Read all Latest Updates on and about Section 147 of the Income Tax Act

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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...

No Jurisdiction vested with Jurisdictional Officer u/s 151A of Income Tax Act: Himachal Pradesh HC...

AO cannot issue Reassessment Notice: ITAT quashes Order u/s 147 of Income Tax Act [Read Order]

Hardship allowances Received From Housing Developers to Compensate Dispossession are Non Taxable:...

Income Tax Deposit already made under IDS: Bombay HC directs Dept to Issue Certificates [Read Order]

Lack of Adverse observations by AO: ITAT allows long-term Capital Gain Exemption [Read Order]

The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) recently ruled in favor of an Assessee whose long-term capital gains exemption was disallowed by the Assessing Officer on the basis of...

Income Tax Reassessment Initiation must be Evaluated Separately from AO's Post-Reopening Powers: Delhi HC [Read Order]

The Delhi High Court ruled that the validity of the initiation of reassessment under Sections 147 and 148 of the Income Tax Act must be evaluated independently, and should not be conflated with the...

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 as tax authorities can no longer reopen income...

Budget 2024 - FM proposes New Block Assessment Scheme for Search Cases - TAXSCAN

ITAT allows Deduction u/s 54 of Income Tax Act for Investment made in New Residential Property [Read Order]

The Ahmedabad Bench of Income Tax Appellate Tribunal ( ITAT ) allowed the claim for tax deduction under Section 54 of the Income Tax Act, 1961, for an investment in a new residential property. The...

Taxpayer provides proper explanation and Documentary Evidence for Agricultural Income: ITAT deletes addition of Rs.16.4 Lakhs [Read Order]

The Delhi bench of the Income Tax Appellate Tribunal (ITAT) deleted the addition of Rs.16.4 lakhs after the taxpayer provided a proper explanation and documentary evidence for their agricultural...

Auction based on quashed Exparte ITAT Order: Punjab & Haryana HC imposes Cost on Income Tax Authorities [Read Order]

The Punjab and Haryana High Court has held that the auction proceedings based on a quashed ex-parte income tax appellate tribunal ( ITAT ) order by the tax recovery officer are void ab initio. M/s...

Income Tax Faceless Assessment Provision Violation: Madhya Pradesh HC halts passing Final Orders, Lists case on 1st July [Read Order]

The Madhya Pradesh High Court has put a halt on the passing of final orders in a case concerning the violation of provisions related to Income Tax Faceless Assessment, with the case scheduled for...

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