![PCIT u/s 119(2) (b) has no power to consider Merits of Claim while Condoning Delay in Filing Return: Kerala HC dismisses Writ Petition [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/12/PCIT-Condoning-Delay-in-Filing-Return-Kerala-High-Court-Writ-Petition-Merits-of-Claim-Condoning-Delay-.jpg "PCIT u/s 119(2) (b) has no power to consider Merits of Claim while Condoning Delay in Filing Return: Kerala HC dismisses Writ Petition [Read Order]")
PCIT u/s 119(2) (b) has no power to consider Merits of Claim while Condoning Delay in Filing Return: Kerala HC dismisses Writ Petition [Read Order]
The Kerala High Court while dismissing the writ petition has held that Principal Commissioner of Income Tax (PCIT) under section 119(2) (b) of the...
![Unsold flats categorized as Stock in Trade should be assessed as Business Income, not Income from House Property: ITAT quashes Revision Order [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/11/Unsold-flats-Stock-in-Trade-should-be-assessed-as-Business-Income-Income-House-Property-ITAT-Revision-Order-TAXSCAN.jpg "Unsold flats categorized as Stock in Trade should be assessed as Business Income, not Income from House Property: ITAT quashes Revision Order [Read Order]")
![ITAT Deletes Addition against Volkswagen on Account of Government Grants [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/11/ITAT-Deletes-Addition-Volkswagen-Account-of-Government-Grants-taxscan.jpg "ITAT Deletes Addition against Volkswagen on Account of Government Grants [Read Order]")
![Acceptance of ITR without Adequate and Sufficient Enquiry by AO: ITAT upholds Revision order u/s 263 of Income Tax Act [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/11/Acceptance-of-ITR-Income-Tax-Returns-Adequate-and-Sufficient-Enquiry-by-AO-ITAT-upholds-Revision-order-Revision-order-Income-Tax-Act-Income-Tax-ITAT-ITAT-News-TAXSCAN.jpg "Acceptance of ITR without Adequate and Sufficient Enquiry by AO: ITAT upholds Revision order u/s 263 of Income Tax Act [Read Order]")
![No Revision Order can be passed on issue raised by PCIT outside scope of Limited Scrutiny: ITAT allows assessee Appeal [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/10/No-Revision-Order-Passed-On-Issue-Raised-By-PCIT-Outside-Scope-Limited-Scrutiny-Allows-Assessee-Appeal-ITAT-Income-Tax-TAXSCAN.jpg "No Revision Order can be passed on issue raised by PCIT outside scope of Limited Scrutiny: ITAT allows assessee Appeal [Read Order]")
Income Tax Addition on Amount already Surrendered by Partnership Firm in Settlement Application accepted by Settlement Commission: ITAT Dismisses Appeal [Read Order]
The Ahmedabad Bench of Income tax Appellate Tribunal (ITAT) held that all income relating to entries noted in the diary stood disclosed by the partnership to and accepted by the settlement...
![Income Tax Addition on Amount already Surrendered by Partnership Firm in Settlement Application accepted by Settlement Commission: ITAT Dismisses Appeal [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/10/Income-Tax-Addition-Amount-Surrendered-Partnership-Firm-Settlement-Application-accepted-Settlement-Commission-ITAT-Dismisses-Appeal-TAXSCAN.jpg "Income Tax Addition on Amount already Surrendered by Partnership Firm in Settlement Application accepted by Settlement Commission: ITAT Dismisses Appeal [Read Order]")
Remand of Issue to AO for Re-adjudication by PCIT without Determining Profit Declared by Assessee is Erroneous: ITAT sets aside Revision Order u/s 263 of Income Tax Act [Supreme Court]
The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) held that that the PCIT has merely remitted the issue back to the file of the AO to redo the assessment without giving a finding that the...
![Remand of Issue to AO for Re-adjudication by PCIT without Determining Profit Declared by Assessee is Erroneous: ITAT sets aside Revision Order u/s 263 of Income Tax Act [Supreme Court]](https://www.taxscan.in/wp-content/uploads/2023/10/Remand-of-Issue-to-AO-for-Re-adjudication-PCIT-Determining-Profit-Declared-by-Assessee-Erroneous-ITAT-Income-tax-Income-tax-act-Revision-Order-under-section-263-of-income-tax-act-TAXSCAN.jpg "Remand of Issue to AO for Re-adjudication by PCIT without Determining Profit Declared by Assessee is Erroneous: ITAT sets aside Revision Order u/s 263 of Income Tax Act [Supreme Court]")
Failure of PCIT to Furnish Investigation Report or other Regulators in Respect of Scrips Dealt by the Assessee: ITAT quashes Revision Order [Read Order]
The Gauhati Bench of Income Tax Appellate Tribunal (ITAT) held that Principal Commissioner of Income Tax [PCIT] in his order has no where recorded about any investigation report or reports of other...
![Failure of PCIT to Furnish Investigation Report or other Regulators in Respect of Scrips Dealt by the Assessee: ITAT quashes Revision Order [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/10/Failure-of-PCIT-to-Furnish-Investigation-Report-Regulators-in-Respect-of-Scrips-Dealt-Assessee-ITAT-quashes-Revision-Order-TAXSCAN.jpg "Failure of PCIT to Furnish Investigation Report or other Regulators in Respect of Scrips Dealt by the Assessee: ITAT quashes Revision Order [Read Order]")
Consideration received on Termination of Call Option Agreement that Relinquishes Purchase of Shares is Transfer under Income Tax Act Taxable as Capital Gains: ITAT [Read Order]
The Chennai Bench of Income Tax Appellate Tribunal (ITAT) held that according to the Income Tax Act, 1961 the consideration received upon terminating a call option agreement that foregoes the...
![Consideration received on Termination of Call Option Agreement that Relinquishes Purchase of Shares is Transfer under Income Tax Act Taxable as Capital Gains: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/10/Consideration-received-Termination-Call-Option-Agreement-Relinquishes-Purchase-of-Shares-Transfer-under-Income-Tax-Act-Taxable-Capital-Gains-ITAT-taxscan.jpg "Consideration received on Termination of Call Option Agreement that Relinquishes Purchase of Shares is Transfer under Income Tax Act Taxable as Capital Gains: ITAT [Read Order]")
Section 56(2)(vii)(b) of Income Tax Act Applies to "Individual" and "HUF" and not Company: ITAT quashes Revision Order [Read Order]
The Delhi Bench of Income Tax Appellate Tribunal (ITAT) held that the provision of section 56(2)(vii)(b) of the Income Tax Act and submitted that it applies to “individual” and “HUF” and not to a...
![Section 56(2)(vii)(b) of Income Tax Act Applies to Individual and HUF and not Company: ITAT quashes Revision Order [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/10/Income-Tax-Act-Individual-HUF-not-Company-ITAT-quashes-Revision-Order-taxscan.jpg "Section 56(2)(vii)(b) of Income Tax Act Applies to Individual and HUF and not Company: ITAT quashes Revision Order [Read Order]")
Genuineness of Source of Cash Deposit having Direct Relationship with Withdrawal cannot be Questioned without any Shred of Evidences Adverse to Assessment: ITAT sets aside Revisional Order
The Delhi Bench of Income Tax Appellate Tribunal (ITAT) held that source of cash deposit in the instant case is having direct relationship with the immediate withdrawal before such deposits and...
PCIT can't exercise revisionary jurisdiction u/s 263 where AO has taken a Plausible view of Evidences produced by Assessee: ITAT [Read Order]
The Kolkata bench of the Income Tax Appellate Tribunal (ITAT) held that the Principal Commissioner of Income Tax (PCIT) cannot exercise the revisionary jurisdiction under Section 263 of the Income...
![PCIT cant exercise revisionary jurisdiction u/s 263 where AO has taken a Plausible view of Evidences produced by Assessee: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/revisionary-jurisdiction-Evidences-produced-by-Assessee-ITAT-PCIT-taxscan.jpg "PCIT cant exercise revisionary jurisdiction u/s 263 where AO has taken a Plausible view of Evidences produced by Assessee: ITAT [Read Order]")