No Plans to revise Tax on LTCG, reveals Revenue Secretary Sanjay Malhotra
The Revenue Secretary Sanjay Malhotra, on February 4, 2024, stated that there are presently no intentions by the government to simplify the Long Term...
![LTCG without indexing Cost of Acquisition is to be considered for computing Tax Liability u/s 115JB of Income Tax Act: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/01/Long-Term-Capital-Gain-ITAT-ITAT-Mumbai-Tax-liability-Income-Tax-Cost-of-Acquisition-LTCG-without-indexing-Cost-of-Acquisition-Computing-tax-liability-LTCG-TAXSCAN.jpg "LTCG without indexing Cost of Acquisition is to be considered for computing Tax Liability u/s 115JB of Income Tax Act: ITAT [Read Order]")
![AO Triggered Reassessment without due Application of Mind: Delhi HC Quashes Notice Issued u/s 148 of Income Tax Act [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/11/AO-Reassessment-AO-Triggered-Reassessment-Application-AO-Triggered-Reassessment-without-due-Application-of-Mind-Application-of-Mind-taxscan.jpg "AO Triggered Reassessment without due Application of Mind: Delhi HC Quashes Notice Issued u/s 148 of Income Tax Act [Read Order]")
![Failure to make Enquiries on Proprietary of Sale Consideration based on Seized Documents: ITAT directs Re-Adjudication [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/10/Failure-to-make-Enquiries-Proprietary-of-Sale-Seized-Documents-ITAT-directs-Re-Adjudication-ITAT-INCOME-TAX-INCOME-TAX-ACT-TAXSCAN.jpg "Failure to make Enquiries on Proprietary of Sale Consideration based on Seized Documents: ITAT directs Re-Adjudication [Read Order]")
![Interest u/s 234B of Income Tax Act has to be Charged on Assessed Income and not on Returned Income: Jharkhand HC [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/10/Interest-Under-Section-234B-Of-Income-Tax-Act-Income-Tax-Assessed-Income-Jharkhand-High-Court-Returned-Income-Charged-on-Assessed-Income-TAXSCAN.jpg "Interest u/s 234B of Income Tax Act has to be Charged on Assessed Income and not on Returned Income: Jharkhand HC [Read Order]")
ITAT upholds Addition on LTCG u/s 50C based on Unregistered Deeds merely Entered in Judicial Stamp Papers [Read Order]
The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) has upheld the addition of Long-Term Capital Gain (LTCG) under Section 50C of the Income Tax Act based on the unregistered deed merely entered...
![ITAT upholds Addition on LTCG u/s 50C based on Unregistered Deeds merely Entered in Judicial Stamp Papers [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/10/ITAT-Addition-on-LTCG-Unregistered-Deeds-merely-Entered-in-Judicial-Stamp-Papers-TAXSCAN.jpg "ITAT upholds Addition on LTCG u/s 50C based on Unregistered Deeds merely Entered in Judicial Stamp Papers [Read Order]")
Share Transaction can't be treated as Bogus just by the Statement of Broker to have provided Accommodation Entries: ITAT deletes Addition u/s 69C [Read Order]
The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) deleted the addition under Section 69C of the Income Tax Act, 1961, and held that the share transaction cannot be treated as bogus just by...
![Share Transaction cant be treated as Bogus just by the Statement of Broker to have provided Accommodation Entries: ITAT deletes Addition u/s 69C [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/10/Share-Transaction-Bogus-Statement-of-Broker-Accommodation-Entries-ITAT-deletes-TAXSCAN.jpg "Share Transaction cant be treated as Bogus just by the Statement of Broker to have provided Accommodation Entries: ITAT deletes Addition u/s 69C [Read Order]")
LTCG from Sale of Equity Share of Penny Stock Companies listed with BSE is not eligible for exemption u/s10(38) of I.T Act :ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT ) Kolkata bench held that long Term Capital Gain (LTCG) from sale of equity shares of penny stock companies listed with Bombay Stock Exchange (BSE) is...
![LTCG from Sale of Equity Share of Penny Stock Companies listed with BSE is not eligible for exemption u/s10(38) of I.T Act :ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/10/LTCG-Sale-of-Equity-Share-Penny-Stock-Companies-BSE-not-eligible-exemption-I.T-Act-ITAT-taxscan.jpg "LTCG from Sale of Equity Share of Penny Stock Companies listed with BSE is not eligible for exemption u/s10(38) of I.T Act :ITAT [Read Order]")
No Retrospective Effect on Amendment  under S. 54 of Income Tax Act Restricting Investment In India: Bombay HC [Read Order]
The Bombay High Court has held that the amendment under section 54 of the Income Tax Act, 1961 has no retrospective effect on restricting investment in India as the amended provision would come into...
![No Retrospective Effect on Amendment  under S. 54 of Income Tax Act Restricting Investment In India: Bombay HC [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/Retrospective-Effect-on-Amendment-Income-Tax-Act-Investment-In-India-Bombay-Highcourt-taxscan.jpeg "No Retrospective Effect on Amendment  under S. 54 of Income Tax Act Restricting Investment In India: Bombay HC [Read Order]")
AO is Duty Bound to Specify the Defects in Books of Account before Rejection u/s 145(3) of Income Tax Act: ITAT deletes Income Tax Addition [Read Order]
The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) held that Assessing Officer (AO) is duty bound to specify the defects in the books of accounts maintained by the assessee before rejection of...
![AO is Duty Bound to Specify the Defects in Books of Account before Rejection u/s 145(3) of Income Tax Act: ITAT deletes Income Tax Addition [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/Duty-Bound-Books-of-Account-Income-Tax-Act-Income-Tax-ITAT-Deletes-Income-Tax-Addition-ITAT-Income-Tax-Addition-Taxscan.jpg "AO is Duty Bound to Specify the Defects in Books of Account before Rejection u/s 145(3) of Income Tax Act: ITAT deletes Income Tax Addition [Read Order]")
Partnership Firm not entitled to Tax Deduction on LTCG u/s 48(i) of Income Tax Act for Mortgaging Property as Collateral Security: ITAT [Read Order]
The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) held that a partnership firm is not entitled to the tax deduction on Long-term capital gain (LTCG) under Section 48(i) of the Income Tax...
![Partnership Firm not entitled to Tax Deduction on LTCG u/s 48(i) of Income Tax Act for Mortgaging Property as Collateral Security: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/Partnership-Firm-not-entitled-to-Tax-Deduction-on-LTCG-Income-Tax-Act-Tax-Deduction-on-LTCG-Mortgaging-Property-Collateral-Security-ITAT-Tax-Deduction-Partnership-Firm-taxscan.jpg "Partnership Firm not entitled to Tax Deduction on LTCG u/s 48(i) of Income Tax Act for Mortgaging Property as Collateral Security: ITAT [Read Order]")
No Concealment of Particulars and Filing of Inaccurate Particulars of Income: ITAT deletes Penalty u/s Section 271(1)(c) of Income Tax Act [Read Order]
The Ahmedabad Bench of Income Tax Appellate Tribunal (ITAT) has deleted the penalty under Section 27(1)(C) of the Income Tax Act, 1961 as there was no concealment of particulars and filing of...
![No Concealment of Particulars and Filing of Inaccurate Particulars of Income: ITAT deletes Penalty u/s Section 271(1)(c) of Income Tax Act [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/Concealment-Inaccurate-Particulars-of-Income-Particulars-of-Income-ITAT-deletes-Penalty-ITAT-Penalty-Income-Tax-Act-taxscan.jpg "No Concealment of Particulars and Filing of Inaccurate Particulars of Income: ITAT deletes Penalty u/s Section 271(1)(c) of Income Tax Act [Read Order]")