![ITAT deletes Penalty u/s 270 A over Income Discrepancy Caused by Auditors Incorrect Recording of WDV in Tax Audit Report [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/09/Completion-of-Audit-Audit-Furnishing-of-Tax-Audit-Report-Tax-Audit-Report-Assessment-Proceedings-ITAT-Penalty-Taxscan.jpg "ITAT deletes Penalty u/s 270 A over Income Discrepancy Caused by Auditors Incorrect Recording of WDV in Tax Audit Report [Read Order]")
ITAT deletes Penalty u/s 270 A over Income Discrepancy Caused by Auditors Incorrect Recording of WDV in Tax Audit Report [Read Order]
In a recent judgement, the Delhi bench of the Income Tax Appellate Tribunal ( ITAT ) deleted the penalty under Section 270A of the Income Tax Act,...
![Non-Filing of ITR due to Bonafide Misunderstanding: ITAT quashes Penalty u/s 270 of Income Tax Act [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/09/ITAT-Bangalore-ITAT-ITAT-Quashes-Income-Tax-Act-Income-Tax-Appellate-Tribunal-ITR-section-270-of-the-Income-Tax-Act-Non-Filing-of-ITR-Income-Tax-Return-Bonafide-TAXSCAN.jpg "Non-Filing of ITR due to Bonafide Misunderstanding: ITAT quashes Penalty u/s 270 of Income Tax Act [Read Order]")
![ITAT directs AO to delete addition as lower authorities fail to rebut assessees explanation on Term Deposit Maturity and Redemption [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/09/ITAT-ITAT-Delhi-Income-Tax-Deposit-Maturity-Redemption-Income-Tax-Appellate-Tribunal-bank-statements-taxscan.jpg "ITAT directs AO to delete addition as lower authorities fail to rebut assessees explanation on Term Deposit Maturity and Redemption [Read Order]")
![Prima Facie Belief and Tangible Material required u/s 147/148 for Income Escaping Assessment: ITAT restores CIT (A) for Re-Adjudication [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/09/ITAT-ITAT-Ahmedabad-Prima-Facie-Belief-Tangible-Material-Re-Adjudication-Taxscan.jpg "Prima Facie Belief and Tangible Material required u/s 147/148 for Income Escaping Assessment: ITAT restores CIT (A) for Re-Adjudication [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]](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]")
Survey Team Mistakenly Multiplies Bundle Weights instead of Accurate Weighing Leading to Quantity Mismatch: ITAT deletes ₹1.3 Crore Addition [Read Order]
The Delhi bench of Income Tax Appellate Tribunal ( ITAT ) upheld the Commissioner Of Income Tax (Appeals) [CIT(A)]'s deletion of a Rs.1,36,08,090 addition, finding that the survey team had...
![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]
The New Delhi Bench of Income Tax Appellate Tribunal ( ITAT ) deleted the addition made by the assessing officer under section 69A of the Income Tax Act, 1961. The decision followed as the AO...
![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]
The Delhi Bench of the Income Tax Appellate Tribunal ( ITAT ) has upheld the decision of the Commissioner of Income Tax (Appeals) [CIT(A)] to delete the addition related to the TDS portion of...
![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]
The Delhi bench of Income Tax Appellate Tribunal ( ITAT ) upheld the Commissioner Of Income Tax (Appeals) [CIT(A)]'s decision to delete an addition of Rs. 2,37,77,550 related to share capital,...
![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]")