![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]")
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...
![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]](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]")
![No Income Escapment when Assessee paid STCG and LTCG: Gujarat HC quashes Reassessment Order [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/07/Income-Escapment-Assessee-paid-STCG-and-LTCG-STCG-and-LTCG-LTCG-Gujarat-High-Court-Gujarat-High-Court-quashes-Reassessment-Order-Reassessment-Order-taxscan.jpg "No Income Escapment when Assessee paid STCG and LTCG: Gujarat HC quashes Reassessment Order [Read Order]")
![Claim of LTCG Not Allowable when Transactions of Transfer of Land does not Falls Within Ambit of Section 45 of Income Tax Act : ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/07/Claim-LTCG-Allowable-Transactions-Transfer-Land-Ambit-Income-Tax-Act-TAXSCAN.jpg "Claim of LTCG Not Allowable when Transactions of Transfer of Land does not Falls Within Ambit of Section 45 of Income Tax Act : ITAT [Read Order]")
Claim of LTCG u/s 10(38) of Income Tax Act Rejected due to Non submission of Documents: ITAT Quashes Order [Read Order]
The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) quashed the order of the assessing officer (AO) for rejecting the claim of long-term capital gain (LTCG) under section 10(38) of the...
![Claim of LTCG u/s 10(38) of Income Tax Act Rejected due to Non submission of Documents: ITAT Quashes Order [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/06/Claim-of-LTCG-Income-Tax-Act-Rejected-due-Non-submission-Documents-ITAT-TAXSCAN.jpg "Claim of LTCG u/s 10(38) of Income Tax Act Rejected due to Non submission of Documents: ITAT Quashes Order [Read Order]")
Maintenance & Electricity Charges not in the form of Deposits excluded from Cost of Property for computing LTCG: ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT), Cuttack Bench has held that the revenue expenditures incurred by the assessee such as maintenance and electricity charges which are not in the form of any...
![Maintenance & Electricity Charges not in the form of Deposits excluded from Cost of Property for computing LTCG: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/06/Maintenance-and-Electricity-Charges-Deposits-Cost-of-Property-for-computing-LTCG-Cost-of-Property-LTCG-ITAT-taxscan.jpg "Maintenance & Electricity Charges not in the form of Deposits excluded from Cost of Property for computing LTCG: ITAT [Read Order]")
Claim of exemption u/s 10(38) of IT Act for LTCG from sale of equity shares before assessment proceedings is valid: ITAT [Read Order]
The Cuttack bench of Income Tax Appellate (ITAT) held that the claim of exemption under section 10(38) of Income Tax Act, 1961 for the long term capital gain from the sale of equity shares before the...
![Claim of exemption u/s 10(38) of IT Act for LTCG from sale of equity shares before assessment proceedings is valid: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/06/for-LTCG-from-sale-of-equity-shares-before-assessment-proceedings-is-valid-ITAT-TAXSCAN.jpg "Claim of exemption u/s 10(38) of IT Act for LTCG from sale of equity shares before assessment proceedings is valid: ITAT [Read Order]")
No Addition of LTCG can be made u/s 69A on Account of Alleged Unexplained Investment in Jewellery: ITAT [Read Order]
The New Delhi bench of Income Tax Appellate Tribunal(ITAT) held that addition of long term capital gain can be made by the assessing officer under Section 69A of Income Tax Act, 1961 on account of...
![No Addition of LTCG can be made u/s 69A on Account of Alleged Unexplained Investment in Jewellery: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/06/No-addition-of-LTCG-account-of-alleged-unexplained-investment-in-jewellery-ITAT-TAXSCAN.jpg "No Addition of LTCG can be made u/s 69A on Account of Alleged Unexplained Investment in Jewellery: ITAT [Read Order]")
Addition of LTCG by invoking S. 50(c) of Income Tax Act without retrospective effect is invalid : ITAT directs Re-adjudication[Read Order]
The Pune Bench of Income Tax Appellate Tribunal (ITAT) held that the addition of long term capital gain by invoking section 50(c) of the Income Tax Act 1961 which does not carry retrospective effect...
![Addition of LTCG by invoking S. 50(c) of Income Tax Act without retrospective effect is invalid : ITAT directs Re-adjudication[Read Order]](https://www.taxscan.in/wp-content/uploads/2023/05/Addition-us-50C-of-Income-Tax-Act-based-on-SVAs-Overvaluation-of-Capital-Gain-Sale-Consideration-ITAT-directs-Readjudication-TAXSCAN.jpg "Addition of LTCG by invoking S. 50(c) of Income Tax Act without retrospective effect is invalid : ITAT directs Re-adjudication[Read Order]")
No Addition on Unaccounted Income on Inclusion of Sale of Jewellery as LTCG in ROI: ITAT quashes Assessment Order and Penalty [Read Order]
The Delhi bench of Income tax appellate tribunal (ITAT) quashed the assessment order and penalty which was passed by Deputy Commissioner of Income Tax (DCIT) and held that No addition could be made...
![No Addition on Unaccounted Income on Inclusion of Sale of Jewellery as LTCG in ROI: ITAT quashes Assessment Order and Penalty [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/05/No-Addition-on-Unaccounted-Income-No-Addition-Unaccounted-Income-Income-Inclusion-of-Sale-of-Jewellery-LTCG-ROI-ITAT-quashes-Assessment-Order-and-Penalty-taxscan.jpg "No Addition on Unaccounted Income on Inclusion of Sale of Jewellery as LTCG in ROI: ITAT quashes Assessment Order and Penalty [Read Order]")
Loss from Sale of Shares and Mutual Funds on which STT paid can't be set off against LTCG arising out as per S.70(3): ITAT [Read Order]
In a recent ruling, the Mumbai bench of the Income Tax Appellate Tribunal ( ITAT ) has held that Loss from the sale of shares and mutual fundson which Securities Transaction Tax (STT) paid can't be...
![Loss from Sale of Shares and Mutual Funds on which STT paid cant be set off against LTCG arising out as per S.70(3): ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/01/Sale-of-Shares-Mutual-Funds-STT-LTCG-ITAT-taxscan.jpg "Loss from Sale of Shares and Mutual Funds on which STT paid cant be set off against LTCG arising out as per S.70(3): ITAT [Read Order]")