxscan.in/wp-content/uploads/2024/06/CBDT-Jurisdiction-Income-Tax-Authorities-Income-Tax-Act-Effective-taxscan.jpg "CBDT Revises Jurisdiction of Income Tax Authorities u/s 120 of Income Tax Act, Effective from June 6, 2024 [Read Notification]")
![Contempt Petition: Bombay HC directs to pay Balance Amount of Rs.4,52,600/-compensation to Petitioner within Two Weeks [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/05/Bombay-High-Court-tax-news-taxscan.jpeg "Contempt Petition: Bombay HC directs to pay Balance Amount of Rs.4,52,600/-compensation to Petitioner within Two Weeks [Read Order]")
![Property Sold in Low Price Due to Obstacles in Peaceful Enjoyment: ITAT deletes Capital Gains Addition based on DVO [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/04/Property-Sold-in-Low-Price-Due-ITAT-Capital-Gains-DVO-TAXSCAN.jpg "Property Sold in Low Price Due to Obstacles in Peaceful Enjoyment: ITAT deletes Capital Gains Addition based on DVO [Read Order]")
Income Tax Orders being not Conclusive Proofs not to be used for Discharge of Disproportionate Assets Cases: Supreme Court [Read Judgement]
A Two-Judge Bench of the Supreme Court held that the proceedings under the Income Tax Act and its evidentiary value remains a matter of trial and they cannot be considered as conclusive proof for...
![Income Tax Orders being not Conclusive Proofs not to be used for Discharge of Disproportionate Assets Cases: Supreme Court [Read Judgement]](https://www.taxscan.in/wp-content/uploads/2024/03/Income-Tax-Orders-Conclusive-Discharge-of-Disproportionate-Assets-Cases-Supreme-Court-TAXSCAN.jpg "Income Tax Orders being not Conclusive Proofs not to be used for Discharge of Disproportionate Assets Cases: Supreme Court [Read Judgement]")
CBDT Notifies ITR-2, ITR-3 and ITR 5 Forms for A.Y. 2024-25; Expands ITR Filing under EVC to Tax Audit Cases of Individual/ HUFÂ
The Central Government, through a notification dated January 31, 2024 (No. G.S.R. 83(E)), has officially released the revised Income Tax Return ( ITR ) forms 2, 3, and 5 for the Assessment Year...
Kerala HC urges Swift Action on Stay Petition after Income Tax Authorities denies Deduction and Imposes Penalty u/s 270A [Read Order]
In a recent case, the Kerala High Court made it clear that it prefers not to engage in parallel jurisdiction with the appellate authority to grant the interim order requested by the petitioner's...
![Kerala HC urges Swift Action on Stay Petition after Income Tax Authorities denies Deduction and Imposes Penalty u/s 270A [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/01/Kerala-HC-Kerala-high-court-Income-Tax-Income-Tax-Authorities-Income-Tax-penalty-Income-Tax-deduction-taxscan.jpg "Kerala HC urges Swift Action on Stay Petition after Income Tax Authorities denies Deduction and Imposes Penalty u/s 270A [Read Order]")
Employee cannot be penalized when employer failed to perform his duty to deposit TDS with revenue: Delhi HC [Read Order]
In a significant case, the Delhi High Court, while allowing the petition, held that the employee could not be penalized when the employer failed to perform his duty to deposit Tax Deduction at...
Allegation of Bogus Import of Service through Cash Bean App: Delhi HC Dismisses Writ Petition on Evidence to Prove Contravention in Foreign Exchange Management Act [Read Order]
In a significant case on the allegation of Bogus import of service through the Cash Bean app, the Delhi High Court dismissed a writ appeal on evidence to prove contravention in the Foreign Exchange...
Central Govt allocates Jurisdiction of Competent Authorities for Prohibition of Benami Property Transactions Act [Read Notification]
The Central Government vide notification no. 04/2023 has notified the jurisdiction of the competent authorities for the purpose of Prohibition of Benami Property Transactions Act, 1988 on 1st August...
