Judgement

ITAT Bangalore held that excess stock found during a survey in a jewellery firm should be taxed as regular business income, not as unexplained investment under Section 69B.

ITAT Rules Excess Stock in Jewellery Business to Be Taxed as Regular Business Income, Not Unexplained Investment

HC quashed reassessment notices holding that proceedings can’t be reopened on identical issues already examined in earlier reassessment u/s 147, and remanded the case for fresh hearing

Delhi HC Quashes Reassessment Notice; Identical Issue Already Examined in Earlier 147 Proceedings

The ITAT Cochin cancelled a Rs. 2.2 lakh penalty on a retired employee, ruling that claiming higher gratuity exemption in good faith did not amount to misreporting of income.

ITAT Cochin Deletes Penalty of Rs. 2.20 Lakh for Gratuity Exemption Claim Filed in Good Faith

ITAT Cochin Deletes Penalty for Incorrect Gratuity Exemption Claim Filed in Good Faith

The ITAT ruled in favour of a retired government officer, deleting unjustified additions made for cash deposits during demonetisation, citing valid explanations from gratuity and loan repayments.

ITAT Quashes Income Tax Addition for Cash Deposits During Demonetisation; Retired Officer Wins Relief

Notifications

CBDT has notified Karnataka Housing Board for income tax exemption under Section 10(46A) of Income-tax Act, effective from Assessment Year 2024-25.

CBDT Issues Notification Granting Tax Relief to Karnataka Housing Board

The Tribunal held that the order dated 02.03.2022 is bad in law and the adjustment made in the order issued under Section 154 is beyond the scope of the provisions of Section 154.

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ITAT Rules Excess Stock in Jewellery Business to Be Taxed as Regular Business Income, Not Unexplained Investment

Delhi HC Quashes Reassessment Notice; Identical Issue Already Examined in Earlier 147 Proceedings

ITAT Cochin Deletes Penalty for Incorrect Gratuity Exemption Claim Filed in Good Faith

ITAT Quashes Income Tax Addition for Cash Deposits During Demonetisation; Retired Officer Wins Relief

CBDT Issues Notification Granting Tax Relief to Karnataka Housing Board

ITAT Quashes Rectification Order for Being Beyond the Scope of Section 154