![No Sufficient Reason to Prove Income Escaped Assessment: ITAT dismisses Revenue’s Appeal for Reopening Assessment [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/05/Income-Assessment-ITAT-Revenue-Appeal-Reopening-Assessment-taxscan.jpeg "No Sufficient Reason to Prove Income Escaped Assessment: ITAT dismisses Revenue’s Appeal for Reopening Assessment [Read Order]")
No Sufficient Reason to Prove Income Escaped Assessment: ITAT dismisses Revenue’s Appeal for Reopening Assessment [Read Order]
The Kolkata Bench of Income Tax Appellate Tribunal ( ITAT )has held that no sufficient reason to prove income escaped assessment and dismissed...
![Fulfillment of Twin Conditions is Mandatory for Invoking the Jurisdiction u/s 263: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/04/Twin-Conditions-Jurisdiction-ITAT-taxscan.jpg "Fulfillment of Twin Conditions is Mandatory for Invoking the Jurisdiction u/s 263: ITAT [Read Order]")
![Service Tax collected But Not Remitted to Government can be disallowed u/s 43B of Income Tax Act: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/04/Service-Tax-Income-Tax-Act-ITAT-taxscan.jpg "Service Tax collected But Not Remitted to Government can be disallowed u/s 43B of Income Tax Act: ITAT [Read Order]")
![Contradiction in Dept’s Reason for Re-Assessment: Delhi HC quashes Orders against Vodafone Luxembourg [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/04/Re-Assessment-Delhi-HC-Order-Vodafone-Luxembourg-taxscan.jpeg "Contradiction in Dept’s Reason for Re-Assessment: Delhi HC quashes Orders against Vodafone Luxembourg [Read Order]")
Non-Specification of Limb under which Penalty is Initiated is Arbitrary: Delhi HC says Assessee eligible for Immunity and shall be Incentivized [Read Order]
A two-judge bench of the Delhi High Court has ruled that the action of income tax authorities denying the benefit of immunity from penalty under Section 270AA of the Income Tax Act to the assessee on...
![Non-Specification of Limb under which Penalty is Initiated is Arbitrary: Delhi HC says Assessee eligible for Immunity and shall be Incentivized [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/04/Non-Specification-Limb-Penalty-Delhi-High-Court-Assessee-Immunity-Incentivized-Taxscan.jpg "Non-Specification of Limb under which Penalty is Initiated is Arbitrary: Delhi HC says Assessee eligible for Immunity and shall be Incentivized [Read Order]")
![Penalty Notice issued in a Stereotyped manner without applying mind is Invalid: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/03/Penalty-Notice-Stereotyped-manner-ITAT-taxscan.jpeg "Penalty Notice issued in a Stereotyped manner without applying mind is Invalid: ITAT [Read Order]")
![Voluntary Disclosed Income cannot be Included with Regular Income: Madhya Pradesh HC [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/03/Voluntary-Disclosed-Income-Regular-Income-Madhya-Pradesh-HC-Taxscan.jpg "Voluntary Disclosed Income cannot be Included with Regular Income: Madhya Pradesh HC [Read Order]")
Income received in Excess of Face Value of Shares u/s 56 of Income Tax Act is Taxable: ITAT [Read Order]
The Bangalore bench of the Income Tax Appellate Tribunal (ITAT) has ruled that, Income received in Excess of Face Value of Shares under Section 56 of the Income Tax Act is Taxable. The assessee is...
Gujarat HC set aside Income Tax Reassessment Notice to Partners as there is no reason for Taxing Remuneration from Capital Account of Partnership Firm [Read Order]
The Gujarat High Court has set aside Income Tax reassessment notice to partners as there is no reason for taxing remuneration from the capital account of partnership firms. It appears from the...
![Gujarat HC set aside Income Tax Reassessment Notice to Partners as there is no reason for Taxing Remuneration from Capital Account of Partnership Firm [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/02/Gujarat-High-Court-Income-Tax-Reassessment-notice-Partners-Taxing-remuneration-Capital-account-Partnership-firm-firm-Taxing-Taxscan.jpg "Gujarat HC set aside Income Tax Reassessment Notice to Partners as there is no reason for Taxing Remuneration from Capital Account of Partnership Firm [Read Order]")
Cash Credits u/s 68 of Income Tax Act: Finance Bill, 2022 mandates Explanation of Source of Funds in the Hands of Creditor or Entry Provider [Read Finance Bill]
The Finance Bill, 2022 has mandated the Explanation of Source of Funds in the hands of creditor or entry provider. Section 68 of the Act provides that where any sum is found to be credited...
![Cash Credits u/s 68 of Income Tax Act: Finance Bill, 2022 mandates Explanation of Source of Funds in the Hands of Creditor or Entry Provider [Read Finance Bill]](https://www.taxscan.in/wp-content/uploads/2022/02/Cash-Credits-Income-Tax-Act-Finance-Bill-Explanation-finance-bill-2022-Funds-Creditor-entry-provider-budget-2022-budgetscan-budget-session-Taxscan.jpeg "Cash Credits u/s 68 of Income Tax Act: Finance Bill, 2022 mandates Explanation of Source of Funds in the Hands of Creditor or Entry Provider [Read Finance Bill]")
No Income Tax Applicable on Income earned from sale of investment: ITAT grants relief to Oriental Insurance [Read Order]
In a major relief to Oriental Insurance, the Income Tax Appellate Tribunal (ITAT), Delhi Bench ruled that the no Income Tax Applicable on Income earned from the sale of an investment. The...
![No Income Tax Applicable on Income earned from sale of investment: ITAT grants relief to Oriental Insurance [Read Order]](https://www.taxscan.in/wp-content/uploads/2021/07/Income-Tax-Income-sale-of-investment-ITAT-Oriental-Insurance-Taxscan.jpg "No Income Tax Applicable on Income earned from sale of investment: ITAT grants relief to Oriental Insurance [Read Order]")