![Act of AO Prejudicial to Interests of Revenue: ITAT upholds Revision Order of PCIT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/Act-AO-Prejudicial-Interests-Revenue-ITAT-Revision-PCIT-TAXSCAN-1.jpg "Act of AO Prejudicial to Interests of Revenue: ITAT upholds Revision Order of PCIT [Read Order]")
Act of AO Prejudicial to Interests of Revenue: ITAT upholds Revision Order of PCIT [Read Order]
The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) held that the act of the assessing officer is prejudicial to the interests of revenue,...
![Order passed by AO in Absence of Proper Inquiry shall be liable to Revision u/s 263 of Income Tax Act: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/Order-AO-Proper-Inquiry-Order-passed-by-AO-in-Absence-of-Proper-Inquiry-Revision-taxscan.jpg "Order passed by AO in Absence of Proper Inquiry shall be liable to Revision u/s 263 of Income Tax Act: ITAT [Read Order]")
![Tax Calculation Error in Form No 5 issued by PCIT cannot be Rectified by AO invoking Provision of Section 154 of Income Tax Act: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/Tax-Calculation-PCIT-AO-invoking-Provision-Income-Tax-Act-ITAT-TAXSCAN.jpeg "Tax Calculation Error in Form No 5 issued by PCIT cannot be Rectified by AO invoking Provision of Section 154 of Income Tax Act: ITAT [Read Order]")
![Income from Sale of land assessable under Capital Gains and not Business Income: ITAT allows Deduction u/s 54 of income Tax Act [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/Income-sale-land-assessable-Capital-gains-business-Income-ITAT-deduction-income-Tax-Act-TAXSCAN.jpg "Income from Sale of land assessable under Capital Gains and not Business Income: ITAT allows Deduction u/s 54 of income Tax Act [Read Order]")
![Imposition of Penalty u/s 271(1) of Income Tax Act cant be made without Proper Record of Satisfaction: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/Imposition-Penalty-Imposition-of-Penalty-Income-Tax-Act-ITAT.jpg "Imposition of Penalty u/s 271(1) of Income Tax Act cant be made without Proper Record of Satisfaction: ITAT [Read Order]")
Excess Stocks should Represent Income from Undisclosed Sources: Orissa HC Dismisses Appeal by Income Tax Department [Read Order]
In a significant ruling the Orissa High Court, dismissed an appeal filed by the Income Tax Department and observed that excess stocks should represent income from undisclosed sources. The Counsel...
![Excess Stocks should Represent Income from Undisclosed Sources: Orissa HC Dismisses Appeal by Income Tax Department [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/Excess-Stocks-Represent-Income-Undisclosed-Sources-Orissa-HC-Appeal-Income-Tax-Department-TAXSCAN.jpg "Excess Stocks should Represent Income from Undisclosed Sources: Orissa HC Dismisses Appeal by Income Tax Department [Read Order]")
![AO Must Verify Source of Cash Deposits Made During Demonetization Period: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/AO-Verify-Source-Cash-Deposits-Demonetization-Period-ITAT-taxscan.jpg "AO Must Verify Source of Cash Deposits Made During Demonetization Period: ITAT [Read Order]")
Value Fixed by Stamp Valuation Authority to be taken as Full Value of Consideration Calculating Capital Gains: Delhi HC Condemns Act of PCIT in Rubber Stamping Attempt of AO to Reopen Assessment
The Delhi High Court condemned act of Principal Commissioner of Income Tax (PCIT) in rubber stamping attempt of the Assessing Officer (AO) to reopen assessment and observed that the value fixed by...
AO rightly takes Approval from PCIT for Reassessment not Elapsed more than 3 years:Â Calcutta HC upholds addition [Read Order]
A Single Bench of the Calcutta High Court has held that the Assessing Officer (AO) rightly took the approval from the Principal Commissioner of Income Tax (PCCIT) for the reassessment elapsed more...
![AO rightly takes Approval from PCIT for Reassessment not Elapsed more than 3 years:Â Calcutta HC upholds addition [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/07/AO-Approval-Approval-from-PCIT-PCIT-PCIT-for-Reassessment-Reassessment-Elapsed-Calcutta-HC-upholds-addition-Calcutta-High-Court-addition-taxscan.jpg "AO rightly takes Approval from PCIT for Reassessment not Elapsed more than 3 years:Â Calcutta HC upholds addition [Read Order]")
Power of Attorney should be verified in Sale of an Inherent Property: ITAT sets aside the Assessment Order [Read Order]
The Chennai bench of the Income Tax Appellate Tribunal (ITAT) held that the power of attorney should be verified in the sale of an inherent property. The assessee is a housewife earning income...
![Power of Attorney should be verified in Sale of an Inherent Property: ITAT sets aside the Assessment Order [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/07/Power-Attorney-verified-Sale-Inherent-Property-ITAT-Assessment-Order-TAXSCAN.jpg "Power of Attorney should be verified in Sale of an Inherent Property: ITAT sets aside the Assessment Order [Read Order]")
PCIT wrongly invokes Revisionary Powers u/s 263 of IT Act on order issued by AO with Sufficient Enquiry: ITAT revives Assessment Order [Read Order]
The Chandigarh Bench of the Income Tax Appellate Tribunal (ITAT) recently revived the assessment order and held that it was not justified for the PCIT to invoke the revisionary powers under Section...
![PCIT wrongly invokes Revisionary Powers u/s 263 of IT Act on order issued by AO with Sufficient Enquiry: ITAT revives Assessment Order [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/06/Assessment-Order-PCIT-Revisionary-Powers-IT-Act-Income-Tax-AO-Sufficient-Enquiry-ITAT-taxscan.jpg "PCIT wrongly invokes Revisionary Powers u/s 263 of IT Act on order issued by AO with Sufficient Enquiry: ITAT revives Assessment Order [Read Order]")
Claim of Deduction on Freight Outward Expenses Allowable only on Submission of Actual Payment Details: ITAT [Read Order]
The Pune Bench of Income Tax Appellate Tribunal (ITAT) has held that claim of deduction on freight outward expenses would be allowable only on submission of actual payment details. The AO...
![Claim of Deduction on Freight Outward Expenses Allowable only on Submission of Actual Payment Details: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/05/Claim-of-Deduction-Deduction-Freight-Outward-Expenses-Expenses-Actual-Payment-Details-Submission-of-Actual-Payment-Details-ITAT-Income-Tax-taxscan.jpg "Claim of Deduction on Freight Outward Expenses Allowable only on Submission of Actual Payment Details: ITAT [Read Order]")