Annual Digest 2024: Supreme Court and High Court Cases on Taxation [Part 22]
This annual round-up analytically summarizes the key Direct and Indirect Tax Judgments of the Supreme Court and all High Courts of India reported at...
![ITAT sets aside PCIT’s Revision, Approves Additional Depreciation claim under Section 32(1)(iia) and Stamp Duty Deduction under Section 35DD [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/12/ITAT-ITAT-Ahmedabad-ITAT-Sets-Aside-PCITs-Revision-Principal-Commissioner-of-Income-Tax-Approves-Additional-Depreciation-taxscan.jpg "ITAT sets aside PCIT’s Revision, Approves Additional Depreciation claim under Section 32(1)(iia) and Stamp Duty Deduction under Section 35DD [Read Order]")
![Section 80P Inserted to Encourage Growth of Co-Operative Societies: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/10/ITAT-Income-Tax-Appellate-Tribunal-ITAT-AHMEDABAD-Section-80P-cooperative-societies-growth-of-cooperative-societies-TAXSCAN.jpg "Section 80P Inserted to Encourage Growth of Co-Operative Societies: ITAT [Read Order]")
![ITAT Invalidates PCITs Hasty Revision u/s 263 and Remands Case for Fresh Hearing [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/10/ITAT-Income-Tax-Income-Tax-Appellate-Tribunal-Hasty-revision-under-Section-263-TAXSCAN.jpg "ITAT Invalidates PCITs Hasty Revision u/s 263 and Remands Case for Fresh Hearing [Read Order]")
Delhi HC upholds CIT's Decision to Revise Assessment Due to AO's Failure to Verify Dishonored Cheques [Read Order]
In the recent ruling, the Delhi High Court ,upheld the decision of the Principal Commissioner of Income Tax ( CIT ) to revise the assessment due to the Assessing Officer's ( AO ) failure to verify...
![Delhi HC upholds CITs Decision to Revise Assessment Due to AOs Failure to Verify Dishonored Cheques [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/10/Income-Tax-Delhi-High-Court-AO-failure-cheques-case-TAXSCAN.jpeg "Delhi HC upholds CITs Decision to Revise Assessment Due to AOs Failure to Verify Dishonored Cheques [Read Order]")
Rule 11UA Allows 10% Tolerance Limit for Differences Between Issue Price and FMV, No Additions Required u/s 56(2)(viib): ITAT
The Chennai bench of Income Tax Appellate Tribunal ( ITAT ) ruled that no addition was required under Section 56(2)(viib) of the Income Tax, 1961 if the difference between the issue price and Fair...
Delhi HC upholds Section 14A Disallowance in rejection of Retrospective Application of 2022 Amendment [Read Order]
In a recent ruling, the Delhi High Court dismissed the appeals and denied the retrospective application of the amendment made to the Finance Act, 2022. In this case, the two appeals have been...
![S.263 of Income Tax Act Not to be invoked without Justifiable Reasons: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/09/Income-Tax-ITAT-ITAT-Ahmedabad-Income-Tax-Act-TAXSCAN.webp "S.263 of Income Tax Act Not to be invoked without Justifiable Reasons: ITAT [Read Order]")
Non-Application of Mind to Law and Facts: Bombay HC nullifies PCIT Sanction, Notice and Income Tax Reassessment Order [Read Order]
In a recent ruling, the Bombay High Court quashed the reassessment proceedings initiated against The Saraswat Co-operative Bank Ltd.,for the non-application of mind to both facts and law by the...
![Non-Application of Mind to Law and Facts: Bombay HC nullifies PCIT Sanction, Notice and Income Tax Reassessment Order [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/09/Income-Tax-Income-Tax-Reassessment-Co-operative-Banks-Reassessment-Notice-TAXSCAN.jpg "Non-Application of Mind to Law and Facts: Bombay HC nullifies PCIT Sanction, Notice and Income Tax Reassessment Order [Read Order]")
Low Tax effect but exceptional Income Tax case: Karnataka HC allows revival of appeal by dept. [Read Order]
The Karnataka High Court has dismissed an Income Tax appeal filed by the Principal Commissioner of Income Tax due to the tax effect being below the Rs.1 Crore threshold. However, the court left the...
![Low Tax effect but exceptional Income Tax case: Karnataka HC allows revival of appeal by dept. [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/08/Karnataka-High-Court-CBDT-CBDT-Circular-Income-Tax-Revival-of-Income-Tax-appeals-Principal-Commissioner-of-Income-Tax-taxscan.jpg "Low Tax effect but exceptional Income Tax case: Karnataka HC allows revival of appeal by dept. [Read Order]")