![Revisional Power u/s 263 of Income Tax Act cannot be used to Reopen Assessment: ITAT allows Appeal [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/04/Revisional-Power-Income-Tax-Act-Reopen-Assessment-ITAT-Assessment-appeal-taxscan.jpg "Revisional Power u/s 263 of Income Tax Act cannot be used to Reopen Assessment: ITAT allows Appeal [Read Order]")
Revisional Power u/s 263 of Income Tax Act cannot be used to Reopen Assessment: ITAT allows Appeal [Read Order]
The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has recently held that revisional power under Section 263 of the Income Tax Act, 1961...
![Payment to Minors and Unregistered Firms by Co-operative Bank violative of S. 194A: ITAT Upholds Disallowance [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/04/Payment-to-Minors-Payment-Unregistered-Firms-Minors-Co-operative-Bank-ITAT-Disallowance-taxscan.jpg "Payment to Minors and Unregistered Firms by Co-operative Bank violative of S. 194A: ITAT Upholds Disallowance [Read Order]")
![Search Conducted within 6 Preceding Years of Relevant AY: ITAT Upholds Income Tax Proceedings u/s 153C [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/03/Negligent-Attitude-Income-Tax-proceedings-ITAT-Assessee-Taxscan.jpg "Search Conducted within 6 Preceding Years of Relevant AY: ITAT Upholds Income Tax Proceedings u/s 153C [Read Order]")
![Statement Recorded u/s 133A of the Act without Considering Documents and Evidence produced: ITAT directs de novo Adjudication [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/04/Statement-Recorded-Act-Considering-Documents-Evidence-ITAT-Adjudication-TAXSCAN.jpg "Statement Recorded u/s 133A of the Act without Considering Documents and Evidence produced: ITAT directs de novo Adjudication [Read Order]")
![Addition u/s 68 is Beyond Jurisdiction of Assessing Officer as Turnover already reflected in books of the Assessee: ITAT quashes addition [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/04/Jurisdiction-Assessing-Officer-Turnover-books-of-the-Assessee-Jurisdiction-of-Assessing-Officer-ITAT-taxscan.jpeg "Addition u/s 68 is Beyond Jurisdiction of Assessing Officer as Turnover already reflected in books of the Assessee: ITAT quashes addition [Read Order]")
Firm Not Taxable for Interest on Borrowed Capital paid to Partners when the same is Already Taxed from Partners u/s 28(v): ITAT [Read Order]
The Bangalore bench of income tax appellate tribunal has recently held that a firm is not taxable for interest on borrowed capital paid to partners when the same is already taxed from partners under...
![Firm Not Taxable for Interest on Borrowed Capital paid to Partners when the same is Already Taxed from Partners u/s 28(v): ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/04/Taxable-Interest-Capital-paid-Taxed-ITAT-TAXSCAN.jpg "Firm Not Taxable for Interest on Borrowed Capital paid to Partners when the same is Already Taxed from Partners u/s 28(v): ITAT [Read Order]")
SOP should be followed in Faceless Assessment: Calcutta HC quashes Assessment Order holding as Classic Example as to how Assessment should not be Made
The Calcutta High Court quashed an assessment order holding as classic example as to how assessment should not be made and observed that Standard Operating Procedure (SOP) should be followed in...
Bombay HC quashes Notice issued u/s 148 Without jurisdiction against Lakshdeep Investments & Finance [Read Order]
In a significant case of Lakshdeep Investments & Finance Pvt. Ltd., the Bombay High Court (HC) has quashed the reassessment notice under section 148 of the Income Tax Act, 1961 which was issued...
![Bombay HC quashes Notice issued u/s 148 Without jurisdiction against Lakshdeep Investments & Finance [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/03/Bombay-HC-Noticet-jurisdiction-Lakshdweep-Investments-Finance-TAXSCAN.jpg "Bombay HC quashes Notice issued u/s 148 Without jurisdiction against Lakshdeep Investments & Finance [Read Order]")
![ITAT Quashes Re-Assessment Order against BSNL [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/03/ITAT-Re-Assessment-BSNL-Re-Assessment-Order-Income-Tax-Tax-Taxscan.jpg "ITAT Quashes Re-Assessment Order against BSNL [Read Order]")
Assessment Order passed before Submission of Documents by Assessee is a Gross Violation of Natural Justice Principle: Madras HC [Read Order]
In a recent judgement, the Madras High Court (HC) held that the assessment order passed before the submission of documents by the assessee is a gross violation of the natural justice principle. ...
![Assessment Order passed before Submission of Documents by Assessee is a Gross Violation of Natural Justice Principle: Madras HC [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/03/Assessment-Order-Submission-of-Documents-Gross-Violation-of-Natural-Justice-Principle-Madras-Highcourt-taxscan.jpg "Assessment Order passed before Submission of Documents by Assessee is a Gross Violation of Natural Justice Principle: Madras HC [Read Order]")
Income from Sale of Residential Flats obtained under Joint Development Agreement Taxable as Capital Gain, Not Business Income: ITAT [Read Order]
The Bangalore Income Tax Appellate Tribunal (ITAT) has recently held that income from sale of residential flats obtained under the joint development agreement taxable as capital gain hence it was not...
![Income from Sale of Residential Flats obtained under Joint Development Agreement Taxable as Capital Gain, Not Business Income: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/03/Income-from-Sale-of-Residential-Flats-Sale-of-Residential-Flats-Joint-Development-Agreement-Capital-Gain-Business-Income-Income-ITAT-taxscan.jpg "Income from Sale of Residential Flats obtained under Joint Development Agreement Taxable as Capital Gain, Not Business Income: ITAT [Read Order]")
High-Pitched Assessment by Income Tax Dept with unusual determination of Rate of Gross Profit: Delhi High Court directs Re-Adjudication [Read Order]
The Delhi High Court (HC) directed to re-adjudicate the high pitched assessment by income tax department with unusual determination of rate of gross profit. This writ petition is directed against...
![High-Pitched Assessment by Income Tax Dept with unusual determination of Rate of Gross Profit: Delhi High Court directs Re-Adjudication [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/03/Assessment-Income-Tax-Dept-Rate-of-Gross-Profit-Delhi-High-Court-Re-Adjudication-TAXSCAN.jpg "High-Pitched Assessment by Income Tax Dept with unusual determination of Rate of Gross Profit: Delhi High Court directs Re-Adjudication [Read Order]")