Budget 2024-25: FM proposes New Block Assessment Scheme for Search Cases
The Union Finance Minister Nirmala Sitharaman while presenting her seventh straight budget on 23rd July 2024 introduced a notable relief to taxpayers...
![ITAT allows Deduction u/s 54 of Income Tax Act for Investment made in New Residential Property [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/07/ITAT-ITAT-Ahmedabad-Income-Tax-Income-Tax-Act-Section-54-Income-Tax-Act-New-Residential-Property-taxscan.jpg "ITAT allows Deduction u/s 54 of Income Tax Act for Investment made in New Residential Property [Read Order]")
![Taxpayer provides proper explanation and Documentary Evidence for Agricultural Income: ITAT deletes addition of Rs.16.4 Lakhs [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/07/tax-news-taxpayer-agriculture-income-itat-itat-news-Income-Tax-Appellate-Tribunal-explanation-and-Documentary-Evidence-for-Agricultural-Income-TAXSCAN.jpg "Taxpayer provides proper explanation and Documentary Evidence for Agricultural Income: ITAT deletes addition of Rs.16.4 Lakhs [Read Order]")
![Auction based on quashed Exparte ITAT Order: Punjab & Haryana HC imposes Cost on Income Tax Authorities [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/06/ITAT-Punjab-and-Haryana-High-Court-Income-Tax-Tax-news-taxscan.jpg "Auction based on quashed Exparte ITAT Order: Punjab & Haryana HC imposes Cost on Income Tax Authorities [Read Order]")
![Income Tax Faceless Assessment Provision Violation: Madhya Pradesh HC halts passing Final Orders, Lists case on 1st July [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/06/Income-Tax-Faceless-Assessment-Income-Tax-Madhya-Pradesh-High-Court-taxscan.jpg "Income Tax Faceless Assessment Provision Violation: Madhya Pradesh HC halts passing Final Orders, Lists case on 1st July [Read Order]")
AO fails to verify Genuineness of Credible Information before issuing Notice: ITAT quashes Notice u/s 148 of Income Tax Act [Read Order]
The Kolkata bench of the Income Tax Appellate Tribunal ( ITAT ) quashed the notice issued under Section 148 of the Income Tax Act, 1961 as the Assessing Officer failed to verify the genuineness of...
![AO fails to verify Genuineness of Credible Information before issuing Notice: ITAT quashes Notice u/s 148 of Income Tax Act [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/06/ITAT-Kolkatha-ITAT-quashed-the-notice-issued-under-Section-148-of-the-ITA-AO-Fails-to-verify-Genuineness-taxscan.jpg "AO fails to verify Genuineness of Credible Information before issuing Notice: ITAT quashes Notice u/s 148 of Income Tax Act [Read Order]")
AO fails to issue notice u/s 148 of Income Tax Act against all Legal Heirs, Issues only against Deceased: ITAT deletes Addition [Read Order]
The Hyderabad bench of the Income Tax Appellate Tribunal ( ITAT ) deleted the addition on grounds that the Assessing Officer ( AO ) failed to issue a notice under Section 148 of the Income Tax Act,...
![AO fails to issue notice u/s 148 of Income Tax Act against all Legal Heirs, Issues only against Deceased: ITAT deletes Addition [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/05/ITAT-income-tax-acts-Legal-heir-registrations-Legal-heirs-Assessing-officer-TAXSCAN.png "AO fails to issue notice u/s 148 of Income Tax Act against all Legal Heirs, Issues only against Deceased: ITAT deletes Addition [Read Order]")
AO cannot Traverse beyond its Mandate to Assume Jurisdiction u/s 147 of Income Tax Act: Delhi HC [Read Order]
The Delhi High Court recently held that the Assessing Officer cannot traverse beyond its mandate to assume jurisdiction under Section147 of the Income Tax Act, 1961. The present writ petition has...
![AO cannot Traverse beyond its Mandate to Assume Jurisdiction u/s 147 of Income Tax Act: Delhi HC [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/05/Delhi-High-Court-Section147-of-the-Income-Tax-Act-Tax-news-Taxscan.jpg "AO cannot Traverse beyond its Mandate to Assume Jurisdiction u/s 147 of Income Tax Act: Delhi HC [Read Order]")
Reassessment Proceedings of already concluded Reassessment: Delhi HC quashes order passed u/s 148(A)(d) of Income Tax Act [Read Order]
In a significant case, the Delhi High Court quashed the order passed under Section 148(A)(d) of Income Tax Act and observed that the reassessment proceedings of the assessment year 2015-16 had...
![Reassessment Proceedings of already concluded Reassessment: Delhi HC quashes order passed u/s 148(A)(d) of Income Tax Act [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/05/Reassessment-Proceedings-Reassessment-Delhi-HC-order-Income-Tax-Act-taxscan.jpg "Reassessment Proceedings of already concluded Reassessment: Delhi HC quashes order passed u/s 148(A)(d) of Income Tax Act [Read Order]")
Kerala HC Directs to remit 15% total demand as per assessment order within period of one week [Read Order]
In a significant case the Kerala high court directed to remit 15 % of total demand as per the assessment order within a period of one week. In this case the petitioner Diana Peter Alias Diana...
Labor Expenses Capitalised in Land value, No Deduction claimed in P & L Account: ITAT deletes Addition of 1.74 crore [Read Order]
The Ahmedabad bench of the Income Tax Appellate Tribunal ( ITAT ) deleted the addition of 1.74 crore after finding that labor expenses capitalized in land value did not warrant deduction claimed in...
![Labor Expenses Capitalised in Land value, No Deduction claimed in P & L Account: ITAT deletes Addition of 1.74 crore [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/04/Labor-Expenses-Capitalised-Land-value-No-Deduction-claimed-in-P-L-Account-ITAT-taxscan.jpg "Labor Expenses Capitalised in Land value, No Deduction claimed in P & L Account: ITAT deletes Addition of 1.74 crore [Read Order]")
Sale Proceeds of Shares Properly Explained Through Documentary Evidence: ITAT Deletes Addition of 39.7 Lakhs [Read Order]
The Ahmedabad bench of the Income Tax Appellate Tribunal ( ITAT ) deleted the addition of 39.7 Lakhs after the proper explanation of sale proceeds of shares through documentary evidence. The...
![Sale Proceeds of Shares Properly Explained Through Documentary Evidence: ITAT Deletes Addition of 39.7 Lakhs [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/04/Sale-Proceeds-of-Shares-Documentary-Evidence-ITAT-Addition-taxscan.webp "Sale Proceeds of Shares Properly Explained Through Documentary Evidence: ITAT Deletes Addition of 39.7 Lakhs [Read Order]")