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![‘’Notional Interest cannot be taxed as Income’’, ITAT deletes Addition of Undisclosed Income [Read Order] ‘’Notional Interest cannot be taxed as Income’’, ITAT deletes Addition of Undisclosed Income [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/05/Notional-Interest-taxed-as-Income-ITAT-deletes-Addition-of-Undisclosed-Income-TAXSCAN.jpg)
‘’Notional Interest cannot be taxed as Income’’, ITAT deletes Addition of Undisclosed Income [Read Order]
The Delhi bench of the Income Tax Appellate Tribunal (ITAT) recently deleted an addition made on undisclosed income and observed that notional...
Misplacement of Documents Not a “Sufficient Explanation for Delay”: ITAT refuses to Condone Delay of 930 Days in filing Appeal
The Hyderabad bench of Income Tax Appellate Tribunal (ITAT) held that the delay in filing of the appeal by 930 days by the assessee cannot be condoned and the misplacement of document is not a...
Penalty Notice Issued in Stereotyped Manner without Application of Mind: ITAT Quashes Proceedings u/s 271(1) (c) of Income Tax Act [Read Order]
The Delhi bench of Income Tax Appellate Tribunal (ITAT) quashed the proceedings under section 271(1) (c), because of the penalty notice issued without application of mind and in a stereotyped manner....
Compensation from Builder in lieu of Consumer Court Order is Capital Receipt, No Income Tax: ITAT quashes Revision Proceedings [Read Order]
The Ahmedabad Bench of Income Tax Appellate Tribunal ( ITAT ) held that no income tax is to be levied on compensation from builders in lieu of a consumer court order as the same is in the nature of...