![Increase in Net Profit Rate to 6% After Book Rejection: ITAT Limits addition to ₹1 Lakh [Read Order]](https://www.taxscan.in/wp-content/uploads/2025/02/Increase-Net-Profit-Rate-6-After-Book-Rejection-ITAT-Limits-addition-taxscan.jpg "Increase in Net Profit Rate to 6% After Book Rejection: ITAT Limits addition to ₹1 Lakh [Read Order]")
Increase in Net Profit Rate to 6% After Book Rejection: ITAT Limits addition to ₹1 Lakh [Read Order]
The Delhi Bench of Income Tax Appellate Tribunal (ITAT) limited the addition to ₹1 lakh after the net profit rate was increased to 6% following the...
![Mere Suspicion cannot be Grounds for making Addition: ITAT deletes Rs. 18 lakh Addition [Read Order]](https://www.taxscan.in/wp-content/uploads/2025/02/ITAT-Ahmedabad-Income-Tax-ITAT-deletes-Rs.-18-lakh-addition-income-tax-news-Taxscan.jpg "Mere Suspicion cannot be Grounds for making Addition: ITAT deletes Rs. 18 lakh Addition [Read Order]")
![Failure to Record Opinion on Penalty Levy Not Erroneous or Prejudicial to Revenues Interest: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2025/02/Failure-to-Record-Opinion-Penalty-Penalty-Levy-Not-Erroneous-or-Prejudicial-Prejudicial-to-Revenues-Interest-Revenues-Interest-ITAT-Site-image.jpg "Failure to Record Opinion on Penalty Levy Not Erroneous or Prejudicial to Revenues Interest: ITAT [Read Order]")
![Agricultural Land Sold 10 km Beyond Municipal Limits: ITAT Orders Verification to Determine Capital Asset Status u/s 2(14)(iii) [Read Order]](https://www.taxscan.in/wp-content/uploads/2025/02/ITAT-Agricultural-Land-Municipal-Limits-Taxscan.jpg "Agricultural Land Sold 10 km Beyond Municipal Limits: ITAT Orders Verification to Determine Capital Asset Status u/s 2(14)(iii) [Read Order]")
ITAT Allows Amortization of Surface Rights u/s 35E, Upholds Mining Lease Expenditure as Business Right [Read Order]
The Jaipur Bench of the Income Tax Appellate Tribunal (ITAT) has held that the amortisation of surface rights for mining can be allowed under Section 35E of the Income Tax Act, 1961 and that the...
![ITAT Allows Amortization of Surface Rights u/s 35E, Upholds Mining Lease Expenditure as Business Right [Read Order]](https://www.taxscan.in/wp-content/uploads/2025/02/ITAT-ITAT-Allows-Amortization-Amortization-Amortization-of-Surface-Rights-Surface-Rights-Section-35E-Lease-Expenditure-Business-Right-taxscan.jpg "ITAT Allows Amortization of Surface Rights u/s 35E, Upholds Mining Lease Expenditure as Business Right [Read Order]")
The Burden of Proof on Taxpayer: ITAT dismisses Appeal as Assessee fails to Justify Unexplained Cash Disposits [Read Order]
The Jaipur Bench of the Income Tax Appellate Tribunal (ITAT) upheld the tax addition against an assessee who failed to provide the source of his bank deposits. The tribunal dismissed the appeal after...
![The Burden of Proof on Taxpayer: ITAT dismisses Appeal as Assessee fails to Justify Unexplained Cash Disposits [Read Order]](https://www.taxscan.in/wp-content/uploads/2025/02/Taxpayer-ITAT-Appeal-as-Assessee-Unexplained-Cash-Disposits-TAXSCXAN.jpg "The Burden of Proof on Taxpayer: ITAT dismisses Appeal as Assessee fails to Justify Unexplained Cash Disposits [Read Order]")
![Taxability of Pre-Commencement Interest Income u/s 56: ITAT Restores Matter to CIT(A) [Read Order]](https://www.taxscan.in/wp-content/uploads/2025/02/Interest-income.jpg "Taxability of Pre-Commencement Interest Income u/s 56: ITAT Restores Matter to CIT(A) [Read Order]")
ITAT Deletes Addition as Amount Was Already Declared as Business Income and No Evidence of Money Laundering [Read Order]
The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) deleted the addition made under Section 68 of the Income Tax Act, 1961, holding that the amount was already declared as business income...
![ITAT Deletes Addition as Amount Was Already Declared as Business Income and No Evidence of Money Laundering [Read Order]](https://www.taxscan.in/wp-content/uploads/2025/02/Money-Laundering.jpg "ITAT Deletes Addition as Amount Was Already Declared as Business Income and No Evidence of Money Laundering [Read Order]")
Jurisdiction of PCITÂ not Invokable in absence of any Incorrectness and Incompleteness in Fact Appreciation by AO: ITAT [Read Order]
The Income Tax Appellate Tribunal ( ITAT ) Jaipur bench while allowing the appeal has held that the jurisdiction of the Principle Commissioner of Income Tax (PCIT) is not invokable in absence of any...
![Jurisdiction of PCITÂ not Invokable in absence of any Incorrectness and Incompleteness in Fact Appreciation by AO: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2025/02/ITAT-Delhi-ITAT-ITAT-Dismisses-Revenues-Tax-Appeal-Lack-of-Jurisdiction-Appropriate-Bench-Grants-Liberty-Income-Tax-Appellate-Tribunal-taxscan.jpg "Jurisdiction of PCITÂ not Invokable in absence of any Incorrectness and Incompleteness in Fact Appreciation by AO: ITAT [Read Order]")
No TDS on Payment to Facebook, Amazon Web-Services for Advertisements: Karnataka HC rules in Favour of Urban Ladder Home Décor [Read Order]
In a recent case, the Karnataka High Court has upheld the order of Income tax appellate tribunal (ITAT) which was in favour of asseessee and held that Tax Deduct at source (TDS) is not applicable on...
![No TDS on Payment to Facebook, Amazon Web-Services for Advertisements: Karnataka HC rules in Favour of Urban Ladder Home Décor [Read Order]](https://www.taxscan.in/wp-content/uploads/2025/02/No-TDS-Payment-to-Facebook-Amazon-Web-Services-Advertisements-Karnataka-HC-favour-of-Urban-Ladder-Home-Decor-taxscan.jpg "No TDS on Payment to Facebook, Amazon Web-Services for Advertisements: Karnataka HC rules in Favour of Urban Ladder Home Décor [Read Order]")
Business Cash Deposits During Demonetization: ITAT Accepts Diwali Holiday Delay as Valid Explanation [Read Order]
The Bangalore Bench of the Income Tax Appellate Tribunal (ITAT) ruled that the delay in depositing business cash due to Laxmi Pooja and subsequent Diwali holidays was a valid explanation, rejecting...
![Business Cash Deposits During Demonetization: ITAT Accepts Diwali Holiday Delay as Valid Explanation [Read Order]](https://www.taxscan.in/wp-content/uploads/2025/02/Business-Cash-Deposits-Cash-Deposits-During-Demonetization-Demonetization-ITAT-ITAT-Accepts-Diwali-Holiday-Diwali-Holiday-Diwali-Holiday-Delay-taxscan.jpg "Business Cash Deposits During Demonetization: ITAT Accepts Diwali Holiday Delay as Valid Explanation [Read Order]")