Rule 11UA Allows 10% Tolerance Limit for Differences Between Issue Price and FMV, No Additions Required u/s 56(2)(viib): ITAT
The Chennai bench of Income Tax Appellate Tribunal ( ITAT ) ruled that no addition was required under Section 56(2)(viib) of the Income Tax, 1961 if...
![ITAT Quashes Reassessment Over Invalid Rs.10 Lakh Addition, Citing Intraday Profit Below Threshold [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/10/Income-Tax-ITAT-ITAT-Ahmedabad-Reassessment-in-income-tax-TAXSCAN.jpeg "ITAT Quashes Reassessment Over Invalid Rs.10 Lakh Addition, Citing Intraday Profit Below Threshold [Read Order]")
![Form 67 Filed within Deadline with ITR: ITAT allows Foreign Tax Credit [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/10/ITAT-ITAT-Chandigarh-Income-tax-Form-67-Filed-Income-Tax-Return-Foreign-Tax-Credit-ITAT-allows-Foreign-Tax-Credit-taxscan.jpg "Form 67 Filed within Deadline with ITR: ITAT allows Foreign Tax Credit [Read Order]")
![Delhi HC Sets Aside SCN Alleging Wrongful Availment of ITC u/s 73 of CGST Act, Grants Two Weeks Extension for Submitting Supporting Documents [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/10/Delhi-High-Court-Delhi-HC-SCN-show-cause-notice-ITC-Input-Tax-Credit-Section-73-CGST-Act-TAXSCAN.jpg "Delhi HC Sets Aside SCN Alleging Wrongful Availment of ITC u/s 73 of CGST Act, Grants Two Weeks Extension for Submitting Supporting Documents [Read Order]")
![Relief to BPCL: CESTAT Remands Case on Excess and Short Receipts of Petroleum Products for Clarification and Reconciliation [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/10/CESTAT-CESTAT-Bangalore-BPCL-Relief-to-BPCL-CESTAT-Remands-Case-Petroleum-Products-Petroleum-TAXSCAN.webp "Relief to BPCL: CESTAT Remands Case on Excess and Short Receipts of Petroleum Products for Clarification and Reconciliation [Read Order]")
Sitting Fees Paid to Non-Employed Director Not Amounts to Salary, Liable to Service Tax: CESTAT [Read Order]
The Ahmedabad Bench of Customs, Excise, and Service Tax Appellate Tribunal ( CESTAT ) has stated that the payment made to a non-employed director as director's sitting fees is not amounts to salary...
![Sitting Fees Paid to Non-Employed Director Not Amounts to Salary, Liable to Service Tax: CESTAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/10/CESTAT-Ahmedabad-Sitting-fees-Service-tax-Director-Salary-TAXSCAN.jpg "Sitting Fees Paid to Non-Employed Director Not Amounts to Salary, Liable to Service Tax: CESTAT [Read Order]")
Delhi HC Sets Aside Income Tax Notice, Citing Failure to Include Legal Heirs of Deceased in Proceedings [Read Order]
In a significant ruling, Delhi High Court sets aside an income tax notice due to the failure to involve the legal heirs of the deceased in the proceedings, emphasizing that issuing notices in the...
![Delhi HC Sets Aside Income Tax Notice, Citing Failure to Include Legal Heirs of Deceased in Proceedings [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/10/Delhi-High-Court-Delhi-HC-Income-Tax-Notice-Legal-Heirs-Citing-Failure-Delhi-HC-Sets-Aside-Income-Tax-Notice-income-tax-TAXSCAN.jpg "Delhi HC Sets Aside Income Tax Notice, Citing Failure to Include Legal Heirs of Deceased in Proceedings [Read Order]")
Abatement Towards Sales Tax has to be allowed in terms of Sales Tax Liability at time of Clearance of Goods: CESTAT [Read Order]
The Mumbai bench of the Customs, Excise And Service Tax Appellate Tribunal ( CESTAT ) held that the abatement towards sales tax has to be allowed in terms of sales tax liability at time of...
![Abatement Towards Sales Tax has to be allowed in terms of Sales Tax Liability at time of Clearance of Goods: CESTAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/10/CESTAT-CESTAT-Mumbai-Sales-Tax-Liability-Sales-Tax-Taxscan.jpg "Abatement Towards Sales Tax has to be allowed in terms of Sales Tax Liability at time of Clearance of Goods: CESTAT [Read Order]")
Set off of Depreciation Cannot be Against ‘Income From Any Other Sources’: Kerala HC Dismisses Writ Petitions of Alapatt Jewellers [Read Order]
In the case of Alapatt Jewellers, the Kerala High Court has held that depreciation can only be set off against ‘profits or gains’ and not against ‘income from any other sources’.The court dismissed...
Rs. 54.52 Lakh Unexplained Income from Sugar Sale: ITAT Directs Fresh Assessment of S.69 Income Tax Addition Amid Contradictory Claims [Read Order]
In a recent decision, the Income Tax Appellate Tribunal ( ITAT ) Bangalore directed a fresh assessment of a disputed addition of Rs. 54.52 lakh under Section 68 of the Income Tax Act 1961 ( ITA ) ...
![Rs. 54.52 Lakh Unexplained Income from Sugar Sale: ITAT Directs Fresh Assessment of S.69 Income Tax Addition Amid Contradictory Claims [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/10/ITAT-Bangalore-Assessing-Officer-Sugar-Sale-Taxscan.jpg "Rs. 54.52 Lakh Unexplained Income from Sugar Sale: ITAT Directs Fresh Assessment of S.69 Income Tax Addition Amid Contradictory Claims [Read Order]")
Insufficient Evidence for Unexplained Cash Deposits Contradicts Registered Sale Deed: ITAT Dismisses Appeal [Read Order]
The Raipur Bench of Income Tax Appellate Tribunal ( ITAT ) dismissed the appeal of the assessee, due to insufficient evidence supporting the claim of unexplained cash deposits. Bisauha Ram...
![Insufficient Evidence for Unexplained Cash Deposits Contradicts Registered Sale Deed: ITAT Dismisses Appeal [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/10/ITAT-ITAT-Raipur-Income-tax-Cash-Deposit-Insufficient-Evidence-ITAT-Dismisses-Appeal-taxscan.jpg "Insufficient Evidence for Unexplained Cash Deposits Contradicts Registered Sale Deed: ITAT Dismisses Appeal [Read Order]")
