Read all Latest Updates on and about Judicial Member Bhavnesh Saini

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ITAT deletes Addition made on account of disallowing Long Term Capital Gains [Read Order]

Taxscan Team

The Income Tax Appellate Tribunal (ITAT), Delhi Bench deleted the addition made on account of disallowing long-term capital gains. The revenue has...

ITAT orders MLFPS received to be treated as Capital Receipts only [Read Order]

Losses incurred by eligible units can’t be set off against income of other units: ITAT [Read Order]

ITAT quashes levy of Penalty by AO for not Auditing Books of Accounts/ furnishing Report of Audit of...

Section 40A(2)(b) cannot be invoked merely for Unregistered Agreement: ITAT [Read Order]

Excessive Application of Net Profit Rate is Not Admissible: ITAT [Read Order]

The Income Tax Appellate Tribunal ( ITAT ) in Delhi held that, in earlier assessment years as well as in subsequent assessment years, a particular net profit rate has been applied, which can be...

Amount Paid as Retrenchment Compensation is allowable Deduction u/s 37 of Income Tax Act: ITAT [Read Order]

The Delhi Bench of the Income Tax Appellate Tribunal ( ITAT ) in ACIT vs. M/s. Lumax Automotive held that amount paid by assessee on account of Retrenchment Compensation is paid for business purposes...

Assessment can’t be made against a Struck-Off Company: ITAT [Read Order]

In M/s. Anujay Hycare vs. The Income Tax Officer, the Delhi Bench of Income Tax Appellate Tribunal (ITAT) held that the Assessing Officer cannot pass the assessment order under Section 143(3) of the...

Addl Evidence U/R 46A can't accept without Enquiry: ITAT [Read Order]

In Income Tax Officer v. Mehrasons Jewellers Pvt. Ltd, the Delhi bench of Income Tax Appellate Tribunal (ITAT) recently held that the Commissioner of Income Tax(Appeals) cannot accept additional...

Share Application Money can’t be treated as Unexplained If AO doesn’t make any Investigation on Documentary Evidences filed: ITAT [Read Order]

While dismissing the appeal filed by the revenue Delhi bench of Income Tax Appellate Tribunal (ITAT) has held that the share application money received cannot be treated as unexplained for the purpose...

Deduction u/s 80IC for units Set Up in specified areas in State of Himachal Pradesh cannot be Claimed for more than 5 years: ITAT [Read Order]

The Income Tax Appellate Tribunal, Chandigarh in its recent order ruled that deduction under Section 80IC of the Income Tax Act, 1961 for units set up in specified areas in the State of Himachal...

Penalty can’t be Levied for Applying Deemed Provisions of Sec 50C: ITAT [Read Order]

While dismissing an appeal of revenue, Delhi bench of ITAT recently proclaimed that penalty cannot be imposed after making addition by applying deemed provisions of Section 50C of the Income Tax Act,...