![Auditor’s Misreporting leads to Income Tax Addition of Rs. 3.7cr on Payment of ESI/PF : ITAT restores matter to CIT(A) [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/09/Income-Tax-Audit-Due-Date-Tax-Audit-Penalty-TAXSCAN.jpg "Auditor’s Misreporting leads to Income Tax Addition of Rs. 3.7cr on Payment of ESI/PF : ITAT restores matter to CIT(A) [Read Order]")
Auditor’s Misreporting leads to Income Tax Addition of Rs. 3.7cr on Payment of ESI/PF : ITAT restores matter to CIT(A) [Read Order]
The Delhi bench of Income Tax Appellate Tribunal ( ITAT ) has restored the matter of income tax addition of Rs. 3.7 crores on payment of ESI/ PF due...
![Survey Team Mistakenly Multiplies Bundle Weights instead of Accurate Weighing Leading to Quantity Mismatch: ITAT deletes ₹1.3 Crore Addition [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/09/ITAT-ITAT-Delhi-Survey-Team-Income-Tax-Appellate-Tribunal-Taxscan.jpg "Survey Team Mistakenly Multiplies Bundle Weights instead of Accurate Weighing Leading to Quantity Mismatch: ITAT deletes ₹1.3 Crore Addition [Read Order]")
![Acceptance of Purchase and Sale Documents: ITAT deletes Addition of Income from Property Transaction u/s 69A by AO [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/09/Income-Tax-ITAT-Income-Tax-Act-Purchase-and-Sale-Documents-by-ITAT-TAXSCAN.jpg "Acceptance of Purchase and Sale Documents: ITAT deletes Addition of Income from Property Transaction u/s 69A by AO [Read Order]")
![ITAT upholds deletion of Addition on TDS Portion of Loan Interest Expenditure as Revenue Lacks Counter-Evidence [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/09/ITAT-ITAT-Delhi-ITAT-upholds-deletion-of-Addition-on-TDS-TDS-Portion-Interest-expenditure-on-a-loan-taxscan.jpg "ITAT upholds deletion of Addition on TDS Portion of Loan Interest Expenditure as Revenue Lacks Counter-Evidence [Read Order]")
![Genuineness of Transactions and Investor Creditworthiness Proven: ITAT confirms deletion of Rs. 2.37 Crore Addition [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/09/ITAT-ITAT-Delhi-Genuineness-of-Transactions-Investor-Creditworthiness-Income-Tax-Appellate-Tribunal-taxscan.jpg "Genuineness of Transactions and Investor Creditworthiness Proven: ITAT confirms deletion of Rs. 2.37 Crore Addition [Read Order]")
Section 56(2)(viib) of Income Tax not attracted when Shares issued below Market Value Determined by AO: ITAT [Read Order]
The Delhi Bench of the Income Tax Appellate Tribunal ( ITAT ) has ruled that Section 56(2)(viib) of the Income Tax Act, 1961 does not apply when shares are issued at a premium below the market value...
![Section 56(2)(viib) of Income Tax not attracted when Shares issued below Market Value Determined by AO: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/09/Income-Tax-ITAT-ITAT-Delhi-AO-Share-Value-Determination-TAXSCAN.jpg "Section 56(2)(viib) of Income Tax not attracted when Shares issued below Market Value Determined by AO: ITAT [Read Order]")
No Retrospective Application of S. 80DD Income Tax Act Amendment for LIC 'Jeevan Aadhar': Supreme Court [Read Judgement]
The Supreme Court of India, has declined to allow the retrospective effect to the 2022 amendment to Section 80DD of the Income Tax Act, which relates to policies such as the LIC 'Jeevan Adhaar'. The...
![No Retrospective Application of S. 80DD Income Tax Act Amendment for LIC Jeevan Aadhar: Supreme Court [Read Judgement]](https://www.taxscan.in/wp-content/uploads/2024/09/Supreme-Court-Income-Tax-Act-Jeevan-Aadhar-Retrospective-Application-LIC-Taxscan.jpg "No Retrospective Application of S. 80DD Income Tax Act Amendment for LIC Jeevan Aadhar: Supreme Court [Read Judgement]")
Non-Adjudication and Failure to State Point of Determination u/s 250(6) of Income Tax: ITAT remands Matter to CIT(A) [Read Order]
The Pune Bench of Income Tax Appellate Tribunal ( ITAT ) remanded the matter to the Commissioner Of Income Tax (Appeals) due to non-adjudication and failure to state the point of determination under...
![Non-Adjudication and Failure to State Point of Determination u/s 250(6) of Income Tax: ITAT remands Matter to CIT(A) [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/09/Income-Tax-ITAT-Adjudication-process-Income-Tax-Act-TAXSCAN.jpg "Non-Adjudication and Failure to State Point of Determination u/s 250(6) of Income Tax: ITAT remands Matter to CIT(A) [Read Order]")
Income Tax Assessment by Assessing Authority of any Specific Circle not a Fundamental or Vested Right of Assessee: Bombay HC [Read Order]
In a recent ruling, the Bombay High Court affirmed that there is no fundamental or vested right enjoyed by an Assessee that ensures Income Tax Assessment is conducted by an Assessing Authority from a...
![Income Tax Assessment by Assessing Authority of any Specific Circle not a Fundamental or Vested Right of Assessee: Bombay HC [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/09/Income-Tax-Income-Tax-Assessment-Bombay-High-Court-Bombay-HC-Assessing-Authority-taxscan.jpg "Income Tax Assessment by Assessing Authority of any Specific Circle not a Fundamental or Vested Right of Assessee: Bombay HC [Read Order]")
ITAT Reverses Addition made Solely based on Survey Statement u/s 133A without Corroborative Evidence [Read Order]
The Pune Bench of Income Tax Appellate Tribunal ( ITAT ) reversed the addition made solely based on the survey statement under Section 133A of the Income Tax Act, 1961 without any corroborative...
![ITAT Reverses Addition made Solely based on Survey Statement u/s 133A without Corroborative Evidence [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/09/ITAT-ITAT-Pune-Addition-Made-Solely-Survey-Statement-Section-133A-Income-Tax-Act-Income-Tax-Appellate-Tribunal-taxscan.jpg "ITAT Reverses Addition made Solely based on Survey Statement u/s 133A without Corroborative Evidence [Read Order]")
Torn Papers alone not Sufficient to Prove same Represents Unreported Sales: ITAT Orders Re-adjudication [Read Order]
The Delhi bench of Income Tax Appellate Tribunal ( ITAT ) stated that torn papers alone were not sufficient to prove the same papers represents the unreported sales in the books of accounts. The...
![Torn Papers alone not Sufficient to Prove same Represents Unreported Sales: ITAT Orders Re-adjudication [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/09/Income-Tax-ITAT-Books-of-accounts-Adjudication-Order-TAXSCAN.jpg "Torn Papers alone not Sufficient to Prove same Represents Unreported Sales: ITAT Orders Re-adjudication [Read Order]")