![S. 54B of Income Tax Act providing Income Tax Deduction is a Beneficial Provision, Shall be Interpreted Strictly: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/03/Income-Tax-Act-providing-Income-Tax-Deduction-Interpreted-Strictly-ITAT-TAXSCAN.jpg "S. 54B of Income Tax Act providing Income Tax Deduction is a Beneficial Provision, Shall be Interpreted Strictly: ITAT [Read Order]")
S. 54B of Income Tax Act providing Income Tax Deduction is a Beneficial Provision, Shall be Interpreted Strictly: ITAT [Read Order]
The Pune bench of Income Tax Appellate Tribunal (ITAT) has recently held that section 54B of Income Tax Act 1961 provided income tax deduction and it...
![Vague Show Cause Notice: ITAT deletes Penalty u/s 271(1)(b) of Income Tax Act [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/03/Show-Cause-Notice-ITAT-Penalty-Income-Tax-Act-Income-Tax-Tax-Taxscan.jpg "Vague Show Cause Notice: ITAT deletes Penalty u/s 271(1)(b) of Income Tax Act [Read Order]")
![Delhi HC remands Income Tax Demand of Rs. 1,140 Cr against OYO for fresh Hearing to CIT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/03/INCOME-TAX-DEMAND.jpg "Delhi HC remands Income Tax Demand of Rs. 1,140 Cr against OYO for fresh Hearing to CIT [Read Order]")
Wrong Assumption by AO, Order u/s 270 passed under Income Tax not valid when Assessee Preferred for Appeal: Orissa HC [Read Order]
The Orissa High Court (HC)held that the order u/s 270 passed under Income Tax Act, 1961 by Assessing Officer (AO) based on a wrong assumption is not valid when the assessee preferred for appeal. ...
![Wrong Assumption by AO, Order u/s 270 passed under Income Tax not valid when Assessee Preferred for Appeal: Orissa HC [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/02/Assumption-AO-Order-Income-Tax-assessee-appeal-Orissa-High-Court-Assessing-Officer-Taxscan.jpg "Wrong Assumption by AO, Order u/s 270 passed under Income Tax not valid when Assessee Preferred for Appeal: Orissa HC [Read Order]")
Rules framed by Board are Statutory in Nature: ITAT notes no violation of Rule 46A of Income Tax Rules [Read Order]
The Hyderabad Bench of the Income Tax Appellate Tribunal (ITAT), noted that there is no violation of Rule 46A of Income Tax Rules and observed that rules framed by the Board are statutory in nature. ...
![Rules framed by Board are Statutory in Nature: ITAT notes no violation of Rule 46A of Income Tax Rules [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/02/Rule-Nature-ITAT-violation-Rule-Income-Tax-Rules-TAXSCAN.jpg "Rules framed by Board are Statutory in Nature: ITAT notes no violation of Rule 46A of Income Tax Rules [Read Order]")
Benefit of Extended Time frame under TOLA 2020 not available to Income Tax Dept for Proceedings u/s Section 149(1)(b): Allahabad HC [Read Order]
A Division Bench of the Allahabad High Court has recently held that the time frame under the Taxation and Other Laws (Relaxation And Amendment of Certain Provisions) Act (TOLA), 2020 is not available...
![Benefit of Extended Time frame under TOLA 2020 not available to Income Tax Dept for Proceedings u/s Section 149(1)(b): Allahabad HC [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/02/TOLA-Income-Tax-Dept-Allahabad-HC-TAXSCAN.jpg "Benefit of Extended Time frame under TOLA 2020 not available to Income Tax Dept for Proceedings u/s Section 149(1)(b): Allahabad HC [Read Order]")
Deduction Allowable towards Allocation of R&D Expenses for Eligible Units u/s 80IB and 80IC of Income Tax Act: ITAT [Read Order]
The Mumbai Bench of Income Tax Appellate Tribunal ( ITAT ) has held that the deduction should be allowed towards allocation of Research and Development (R & D) expenses for eligible units under...
![Deduction Allowable towards Allocation of R&D Expenses for Eligible Units u/s 80IB and 80IC of Income Tax Act: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/02/Deduction-Research-and-Development-expenses-Research-Development-Income-Tax-Act-Income-Tax-Tax-Taxscan.jpg "Deduction Allowable towards Allocation of R&D Expenses for Eligible Units u/s 80IB and 80IC of Income Tax Act: ITAT [Read Order]")
Stamp Duty Valuation as on Date of Allotment Letters can be Considered to Impose Income Tax u/s 56(2)(X): ITAT [Read Order]
The Mumbai Bench of Income Tax Appellate Tribunal ( ITAT ) has held that the stamp duty valuation as on the date of allotment letters could be considered to impose Income Tax under Section 56(2)(X)...
![Stamp Duty Valuation as on Date of Allotment Letters can be Considered to Impose Income Tax u/s 56(2)(X): ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/02/Stamp-Duty-Valuation-Stamp-Duty-Date-of-Allotment-Letters-llotment-Letters-Income-Tax-Tax-ITAT-Taxscan.jpg "Stamp Duty Valuation as on Date of Allotment Letters can be Considered to Impose Income Tax u/s 56(2)(X): ITAT [Read Order]")
Action against Director u/s 179 only to be taken after failure of steps to Recover Income Tax Due by Company: Bombay HC [Read Order]
A Division Bench of the Bombay High Court has recently quashed impugned show cause notices and the order issued under Section 179 of the Income Tax Act, 1961, to the petitioner, as the said order did...
![Action against Director u/s 179 only to be taken after failure of steps to Recover Income Tax Due by Company: Bombay HC [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/02/Director-Recover-Income-Tax-Due-Company-Bombay-HC-TAXSCAN.jpg "Action against Director u/s 179 only to be taken after failure of steps to Recover Income Tax Due by Company: Bombay HC [Read Order]")