![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]")
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...
![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]](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]](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]](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]")
AO Conducted Proper Inquiry into S.80P Deduction Claim by Co-Op Society: ITAT quashes Revision Order [Read Order]
The Income Tax Appellate Tribunal (ITAT) of Ahmedabad in a recent case allowed a deduction claim made by a Co-operative Society under Section 80P(2)(d) of the Income Tax Act, 1961 (ITA) related...
![AO Conducted Proper Inquiry into S.80P Deduction Claim by Co-Op Society: ITAT quashes Revision Order [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/09/AO-Deduction-Claim-Co-Op-Society-ITAT-Revision-Order-taxscan.jpg "AO Conducted Proper Inquiry into S.80P Deduction Claim by Co-Op Society: ITAT quashes Revision Order [Read Order]")
![ITAT Rejects Allegation of Fabricated LTCG, Validates Sale Price of Unquoted Shares [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/09/ITAT-Fabricated-LTCG-Sale-Price-Unquoted-Shares-taxscan.jpg "ITAT Rejects Allegation of Fabricated LTCG, Validates Sale Price of Unquoted Shares [Read Order]")
Inadequate Inquiry into Rs. 9.30 Crore Property Investment: ITAT Upholds PCIT's Revision Order [Read Order]
The Income Tax Appellate Tribunal ( ITAT ) of Ahmedabad in a recent case, upheld a revision order passed by the Principal Commissioner of Income Tax ( PCIT ) under Section 263 of Income Tax Act 1961,...
![Inadequate Inquiry into Rs. 9.30 Crore Property Investment: ITAT Upholds PCITs Revision Order [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/09/ITAT-ITAT-Ahmedabad-ITAT-Upholds-PCIT-ITAT-Upholds-Revision-Order-Investment-Taxscan.jpg "Inadequate Inquiry into Rs. 9.30 Crore Property Investment: ITAT Upholds PCITs Revision Order [Read Order]")
Expense Disallowance u/s 14A exceeds Exempt Income, no Error or Revenue Prejudice Found: ITAT criticizes PCIT's unnecessary revision [Read Order]
The Chennai Bench of Income Tax Appellate Tribunal ( ITAT ) criticized the Principal Commissioner of Income Tax for not recognizing that the assessee had already disallowed a higher amount of...
![Expense Disallowance u/s 14A exceeds Exempt Income, no Error or Revenue Prejudice Found: ITAT criticizes PCITs unnecessary revision [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/08/Income-Tax-Income-Tax-Act-ITAT-ITAT-Chennai-PCIT-Revision-TAXSCAN.jpg "Expense Disallowance u/s 14A exceeds Exempt Income, no Error or Revenue Prejudice Found: ITAT criticizes PCITs unnecessary revision [Read Order]")
No Undue Delay in Submitting Reply to SCN: Himachal Pradesh HC sets aside u/s 143 (3) of Income Tax Act and remits matter back to PCIT [Read Order]
The Himachal Pradesh High Court has set aside the order under Section 143(3) of the Income Tax Act, 1961, citing no undue delay in submitting the reply to the Show Cause Notice, and has remitted the...
![No Undue Delay in Submitting Reply to SCN: Himachal Pradesh HC sets aside u/s 143 (3) of Income Tax Act and remits matter back to PCIT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/06/Himachal-Pradesh-High-Court-Principal-Commissioner-of-Income-Tax-SCN-Delay-in-Reply-to-SCN-taxscan-2.jpg "No Undue Delay in Submitting Reply to SCN: Himachal Pradesh HC sets aside u/s 143 (3) of Income Tax Act and remits matter back to PCIT [Read Order]")
Method of Revenue Recognition and application of Accounting Standard properly verified by AO in Assessment Order: ITAT quashes Revision Order
The Ahmedabad bench Income Tax Appellate Tribunal ( ITAT ) while quashing the revision order held that the method of revenue recognition and application of accounting standard are properly verified...
