![Appending phrase Yes by PCIT is not valid approval u/s 151 of Income Tax Act: Delhi HC [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/03/Appending-PCIT-approval-Income-Tax-Act-Delhi-HC-taxscan-1.jpg "Appending phrase Yes by PCIT is not valid approval u/s 151 of Income Tax Act: Delhi HC [Read Order]")
Appending phrase 'Yes' by PCIT is not valid approval u/s 151 of Income Tax Act: Delhi HC [Read Order]
In a significant ruling the Delhi High Court observed that appending phrase 'Yes' by the Principal Commissioner of Income Tax ( PCIT ) is not valid...
![Cash Deposits in Bank Account from Sale Proceeds received in Cash on due explanation, is not Unexplained Credit: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/03/ITAT-ITAT-Delhi-Income-Tax-Cash-deposits-bank-account-Sale-Proceeds-taxscan.jpg "Cash Deposits in Bank Account from Sale Proceeds received in Cash on due explanation, is not Unexplained Credit: ITAT [Read Order]")
![Relief to Godrej: Bombay HC quashes Time-Barred Income Tax Reassessment Notice [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/03/Income-Tax-Bombay-High-Court-Income-Tax-Reassessment-Notice-Godrej-taxscan.jpg "Relief to Godrej: Bombay HC quashes Time-Barred Income Tax Reassessment Notice [Read Order]")
![Mere Reason to Believe, cannot be Ground for Carrying out Assessment u/s 147 of Income Tax Act: Karnataka HC [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/02/Mere-Reason-Believe-Carrying-Assessment-Income-Tax-Act-Karnataka-HC-taxscan.jpg "Mere Reason to Believe, cannot be Ground for Carrying out Assessment u/s 147 of Income Tax Act: Karnataka HC [Read Order]")
![Proceedings u/s 148 of Income Tax Act to decide whether Unaccounted Transactions and Alleged Escaped Income shall be Exempt: Kerala HC [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/02/Income-Tax-Kerala-High-Court-Unaccounted-Transactions-Alleged-escaped-income-Income-tax-exemption-taxscan.jpg "Proceedings u/s 148 of Income Tax Act to decide whether Unaccounted Transactions and Alleged Escaped Income shall be Exempt: Kerala HC [Read Order]")
No taxability arises in Absence of any Income Escapement on Repatriating Rs. 203.56 Cr arising from NCDs Redemption: ITAT [Read Order]
The Delhi Bench of Income Tax Appellate Tribunal ( ITAT ) has held that no taxability arose as there was no escapement of income on repatriating Rs.203.56 Cr. arising from redemption of...
![No taxability arises in Absence of any Income Escapement on Repatriating Rs. 203.56 Cr arising from NCDs Redemption: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/02/ITAT-ITAT-Delhi-Income-Tax-NCDs-Redemption-taxscan.jpg "No taxability arises in Absence of any Income Escapement on Repatriating Rs. 203.56 Cr arising from NCDs Redemption: ITAT [Read Order]")
Assessee should be aware that Department have discovered escapement 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, stating that the assessee should be aware that the...
![Assessee should be aware that Department have discovered escapement of income: ITAT deletes penalty u/s 271 (1) (C) of Income Tax Act [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/02/Income-Tax-ITAT-ITAT-Ahmedabad-Income-tax-penalties-Escapement-of-income-taxscan.jpg "Assessee should be aware that Department have discovered escapement of income: ITAT deletes penalty u/s 271 (1) (C) of Income Tax Act [Read Order]")
Income Tax Assessment Order passed on old PAN is appealable since new PAN is not active: Kerala HC [Read Order]
The Kerala High Court has held that the Income Tax Assessment Order Passed on the old PAN is appealable since the new PAN is not active. The petitioner surrendered the PAN card bearing No. AAABM2623H...
![Income Tax Assessment Order passed on old PAN is appealable since new PAN is not active: Kerala HC [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/02/Income-Tax-Kerala-High-Court-Income-Tax-Assessment-Order-Assessment-Order-PAN-taxscan.jpg "Income Tax Assessment Order passed on old PAN is appealable since new PAN is not active: Kerala HC [Read Order]")
Payment from Sale of Shares Deposited in Bank Account: ITAT rules No Reason to add Capital Gains Unexplained Cash Credit u/s 68 of Income Tax Act [Read Order]
The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) ruled that there is no reason to add capital gains as unexplained cash credit under Section 68 of the Income Tax Act, 1961 as the payment...
![Payment from Sale of Shares Deposited in Bank Account: ITAT rules No Reason to add Capital Gains Unexplained Cash Credit u/s 68 of Income Tax Act [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/01/Payment-Sale-of-Shares-Deposited-Bank-Account-ITAT-Capital-Gains-Unexplained-Cash-Credit-Income-Tax-Act-TAXSCAN.jpg "Payment from Sale of Shares Deposited in Bank Account: ITAT rules No Reason to add Capital Gains Unexplained Cash Credit u/s 68 of Income Tax Act [Read Order]")
Reassessment Notice issued to a Dead Person u/s 148 of Income Tax Act is Null and Void : MP HC quashes Notice [Read Order]
The Madhya Pradesh High Court has ruled that the reassessment notice issued under Section 148 of the Income Tax Act, 1961, to a deceased individual is 'Null and Void'. Nevertheless, the court has...
![Reassessment Notice issued to a Dead Person u/s 148 of Income Tax Act is Null and Void : MP HC quashes Notice [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/01/Income-Tax-Deceased-taxpayer-Reassessment-notice-Null-and-void-notice-Madhya-Pradesh-High-Court-taxscan.jpg "Reassessment Notice issued to a Dead Person u/s 148 of Income Tax Act is Null and Void : MP HC quashes Notice [Read Order]")
Change of Opinion is not reason to believe that Income chargeable to tax has escaped Assessment u/s 143(3) of Income tax act: Bombay HC [Read Order]
In a recent decision the Bombay High Court ruled that the change of opinion is not reason to believe that income chargeable to tax has escaped assessment under Section 143(3) of the Income Tax Act,...
![Change of Opinion is not reason to believe that Income chargeable to tax has escaped Assessment u/s 143(3) of Income tax act: Bombay HC [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/01/Change-of-Opinion-Income-chargeable-tax-Assessment-Income-Tax-Act-Bombay-HC-taxscan.jpeg "Change of Opinion is not reason to believe that Income chargeable to tax has escaped Assessment u/s 143(3) of Income tax act: Bombay HC [Read Order]")
Quashing of Assessment Order under Income Tax Act in absence of Tangible Material proving Income Escapement: Supreme Court issues Notice to SLS Energy Ltd [Read Order]
A two-judge bench of the Supreme Court issued notice to SLS Energy Private Limited. The Income Tax department filed the Special Leave petition (SLP) against the impugned final judgment and order...
![Quashing of Assessment Order under Income Tax Act in absence of Tangible Material proving Income Escapement: Supreme Court issues Notice to SLS Energy Ltd [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/01/Quashing-Assessment-Order-Income-Tax-Act-Tangible-Material-Income-Escapement-Supreme-Court-Notice-SLS-Energy-Ltd-TAXSCAN.jpg "Quashing of Assessment Order under Income Tax Act in absence of Tangible Material proving Income Escapement: Supreme Court issues Notice to SLS Energy Ltd [Read Order]")