![ITAT denies Exemption u/s 10(38) for LTCG on Share Sale, Citing alleged Conversion of Unaccounted Money [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/09/ITAT-ITAT-Ahmedabad-Capital-gain-LTCG-long-term-capital-gains-ITAT-Denies-Exemption-taxscan.jpg "ITAT denies Exemption u/s 10(38) for LTCG on Share Sale, Citing alleged Conversion of Unaccounted Money [Read Order]")
ITAT denies Exemption u/s 10(38) for LTCG on Share Sale, Citing alleged Conversion of Unaccounted Money [Read Order]
The two member bench of the Income Tax Appellate Tribunal ( ITAT ) in Ahmedabad, denied the exemption under Section 10(38) of the Income Tax Act,...
![Calcutta HC Stays Assessment Order Passed U/s 148 of Income Tax Act due to Jurisdictional Error [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/09/income-Tax-Income-Tax-Act-Income-Tax-Assessment-jurisdictional-error-TAXSCAN.jpg "Calcutta HC Stays Assessment Order Passed U/s 148 of Income Tax Act due to Jurisdictional Error [Read Order]")
![Cess Collected under BOCW Act is Taxable Income, not a Grant, Despite Section 12A Registration: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/09/Income-Tax-Cess-Collection-Cess-on-Income-Tax-TAXSCAN.jpg "Cess Collected under BOCW Act is Taxable Income, not a Grant, Despite Section 12A Registration: ITAT [Read Order]")
![ITAT quashes Income Tax Notice & Order issued by AO u/s 148 without Jurisdiction [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/08/ITAT-ITAT-Mumbai-Income-Tax-section-148-Income-Tax-Act-Assessing-Officer-notice-income-tax-notices-taxscan.jpg "ITAT quashes Income Tax Notice & Order issued by AO u/s 148 without Jurisdiction [Read Order]")
![Capital Gain Exemption Shall Not Be Denied Merely Due To Claim Made Additionally: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/08/ITAT-Capital-Gain-Capital-Gain-Exemption-Income-Tax-Appellate-Tribunal-ITAT-raipur-revision-assessment-Income-Tax-Appellate-Tribunal-taxscan.jpg "Capital Gain Exemption Shall Not Be Denied Merely Due To Claim Made Additionally: ITAT [Read Order]")
No Physical Notice issued before Ex-Parte Proceedings on Unexplained Investment: ITAT remands Matter to CIT(A) for Fresh Adjudication [Read Order]
The New Delhi Bench of the Income Tax Appellate Tribunal ( ITAT ) has remanded the case to the Commissioner of Income Tax (Appeals) for a fresh adjudication. This decision was made because CIT(A) did...
ITAT upholds Reopening of Assessment u/s 148 of Income Tax Act on Reason to Believe Tax Escapement [Read Order]
In a recent case, the Income Tax Appellate Tribunal (ITAT) of Ahmedabad upheld the reopening of assessment under section 148 of the Income Tax Act 1961 (ITA) as the tribunal observed that the...
![ITAT upholds Reopening of Assessment u/s 148 of Income Tax Act on Reason to Believe Tax Escapement [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/08/ITAT-Reopening-of-Assessment-section-148-of-Income-Tax-Act-Tax-Escapement-taxscan.jpg "ITAT upholds Reopening of Assessment u/s 148 of Income Tax Act on Reason to Believe Tax Escapement [Read Order]")
Reassessment Notice u/s 148 Challenged only after Issuance of Order instead of its Inception: Rajasthan HC declines to Entertain Petition [Read Order]
The Rajasthan High Court declined to exercise the jurisdiction under Article 226 of Constitution of India as the income tax reassessment notice under Section 148 was challenged only after the...
Validity of Notice u/s 148 of Income Tax Act must be Evaluated Based on Legal Framework Existing on Date of Issuance: Bombay HC [Read Order]
The Bombay High Court quashed an order and a notice issued under Section 148 of the Income Tax Act, highlighting that the validity of such notices must be evaluated based on the legal framework...
![Validity of Notice u/s 148 of Income Tax Act must be Evaluated Based on Legal Framework Existing on Date of Issuance: Bombay HC [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/07/Income-Tax-Income-Tax-Act-Income-Tax-Notice-Bombay-High-Court-Bombay-HC-TAXSCAN.jpeg "Validity of Notice u/s 148 of Income Tax Act must be Evaluated Based on Legal Framework Existing on Date of Issuance: Bombay HC [Read Order]")
AO must Forward Draft Assessment to assessee u/s 144 C of Income Tax Act if he proposes to make any variation in ITR: ITAT [Read Order]
The Chennai bench of the Income Tax Appellate Tribunal ( ITAT ) held that as per section 144 C of the Income Tax Act, 1961 the Assessing Officer ( AO ) must pass a draft assessment order to the...
![AO must Forward Draft Assessment to assessee u/s 144 C of Income Tax Act if he proposes to make any variation in ITR: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/07/Income-Tax-Income-Tax-Act-ITAT-ITAT-Chennai-ITR-Income-Tax-Appellate-TAXSCAN.jpg "AO must Forward Draft Assessment to assessee u/s 144 C of Income Tax Act if he proposes to make any variation in ITR: ITAT [Read Order]")
Modified Income Tax Reassessment Proceedings under Finance Act 2021 ignored while issuing Notice: Telangana HC sets aside Notice [Read Order]
The Telangana High Court set aside the notice and consequential income tax orders as it was issued without complying with the modified income tax reassessment proceedings as per Finance Act 2021. The...
![Modified Income Tax Reassessment Proceedings under Finance Act 2021 ignored while issuing Notice: Telangana HC sets aside Notice [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/07/Income-Tax-Modified-Income-Tax-Reassessment-Telangana-High-Court-Finance-Act-2021-Reassessment-Proceedings-taxscan.jpg "Modified Income Tax Reassessment Proceedings under Finance Act 2021 ignored while issuing Notice: Telangana HC sets aside Notice [Read Order]")
No Jurisdiction for JAO to Issue Income Tax Reassessment Notices outside NFAC Framework: Bombay HC [Read Order]
The Bombay High Court ruled that the Jurisdictional Assessing Officer ( JAO ) loses authority to issue reassessment notices under Section 148A(b) and take subsequent actions under Section 148A(d) and...
![No Jurisdiction for JAO to Issue Income Tax Reassessment Notices outside NFAC Framework: Bombay HC [Read Order]](/images/placeholder.jpg "No Jurisdiction for JAO to Issue Income Tax Reassessment Notices outside NFAC Framework: Bombay HC [Read Order]")