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Addition on Sale of Partner's Property Sold before issuance of Notice u/s 148 of Income Tax Act: ITAT quashes Re-assessment Proceedings against Firm [Read Order]

Aiswarya Krishnadas

The Delhi bench of the Income Tax Appellate Tribunal ( ITAT ) quashed the reassessment proceedings, noting that the firm used a partner's property as...

rajasthan high court - participation in re assessment proceedings - writ jurisdiction - refusal to entertain - taxscan

Participation in Re-Assessment Proceedings: Rajasthan HC refuses to Entertain Writ Jurisdiction...

Assessment Proceedings u/s 153C of Income Tax Act initiated after 10 Years Block Period is Invalid:...

Action of Reassessment in relation to Search undertaken on or after 1st April 2021 should meet Tests...

Date of Acquisition of New Property must be Date of Possession: ITAT allows Deduction under Income...

Benefits of 80P Deduction denied due to Non-filing of Income Tax Returns on Prescribed Time: Kerala HC directs to File ITR [Read Order]

In a recent case, the Kerala High Court has held that benefits of Income Tax,1961 deduction under Section 80 (P) were denied due to non-filing of Income Tax Return ( ITR ) on prescribed time. The...

Taxpayer is Co-Owner of Bank Account, No Concealment of Income: ITAT deletes penalty u/s 271(1) (c) of Income Tax Act [Read Order]

The Ahmedabad bench of the Income Tax Appellate Tribunal ( ITAT ) deleted the penalty under Section 271(1)(c) of the Income Tax Act, 1961 observing that there is no concealment of income ...

ITAT directs to verify Peak Credits in Undisclosed Bank Account of ICICI Bank [Read Order]

The Delhi bench of Income Tax Appellate Tribunal ( ITAT ) directed to verify the peak credits in an undisclosed bank account of ICICI Bank. The Assessee Gulshan Grover is engaged in the business...

ITAT Weekly Round Up

This weekly round-up analytically summarizes the key stories related to the Income Tax Appellate Tribunal ( ITAT ) reported at Taxscan.in during the previous week May 26 2024 to June 1st 2024. ...

Failure to produce documents with respect to LTCG arising out of Purchase and Sale of Shares: ITAT upholds Addition [Read Order]

The Chennai bench of Income Tax Appellate Tribunal ( ITAT ) held that the assessee failed to produce the documents with respect to Long Term Capital Gain ( LTCG ) arising out of the...

Non filing of ITR: ITAT upholds Reassessment Proceedings [Read Order]

The Ahmedabad bench of Income Tax Appellate Tribunal ( ITAT ) upheld the reassessment proceedings after finding that the assessee did not file the income tax return. The Assessee Shivam...

Investment Source once accepted by AO cannot be Rectified using S.154: ITAT sets aside Income Tax Assessment Order [Read Order]

The Delhi bench of the Income Tax Appellate Tribunal ( ITAT ) set aside the Income Tax Assessment Order, emphasizing that an Investment Source, once accepted by the Assessing Officer ( AO ), cannot...

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