![ITAT Quashes ₹4.27 cr Addition in Alleged Bogus LTCG from Penny Stock Transactions Citing Lack of Fair Opportunity for Senior Citizen [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/10/ITAT-Income-Tax-Appellate-Tribunal-ITAT-Ahmedabad-LTCG-long-term-capital-gains-Penny-Stock-Penny-Stock-Transactions-TAXSCAN.jpg "ITAT Quashes ₹4.27 cr Addition in Alleged Bogus LTCG from Penny Stock Transactions Citing Lack of Fair Opportunity for Senior Citizen [Read Order]")
ITAT Quashes ₹4.27 cr Addition in Alleged Bogus LTCG from Penny Stock Transactions Citing Lack of Fair Opportunity for Senior Citizen [Read Order]
The Ahmedabad Bench of Income Tax Appellate Tribunal ( ITAT ) quashed the Rs. 4,27,83,714 addition alleged bogus long-term capital gains ( LTCG )...
![Curable Defect in Form 35A: ITAT Sets Aside DRP Order [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/10/ITAT-Income-Tax-ITAT-Ahmedabad-Income-Tax-Appellate-Tribunal-TAXSCAN.jpg "Curable Defect in Form 35A: ITAT Sets Aside DRP Order [Read Order]")
![ITAT Upholds CIT(A) Ruling on Unexplained Cash Credits Due to Acceptance of Genuineness in Remand Report [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/10/ITAT-Upholds-Deletion-of-Additions-ITAT-Share-Application-Capital-Share-Capital-Unexplained-Cash-Credits-Income-Tax-Act-ITAT-Upholds-Deletion-Additions-Made-on-Account-of-Share-Application-Taxscan.jpg "ITAT Upholds CIT(A) Ruling on Unexplained Cash Credits Due to Acceptance of Genuineness in Remand Report [Read Order]")
![Revisionary Jurisdiction u/s 263 Not Invocable Solely Based on PCITs Differing View: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/10/ITAT-Income-Tax-Income-Tax-Appellate-Tribunal-Revision-Order-TAXSCAN.jpg "Revisionary Jurisdiction u/s 263 Not Invocable Solely Based on PCITs Differing View: ITAT [Read Order]")
![Relief to ICICI: ITAT Deletes Disallowance of Dividend Income Citing S.44 Overrides S.14A in Computation of Insurance Company Income [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/10/ITAT-ITAT-Mumbai-ICICI-Income-Tax-Income-Tax-Act-Section-14A-of-Income-Tax-Act-Taxscan.jpg "Relief to ICICI: ITAT Deletes Disallowance of Dividend Income Citing S.44 Overrides S.14A in Computation of Insurance Company Income [Read Order]")
ITAT Grants Registration u/s 12AB, Clarifying That S.13(1)(b) Applies Only at the Assessment Stage [Read Order]
The Ahmedabad Bench of Income Tax Appellate Tribunal(ITAT)granted registration under section 12AB of the Income Tax Act,1961 clarifying that section 13(1)(b) of the Act applies only at the assessment...
![ITAT Grants Registration u/s 12AB, Clarifying That S.13(1)(b) Applies Only at the Assessment Stage [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/10/ITAT-Income-Tax-Appellate-Tribunal-ITAT-Ahmedabad-ITAT-Grants-Registration-section-12AB-section-12AB-Income-Tax-Act-TAXSCAN.jpg "ITAT Grants Registration u/s 12AB, Clarifying That S.13(1)(b) Applies Only at the Assessment Stage [Read Order]")
![Disallowance of Interest Expenses: ITAT remands Matter for Fresh Adjudication [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/10/ITAT-Income-Tax-ITAT-Ahmedabad-Income-Tax-Appellate-Tribunal-Assessing-Officer-TAXSCAN.jpg "Disallowance of Interest Expenses: ITAT remands Matter for Fresh Adjudication [Read Order]")
AO not at Fault in completing Income Tax Assessment once Jurisdiction to Issue Notice u/s 143(2) is Accepted: Delhi HC [Read Order]
The Delhi High Court recently upheld the powers of an Assessing Officer (AO) to complete a pending Income Tax Assessment, once the jurisdictional competence of the Officer to issue Notice under...
![AO not at Fault in completing Income Tax Assessment once Jurisdiction to Issue Notice u/s 143(2) is Accepted: Delhi HC [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/10/Delhi-High-Court-Delhi-HC-Income-Tax-Income-Tax-Assessment-AO-Assessing-Officer-Section-1432-TAXSCAN.jpg "AO not at Fault in completing Income Tax Assessment once Jurisdiction to Issue Notice u/s 143(2) is Accepted: Delhi HC [Read Order]")
Extended Working Hours not a Valid Reason for Assumption of Additional Income as Commission: ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT) has ruled that extended working hours alone cannot be a valid basis for assuming additional income in the form of commissions where an addition made by the...
![Extended Working Hours not a Valid Reason for Assumption of Additional Income as Commission: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/10/No-investment-investment-books-of-Accounts-ITAT-Income-Tax-Addition-taxscan.jpg "Extended Working Hours not a Valid Reason for Assumption of Additional Income as Commission: ITAT [Read Order]")
ITAT Allows Deduction of Bad Debts, Holding Write-Off in Books as Sufficient Compliance u/s 36(1)(vii) [Read Order]
The Ahmedabad Bench of Income Tax Appellate Tribunal ( ITAT ) allowed the deduction of bad debts stating that written off in the books of accounts were sufficient compliance with the provisions of...
![ITAT Allows Deduction of Bad Debts, Holding Write-Off in Books as Sufficient Compliance u/s 36(1)(vii) [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/10/ITAT-Income-Tax-Income-Tax-Appellate-Tribunal-ITAT-Ahmedabad-TAXSCAN.jpg "ITAT Allows Deduction of Bad Debts, Holding Write-Off in Books as Sufficient Compliance u/s 36(1)(vii) [Read Order]")
Penalty u/s 272A(1)(d) of Income Tax Cannot Be Imposed for Non-Compliance with Notices Due to Consultant’s Failure to Inform: ITAT deletes Penalty
The Kolkata bench of Income Tax Appellate Tribunal ( ITAT ) has deleted a penalty imposed under Section 272A(1)(d) of the Income Tax Act, 1961 stating that the penalty cannot be enforced when the...
