No Penalty u/s 271(1)(c) of Income Tax Act can be Imposed when Assessee Sufficiently Proved the Bonafides of Losses Claimed: ITAT [Read Order]

Mere Rejection of Valuation Report without Referring matter for Valuation to DVO: ITAT Directs Re-adjudication for DVO Report [Read Order]

Addition made on capital gain on revaluation of land to partners are not sustainable under law for Conversion of partnership firms can be considered only in the hands of the firms under Section 47(xiii)(b): ITAT [Read Order]

Higher Sales Shown during Demonetization Period to Cover up Cash Deposits to Bank  Accounts: ITAT Directs to treat Addition as Income from Business and Tax at Normal Rates

Excess income declared during survey proceedings and credited to P&L Account not to be treated as Unexplained Income: ITAT [Read Order]

Acceptance of Demonetized Currency from 08.11.2016 Contrary to RBI Notification:ITAT Directs AO to Accept  50% Cash Deposits as Sale Proceeds received in Cash and Balance as Unexplained Money