![Section 50C(1) of Income Tax Act is Retrospective in Nature: ITAT directs AO to Calculate Capital Gain [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/Income-Tax-Retrospective-Nature-ITAT-Directs-AO-Calculate-Capital-Gain-taxscan.jpg "Section 50C(1) of Income Tax Act is Retrospective in Nature: ITAT directs AO to Calculate Capital Gain [Read Order]")
Section 50C(1) of Income Tax Act is Retrospective in Nature: ITAT directs AO to Calculate Capital Gain [Read Order]
The Hyderabad Bench of Income Tax Appellate Tribunal (ITAT) held that the amended provisions of section 50C(1) of the Income Tax Act is retrospective...
![Failure to appear Before CIT(A) in spite of sending six notices: ITAT imposes Cost of ₹5,500 on Assessee [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/Failure-Failure-to-appear-Before-CITA-in-spite-of-sending-six-notices-CITA-notices-taxscan.jpg "Failure to appear Before CIT(A) in spite of sending six notices: ITAT imposes Cost of ₹5,500 on Assessee [Read Order]")
![Depreciation of 15% allowable on Electrical Fittings installed at factory premises: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/Depreciation-allowable-Electrical-Fittings-installed-factory-premises-ITAT-Assessing-Officer-allowed-of-claim-of-higher-depreciation-taxscan.jpg "Depreciation of 15% allowable on Electrical Fittings installed at factory premises: ITAT [Read Order]")
![Reopening of Assessment is Illegal since the Escaped Income forming Reason to Believe is not Assessed: ITAT quashes Re-Assessment Order [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/Reopening-Assessment-Illegal-Income-Believe-not-Assessed-ITAT-quashes-Re-Assessment-Order-taxscan.jpg "Reopening of Assessment is Illegal since the Escaped Income forming Reason to Believe is not Assessed: ITAT quashes Re-Assessment Order [Read Order]")
![Escapement Of Income not Reflected and Material Facts truly and Fully discussed at the time of Original Assessment: ITAT Sets aside Reopening after 4 years [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/Escapement-Of-Income-not-Reflected-and-Material-Facts-truly-and-Fully-discussed-time-of-Original-Assessment-ITAT-Reopening-TAXSCAN.jpg "Escapement Of Income not Reflected and Material Facts truly and Fully discussed at the time of Original Assessment: ITAT Sets aside Reopening after 4 years [Read Order]")
Application of Section 147 of Income Tax Act by AO having Tangible Material in Possession indicating Escapement of Income Chargeable to Tax is Valid: ITAT [Read Order]
The Delhi Bench of Income Tax Appellate Tribunal (ITAT) has held that the application of Section 147 of the Income Tax Act 1961, by an Assessing Officer (AO) having tangible material in possession...
![Application of Section 147 of Income Tax Act by AO having Tangible Material in Possession indicating Escapement of Income Chargeable to Tax is Valid: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/Application-Income-Tax-Act-AO-Tangible-Material-Possession-Escapement-Income-Chargeable-Tax-Valid-ITAT-TAXSCAN.jpg "Application of Section 147 of Income Tax Act by AO having Tangible Material in Possession indicating Escapement of Income Chargeable to Tax is Valid: ITAT [Read Order]")
Books of account being audited and no pointing out of defect before initiation of proceedings u/s 147 proves findings by AO was based on wrong assumption of facts: ITAT [Read Order]
The Ahmedabad bench of the Income Tax Appellate Tribunal (ITAT) held that proceedings under Section 147 of the Income Tax Act being initiated by AO was on wrong assumption of facts, thus not...
![Books of account being audited and no pointing out of defect before initiation of proceedings u/s 147 proves findings by AO was based on wrong assumption of facts: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/Books-of-account-being-audited-and-pointing-out-of-defect-before-initiation-of-proceedings-findings-by-AO-wrong-assumption-of-facts-ITAT-TAXSCAN.jpg "Books of account being audited and no pointing out of defect before initiation of proceedings u/s 147 proves findings by AO was based on wrong assumption of facts: ITAT [Read Order]")
Sufficiency or Correctness of Material need not be Considered at the Stage of Recording Reasons: ITAT upholds Reassessment u/s 147 of Income Tax Act [Read Order]
The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) has upheld the reassessment under Section 147 of the Income Tax Act 1961, as the sufficiency or correctness of material need not be considered...
![Sufficiency or Correctness of Material need not be Considered at the Stage of Recording Reasons: ITAT upholds Reassessment u/s 147 of Income Tax Act [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/Sufficiency-Sufficiency-or-Correctness-of-Material-Sufficiency-or-Correctness-of-Material-need-not-be-Considered-at-the-Stage-of-Recording-Reasons-ITAT-taxscan.jpg "Sufficiency or Correctness of Material need not be Considered at the Stage of Recording Reasons: ITAT upholds Reassessment u/s 147 of Income Tax Act [Read Order]")
Supreme Court Validates Retrospective Repeal of S.144B(9) of Income Tax Act, upholds Allahabad HC's Decision to Refer Case to Assessing Authority for Proper Hearing [Read Order]
In a significant judgment concerning the Constitutionality of retrospective repeal of Section 144-B(9) of the Income Tax Act, the Supreme Court bench of Justice B.V. Nagarathna and Justice Ujjal...
Request of 10-days Adjournment to file SCN Response not Considered by Income Tax Dept: Delhi HC sets aside Assessment Order [Read Order]
The Delhi High Court invalidated the assessment order made by the Income Tax authorities, neglecting the request to postpone the response to the Show Cause Notice (SCN) and passed the order violating...
![Request of 10-days Adjournment to file SCN Response not Considered by Income Tax Dept: Delhi HC sets aside Assessment Order [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/Request-Adjournment-SCN-Response-SCN-Income-Tax-Dept-Delhi-High-Court-Assessment-Order-taxscan.jpg "Request of 10-days Adjournment to file SCN Response not Considered by Income Tax Dept: Delhi HC sets aside Assessment Order [Read Order]")
Unsecured Loans and Share Application Money cannot be Bogus in the Absence of Evidence as to Identity and Creditworthiness of Creditors and Genuineness of Transaction: ITAT [Read Order]
The Kolkata Bench of Income Tax Appellate Tribunal (ITAT) has held that the unsecured loans and share application money could not be bogus in the absence of evidence as to identity and...
![Unsecured Loans and Share Application Money cannot be Bogus in the Absence of Evidence as to Identity and Creditworthiness of Creditors and Genuineness of Transaction: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/Loans-Share-Application-Money-Bogus-Absence-Evidence-Identity-Creditworthiness-Creditors-Genuineness-Transaction-ITAT-TAXSCAN.jpg "Unsecured Loans and Share Application Money cannot be Bogus in the Absence of Evidence as to Identity and Creditworthiness of Creditors and Genuineness of Transaction: ITAT [Read Order]")
