Income Tax Update: Dept releases Excel Based Utility for ITR-2 for filing AY 2023-24 ITR in Self-Service Portal
The Income Tax Excel-Based Utility for filing Income Tax Returns ITR-2 of Assessment Year AY 2023-2024 is available for download in the Self Service...
![CBDT notifies Income Tax Exemption u/s 10(46) for Certain Incomes of Pune Metropolitan Region Development Authority [Read Notification]](https://www.taxscan.in/wp-content/uploads/2023/05/CBDT-Income-Tax-Exemption-CBDT-notifies-Income-Tax-Exemption-CBDT-notifies-Incomes-Pune-Metropolitan-Region-Development-Authority-taxscan.jpg "CBDT notifies Income Tax Exemption u/s 10(46) for Certain Incomes of Pune Metropolitan Region Development Authority [Read Notification]")
![Bad debts allowable as Deduction u/s 36(1)(vii) of Income Tax Act: ITAT allows Bank of Barodas Plea [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/05/Bad-debts-allowable-as-Deduction-Bad-debts-Deduction-Income-Tax-Act-Income-Tax-ITAT-allows-Bank-of-Barodas-Plea-ITAT-Bank-of-Barodas-Plea-Bank-of-Baroda-taxscan.jpg "Bad debts allowable as Deduction u/s 36(1)(vii) of Income Tax Act: ITAT allows Bank of Barodas Plea [Read Order]")
![Income Tax Assessment u/s 153 A must be based on Incriminating Material: SC [Read Judgement]](https://www.taxscan.in/wp-content/uploads/2023/05/Income-Tax-Assessment-Income-Tax-Assessment-Incriminating-Material-Supreme-Court-Taxscan.jpg "Income Tax Assessment u/s 153 A must be based on Incriminating Material: SC [Read Judgement]")
Central Government notifies India-Chile Double Taxation Avoidance Agreement (DTAA)Â [Read Notification]
The Central Government, on 3rd May, 2023 notified the Double Tax Avoidance Agreement (DTAA) and protocol for elimination of Double taxation and prevention of fiscal evasion and avoidance with respect...
No Addition can be made on Account of Unexplained Closing Cash filed u/s 44AD of Income Tax Act: ITAT [Read Order]
The Ahmedabad bench of Income Tax Appellate Tribunal (ITAT) has recently held that no addition could be made on account of an unexplained closing case filed under Section 44AD of Income Tax Act 1961....
![No Addition can be made on Account of Unexplained Closing Cash filed u/s 44AD of Income Tax Act: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/05/Account-Unexplained-Closing-Cash-Closing-Cash-Account-of-Unexplained-Closing-Cash-Income-Tax-Act-Income-Tax-Tax-ITAT-Taxscan.jpg "No Addition can be made on Account of Unexplained Closing Cash filed u/s 44AD of Income Tax Act: ITAT [Read Order]")
Income offered towards Excess Stock not Unexplained Investment u/s 69B, No Income Tax levy u/s 115BBE : ITAT [Read Order]
The Chennai bench of Income Tax Appellate Tribunal (ITAT) has recently held that income offered towards excess stock could not be treated as unexplained investment under Section 69B of the Income Tax...
![Income offered towards Excess Stock not Unexplained Investment u/s 69B, No Income Tax levy u/s 115BBE : ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/05/Income-Excess-Stock-Unexplained-Investment-us-69B-Income-Tax-levy-us-115BBE-ITAT-TAXSCAN1.jpg "Income offered towards Excess Stock not Unexplained Investment u/s 69B, No Income Tax levy u/s 115BBE : ITAT [Read Order]")
Income Tax Dept allows only 13 hours to file Reply to Show Cause Notice: Madras HC directs Re-adjudication [Read Order]
The Income Department had permitted only 13 hours to file a reply to show cause notice (SCN) issued to the assessee. The assessment was overturned and a re-adjudication was mandated by the Madras...
![Income Tax Dept allows only 13 hours to file Reply to Show Cause Notice: Madras HC directs Re-adjudication [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/05/Income-Tax-Dept-Show-Cause-Notice-Madras-HC-Re-adjudication-TAXSCAN.jpg "Income Tax Dept allows only 13 hours to file Reply to Show Cause Notice: Madras HC directs Re-adjudication [Read Order]")
Loss incurred for Expenditure for an Offence not Deductible: SC upholds Disallowance of Smuggled Silver as Business Loss[Read Judgement]
The Supreme Court of India in a recent judgement held that loss incurred for expenditure for an offence is not deductible tax and upheld the disallowance of smuggled silver as business loss. The...
