Namaskar Acharya
![Mere System Error is no basis for Disallowance: ITAT allows full Deduction to Assessee u/s 10AA after Re-computation by AO [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/Mere-system-error-is-no-basis-for-disallowance-ITAT-allows-full-deduction-re-computation-by-AO-TAXSCAN.jpg "Mere System Error is no basis for Disallowance: ITAT allows full Deduction to Assessee u/s 10AA after Re-computation by AO [Read Order]")
Mere System Error is no basis for Disallowance: ITAT allows full Deduction to Assessee u/s 10AA after Re-computation by AO [Read Order]
The Chennai bench of the Income Tax Appellate Trinbunal (ITAT) held that the credit of advance tax and TDS credit would be allowable to the assessee...
![Mere Non Acceptance of Claim made by assessee would not lead to Automatic Levy of Penalty u/s 270A(9)(a): ITAT deletes Addition [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/Non-Acceptance-Claim-Mere-Non-Acceptance-of-Claim-assessee-Levy-of-Penalty-taxscan.jpg "Mere Non Acceptance of Claim made by assessee would not lead to Automatic Levy of Penalty u/s 270A(9)(a): ITAT deletes Addition [Read Order]")
![Failure of AO in Presentation of Requisite Materials Proves Successful Discharge of Onus Casted upon Assessee: ITAT deletes Addition [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/Failure-of-AO-AO-Presentation-of-Requisite-Materials-Requisite-Materials-Discharge-of-Onus-Assessee-ITAT-deletes-Addition-ITAT-Taxscan.jpg "Failure of AO in Presentation of Requisite Materials Proves Successful Discharge of Onus Casted upon Assessee: ITAT deletes Addition [Read Order]")
![Excess Stock could be said to have Arisen out of Normal Activity where Undisclosed Business Income was Ploughed back into Business to Acquire further Stock: ITAT deletes Addition [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/Excess-stock-arisen-normal-business-income-business-stock-ITAT-TAXSCAN.jpg "Excess Stock could be said to have Arisen out of Normal Activity where Undisclosed Business Income was Ploughed back into Business to Acquire further Stock: ITAT deletes Addition [Read Order]")
Records maintained for sales carried out by assessee prevents credit to be held as unexplained cash U/S 68: ITAT deletes Addition [Read Order]
The Chennai bench of the Income Tax Appellate Tribunal (ITAT) held that the credit could not be held to be unexplained cash credit and the impugned additions are not sustainable in law. The...
![Records maintained for sales carried out by assessee prevents credit to be held as unexplained cash U/S 68: ITAT deletes Addition [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/Records-sales-assessee-credit-ITAT-deletes-addition-addition-taxscan.jpg "Records maintained for sales carried out by assessee prevents credit to be held as unexplained cash U/S 68: ITAT deletes Addition [Read Order]")
Non issuance of Notice prevented Assessee from Reasonable Opportunity of being Heard Resulting in Violation of Natural Justice: ITAT directs Readjudication [Read Order]
The Chennai bench of the Income Tax Appellate (ITAT) Tribunal held that no notice to the registered e-mail ID of the assessee as per the PAN data base/ Income Tax Web Portal was issued is in gross...
![Non issuance of Notice prevented Assessee from Reasonable Opportunity of being Heard Resulting in Violation of Natural Justice: ITAT directs Readjudication [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/Non-issuance-of-notice-notice-assessee-reasonable-opportunity-opportunity-ITAT-directs-readjudication-taxscan.jpg "Non issuance of Notice prevented Assessee from Reasonable Opportunity of being Heard Resulting in Violation of Natural Justice: ITAT directs Readjudication [Read Order]")
ITAT upholds VAT Remission Disallowance as assessee Fails to raise issue of allowabiility of Subsidies under Chapter VI A [Read Order]
The Kolkata bench of the Income Tax Appellate Tribunal (ITAT) held that although prima facie, the issue goes in favour of the assessee in view of the various judgements rendered by the Supreme...
![ITAT upholds VAT Remission Disallowance as assessee Fails to raise issue of allowabiility of Subsidies under Chapter VI A [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/ITAT-VAT-Remission-Disallowance-assessee-allowabiility-Subsidies-TAXSCAN.jpg "ITAT upholds VAT Remission Disallowance as assessee Fails to raise issue of allowabiility of Subsidies under Chapter VI A [Read Order]")
Unawareness of Assessee towards New Faceless System cannot be Reason for Huge Addition: ITAT [Read Order]
The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) held that the assessee was not aware of the new faceless system and was dependent upon the authorised representative who could not follow...
![Unawareness of Assessee towards New Faceless System cannot be Reason for Huge Addition: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/Unawareness-of-Assessee-Assessee-Unawareness-Faceless-System-New-Faceless-System-Reason-for-Huge-Addition-Huge-Addition-Addition-ITAT-taxscan.jpg "Unawareness of Assessee towards New Faceless System cannot be Reason for Huge Addition: ITAT [Read Order]")
Obligation of Taxpayer is fulfilled when he establishes Identity, Credit Worthiness and Genuineness of Transaction concerning Unexplained Income u/s 68: ITAT [Read Order]
The Delhi bench of the Income Tax Appellate Tribunal (ITAT) held that discharging the initial onus cast by section 68 of the Act, the assessee has to establish (1) identity, (2) credit worthiness and...
![Obligation of Taxpayer is fulfilled when he establishes Identity, Credit Worthiness and Genuineness of Transaction concerning Unexplained Income u/s 68: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/Obligation-of-Taxpayer-establishes-Identity-Credit-Worthiness-Genuineness-of-Transaction-concerning-Unexplained-Income-ITAT-TAXSCAN.jpg "Obligation of Taxpayer is fulfilled when he establishes Identity, Credit Worthiness and Genuineness of Transaction concerning Unexplained Income u/s 68: ITAT [Read Order]")
ITAT deletes Addition u/s 36(1)(iii) of Income Tax Act as AO failed to Prove Interest Bearing Fund/Loans were not utilized for Business Purposes [Read Order]
The Ahmedabad bench of the Income Tax Appellate Tribunal (ITAT) held that Interest free advances given by the assessee were made in the course of business of the assessee. The assessee was found...
![ITAT deletes Addition u/s 36(1)(iii) of Income Tax Act as AO failed to Prove Interest Bearing Fund/Loans were not utilized for Business Purposes [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/ITAT-deletes-addition-Income-Tax-Act-ITAT-Interest-Bearing-Fund-Loans-business-purposes-taxscan.jpg "ITAT deletes Addition u/s 36(1)(iii) of Income Tax Act as AO failed to Prove Interest Bearing Fund/Loans were not utilized for Business Purposes [Read Order]")
Failure of AO to provide Sufficient Time for required details Prevents Verification at the Time of Assessment: ITAT directs Readjudication [Read Order]
The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) restored the file of the Assessing Officer (AO) for deciding afresh after examination of the relevant supporting details filed by the...
![Failure of AO to provide Sufficient Time for required details Prevents Verification at the Time of Assessment: ITAT directs Readjudication [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/Failure-AO-provide-sufficient-time-details-prevents-verification-assessment-ITAT-readjudication-TAXSCAN-1.jpg "Failure of AO to provide Sufficient Time for required details Prevents Verification at the Time of Assessment: ITAT directs Readjudication [Read Order]")