![Partnership Firm Converted into LLP: ITAT quashes Revision Proceedings Due to Non-Existence of Entity [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/10/ITAT-ITAT-Surat-Revision-Proceedings-Partnership-Firm-Income-Tax-Section-263-of-Income-Tax-Act-Partnership-firm-converted-into-LLP-TAXSCAN.jpg "Partnership Firm Converted into LLP: ITAT quashes Revision Proceedings Due to Non-Existence of Entity [Read Order]")
Partnership Firm Converted into LLP: ITAT quashes Revision Proceedings Due to Non-Existence of Entity [Read Order]
The Surat Bench of the Income Tax Appellate Tribunal ( ITAT ) quashed the revision order passed under Section 263 of the Income Tax Act, 1961 because...
![AO Wrongly allowed Posco Indias set-off of Brought-Forward Loss of ₹1.4 cr: ITAT directs Disallowance, Citing Adjustments made in Previous Years [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/10/ITAT-ITAT-Cuttack-Posco-India-Brought-Forward-Loss-Posco-India-set-off-disallowed-by-ITAT-taxscan.jpg "AO Wrongly allowed Posco Indias set-off of Brought-Forward Loss of ₹1.4 cr: ITAT directs Disallowance, Citing Adjustments made in Previous Years [Read Order]")
![Finds Addition Too Harsh: ITAT directs Re-examination of PCITs Rs. 3.4 cr Addition due to Sales Discrepancy [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/10/ITAT-ITAT-Cuttack-ITAT-directs-Re-examination-PCIT-Income-Tax-Appellate-Tribunal-Principal-Commissioner-of-Income-Tax-Sales-Discrepancy-Finds-Addition-Too-Harsh-ITAT-news-taxscan.jpeg "Finds Addition Too Harsh: ITAT directs Re-examination of PCITs Rs. 3.4 cr Addition due to Sales Discrepancy [Read Order]")
![Interest Income From Short Term Funds Infused By Govt Kept In Bank Till Its Utilization Is Capital Receipt: Kerala HC [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/10/Kerala-High-Court-Interest-Income-From-Short-Term-Funds-Interest-Income-From-Taxscan.jpg "Interest Income From Short Term Funds Infused By Govt Kept In Bank Till Its Utilization Is Capital Receipt: Kerala HC [Read Order]")
![Mechanical Approval of Reassessment by PCIT: ITAT Quashes Income Tax Notice u/s 148 [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/10/Mechanical-Approval-Reassessment-PCIT-ITAT-Income-Tax-Notice-us-148-TAXSCAN1.jpg "Mechanical Approval of Reassessment by PCIT: ITAT Quashes Income Tax Notice u/s 148 [Read Order]")
ITAT Rebukes PCIT for wrongful Exercise of Powers u/s 263 on valid Income Tax Assessment Order [Read Order]
The Ahmedabad Bench of the Income Tax Appellate Tribunal ( ITAT ) in a recent judgment reprimanded the wrongful exercise of powers by the Principal Commissioner of Income Tax (Appeals)-3, Ahmedabad (...
![ITAT Rebukes PCIT for wrongful Exercise of Powers u/s 263 on valid Income Tax Assessment Order [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/09/ITAT-ITAT-Ahmedabad-Income-Tax-Assessment-Order-PCIT-Taxscan.jpg "ITAT Rebukes PCIT for wrongful Exercise of Powers u/s 263 on valid Income Tax Assessment Order [Read Order]")
Relief to Adani Wilmar: Notional Guarantee Income Increasing Investment Cost cannot be Treated as Actual Income, Rules ITAT [Read Order]
In a recent ruling, the Ahmedabad Bench of the Income Tax Appellate Tribunal (ITAT) ruled that that notional guarantee increasing investment cost cannot be treated as actual income. The...
![Relief to Adani Wilmar: Notional Guarantee Income Increasing Investment Cost cannot be Treated as Actual Income, Rules ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/09/Relief-to-Adani-Wilmar-Notional-Guarantee-Income-Increasing-Investment-Cost-Treated-Actual-Income-ITAT-taxscan.jpg "Relief to Adani Wilmar: Notional Guarantee Income Increasing Investment Cost cannot be Treated as Actual Income, Rules ITAT [Read Order]")
Mere Submission of Documents Insufficient u/s 263, Proper Inquiry and Verification by AO Essential for Valid Assessment: ITAT [Read Order]
The Mumbai Bench of Income Tax Appellate Authority ( ITAT ) ruled that the mere submission of documents was not sufficient under Section 263 of the Income Tax Act, 1961. The tribunal emphasized that...
![Mere Submission of Documents Insufficient u/s 263, Proper Inquiry and Verification by AO Essential for Valid Assessment: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/09/ITAT-ITAT-Mumbai-AO-Assessment-Documents-Insufficient-Income-Tax-Taxscan.jpg "Mere Submission of Documents Insufficient u/s 263, Proper Inquiry and Verification by AO Essential for Valid Assessment: ITAT [Read Order]")
‘If One Can, Why Not Others?’: Madras HC criticises Income Tax Dept Counsels Over Late Filing of Counter Affidavits, Directs Dept to Cooperate [Read Order]
The Madras High Court, in general, has commented on the frequent adjournments of the matters for filing counter affidavits from time to time by the counsels of the income tax department. In contract,...
![‘If One Can, Why Not Others?’: Madras HC criticises Income Tax Dept Counsels Over Late Filing of Counter Affidavits, Directs Dept to Cooperate [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/09/Madras-HC-criticises-Income-Tax-Dept-Counsels-Counter-Affidavits-Dept-to-Cooperate-TAXSCAN.jpg "‘If One Can, Why Not Others?’: Madras HC criticises Income Tax Dept Counsels Over Late Filing of Counter Affidavits, Directs Dept to Cooperate [Read Order]")
PCIT’s Different Views on Unrelated Issues do not Justify Invoking S.263 in Limited Scrutiny: ITAT [Read Order]
The Ahmedabad Bench of the Income Tax Appellate Tribunal ( ITAT ) ruled that the Principal Commissioner of Income Tax ( PCIT ) cannot invoke Section 263 of the Income Tax Act, 1961, simply because it...
![PCIT’s Different Views on Unrelated Issues do not Justify Invoking S.263 in Limited Scrutiny: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/09/PCIT-Limited-Scrutiny-ITAT-taxscan.jpg "PCIT’s Different Views on Unrelated Issues do not Justify Invoking S.263 in Limited Scrutiny: ITAT [Read Order]")
Tribunal has no Power to Recall/Review its own Orders: ITAT dismisses MA Challenging Revisionary Order [Read Order]
The Hyderabad Bench of Income Tax Appellate Tribunal ( ITAT ) dismissed the Miscellaneous Application (M.A.) of the assessee challenging revisionary order stating Tribunal has no power to...
![Tribunal has no Power to Recall/Review its own Orders: ITAT dismisses MA Challenging Revisionary Order [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/09/ITAT-ITAT-Hyderabad-Income-Tax-Appellate-Tribunal-Revisionary-Order-Miscellaneous-Application-Taxscan.jpg "Tribunal has no Power to Recall/Review its own Orders: ITAT dismisses MA Challenging Revisionary Order [Read Order]")
AO Erred by Not Examining Delayed Payment of Employer's PF/ESIC Contributions During Scrutiny: ITAT Upheld PCIT's Invocation of S.263 [Read Order]
The Bangalore Bench of the Income Tax Appellate Tribunal ( ITAT ) upheld the Principal Commissioner of Income Tax's invocation of Section 263 of the Income Tax Act, 1961, concerning the assessing...
![AO Erred by Not Examining Delayed Payment of Employers PF/ESIC Contributions During Scrutiny: ITAT Upheld PCITs Invocation of S.263 [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/09/ITAT-ITAT-Bangalore-PCIT-Income-Tax-Appellate-Tribunal-AO-Erred-Taxscan.jpg "AO Erred by Not Examining Delayed Payment of Employers PF/ESIC Contributions During Scrutiny: ITAT Upheld PCITs Invocation of S.263 [Read Order]")