![Legitimacy of Income Not Established when Investment made from Share Premium Without Noticeable Business Activity: Calcutta HC [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/05/Calcutta-high-court-Business-activity-and-share-premium-investment-business-activities-TAXSCAN.jpg "Legitimacy of Income Not Established when Investment made from Share Premium Without Noticeable Business Activity: Calcutta HC [Read Order]")
Legitimacy of Income Not Established when Investment made from Share Premium Without Noticeable Business Activity: Calcutta HC [Read Order]
The Calcutta High Court observed that the legitimacy of income not established when investment made from share premium without noticeable business...
![No Additions Proposed in Income Tax Assessment Order: Madras HC quashes Demand in Computation Sheet and Notice [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/05/Income-Tax-Assessment-Order-Madras-HC-Computation-Sheet-Notice-taxscan.jpg "No Additions Proposed in Income Tax Assessment Order: Madras HC quashes Demand in Computation Sheet and Notice [Read Order]")
![ITAT Directs AO to Scrutinize Purchase of Shares After Assessee Fails to Produce Documents [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/04/ITAT-AO-to-Scrutinize-Purchase-of-Shares-Produce-Documents-TAXSCAN.jpg "ITAT Directs AO to Scrutinize Purchase of Shares After Assessee Fails to Produce Documents [Read Order]")
![Failure to File Audit Report in Form 10CCB before ITR filing due date: ITAT disallows Deduction Claim u/s 80IC [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/03/Failure-File-Audit-Report-Form-10CCB-ITR-filing-due-date-ITAT-Deduction-Claim-taxscan.jpg "Failure to File Audit Report in Form 10CCB before ITR filing due date: ITAT disallows Deduction Claim u/s 80IC [Read Order]")
![Appending phrase Yes by PCIT is not valid approval u/s 151 of Income Tax Act: Delhi HC [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/03/Appending-PCIT-approval-Income-Tax-Act-Delhi-HC-taxscan-1.jpg "Appending phrase Yes by PCIT is not valid approval u/s 151 of Income Tax Act: Delhi HC [Read Order]")
Annual Letting Value of Unsold Flats cannot be added under section 22 of Income Tax Act: ITAT [Read Order]
The Mumbai bench of the Income Tax Appellate Tribunal ( ITAT ) has held that the annual letting value of unsold flats cannot be added under section 22 of Income Tax Act, 1961. The Tribunal directed...
![Annual Letting Value of Unsold Flats cannot be added under section 22 of Income Tax Act: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/02/ITAT-Mumbai-Income-Tax-ITAT-Unsold-flats-taxation-Annual-letting-value-ALV-of-unsold-flats-taxscan.jpg "Annual Letting Value of Unsold Flats cannot be added under section 22 of Income Tax Act: ITAT [Read Order]")
Delay in payment of employees’ contribution of ESI & PF to Government: ITAT upholds Disallowance [Read Order]
The Income Tax Appellate Tribunal (ITAT) Bangalore bench observed that the assessee was delayed in the payment of employees' contribution to ESI and Provident Fund. Consequently, the bench upheld the...
![Delay in payment of employees’ contribution of ESI & PF to Government: ITAT upholds Disallowance [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/01/Delay-payment-employees-contribution-ESI-PF-Government-ITAT-Disallowance-TAXSCAN.jpg "Delay in payment of employees’ contribution of ESI & PF to Government: ITAT upholds Disallowance [Read Order]")
Co-operative society receives/earns Interest on deposits with Co-operative bank is eligible for claim of Deduction u/s 80(2)(d): ITAT [Read Order]
The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) held that the co-operative society receives/earns the interest on deposits with the co-operative bank is eligible for claim of deduction...
![Co-operative society receives/earns Interest on deposits with Co-operative bank is eligible for claim of Deduction u/s 80(2)(d): ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/11/Co-operative-society-Interest-deposits-Co-operative-bank-claim-of-Deduction-taxscan.jpg "Co-operative society receives/earns Interest on deposits with Co-operative bank is eligible for claim of Deduction u/s 80(2)(d): ITAT [Read Order]")
Employee’s contribution to PF & ESIC shall not be allowed deduction when Deposited belatedly after Due date and before filling ITR: ITAT [Read Order]
The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) held that the employee’s contribution to Provident Fund (PF) and Employee State Insurance Corporation (ESIC) shall not be allowed...
![Employee’s contribution to PF & ESIC shall not be allowed deduction when Deposited belatedly after Due date and before filling ITR: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/11/Employees-contribution-PF-ESIC-Employees-contribution-to-PF-ESIC-deduction-taxscan.jpg "Employee’s contribution to PF & ESIC shall not be allowed deduction when Deposited belatedly after Due date and before filling ITR: ITAT [Read Order]")
Files Return of Income Belatedly without filing Form No.10B to claim deduction u/s 11 or 12 of Income Tax Act: ITAT directs Re-adjudication in respect of Condonation Petition [Read Order]
The Income Tax Appellate Tribunal (ITAT), Chennai bench directed readjudication in respect of condonation petition filed for belatedly filed return of income without filing Form No.10B to caim...
![Files Return of Income Belatedly without filing Form No.10B to claim deduction u/s 11 or 12 of Income Tax Act: ITAT directs Re-adjudication in respect of Condonation Petition [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/11/Re-adjudication-ITAT-Income-Tax-News-Income-Tax-Tax-News-condonation-directs-re-adjudication-Return-of-Income-Belatedly-TAXSCAN.jpg "Files Return of Income Belatedly without filing Form No.10B to claim deduction u/s 11 or 12 of Income Tax Act: ITAT directs Re-adjudication in respect of Condonation Petition [Read Order]")
![ITAT Quashes Assessment order framed in the name of deceased assessee [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/10/ITAT-Assessment-order-ITAT-Quashes-Assessment-order-deceased-assessee-taxscan.jpg "ITAT Quashes Assessment order framed in the name of deceased assessee [Read Order]")
Profit from Twin land transactions Taxable under Business Income, not Capital Income: ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT), Pune bench held that income from twin land transactions is taxable under Business Income, not Capital Income. The assessee, Vasant Haribhau's assessment...
![Profit from Twin land transactions Taxable under Business Income, not Capital Income: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/10/Profit-Twin-land-transactions-Taxable-Business-Income-not-Capital-Income-ITAT-TAXSCAN-1.jpg "Profit from Twin land transactions Taxable under Business Income, not Capital Income: ITAT [Read Order]")