ITAT Weekly Round-up
The stories on the Income Tax Appellate Tribunal ( ITAT ) that were published at Taxscan.in from January 12, 2024 to January 19, 2024 are...
![ITAT directs to restrict Unexplained Portion of cash and Gold Bars received to 50% of as Gift from family in Navjote ceremony of son [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/01/ITAT-cash-and-Gold-Bars-Income-Tax-Appellate-Tribunal-TAXSCAN.jpg "ITAT directs to restrict Unexplained Portion of cash and Gold Bars received to 50% of as Gift from family in Navjote ceremony of son [Read Order]")
![No Income Tax Addition upon Employee who acts on behalf of Directors of Company: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/01/ITAT-Income-Tax-Appellate-Tribunal-Income-Tax-Addition-TAXSCAN.jpg "No Income Tax Addition upon Employee who acts on behalf of Directors of Company: ITAT [Read Order]")
![Date of acquisition of property to be considered for computing capital gain: ITAT deletes addition [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/12/site-img-35.jpg "Date of acquisition of property to be considered for computing capital gain: ITAT deletes addition [Read Order]")
![Failure of CA to Register E-Mail ID on Income Tax Portal: ITAT grants another Opportunity to Assessee [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/12/site-image-4-1.jpg "Failure of CA to Register E-Mail ID on Income Tax Portal: ITAT grants another Opportunity to Assessee [Read Order]")
Floor Bed Area Open to sky and Balcony Area below Floor level doesn't form part of Constructed Area, Deduction u/s 80IB(10) shall be allowed: ITAT [Read Order]
The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) held that the floor bed area open to the sky and balcony area below the floor level doesn’t form part of the constructed area and shall be...
![Floor Bed Area Open to sky and Balcony Area below Floor level doesnt form part of Constructed Area, Deduction u/s 80IB(10) shall be allowed: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/12/Income-Tax-Appellate-Tribunal-ITAT-Floor-Bed-Area-sky-and-Balcony-Area-TAXSCAN.jpg "Floor Bed Area Open to sky and Balcony Area below Floor level doesnt form part of Constructed Area, Deduction u/s 80IB(10) shall be allowed: ITAT [Read Order]")
CPC can't make an Addition u/s 50C of Income Tax Act without giving proper opportunity to Assessee: ITAT [Read Order]
The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) held that the Centralized Processing Centre (CPC) cannot make an addition under Section 50C of the Income Tax Act, 1961 without giving a...
![CPC cant make an Addition u/s 50C of Income Tax Act without giving proper opportunity to Assessee: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/11/CPC-ITAT-Centralized-Processing-Centre-Income-Tax-Act-Assessee-opportunity-Income-TAXSCAN.jpg "CPC cant make an Addition u/s 50C of Income Tax Act without giving proper opportunity to Assessee: ITAT [Read Order]")
No Disallowance shall be made u/s 14A of Income Tax Act when assessee have own funds more than Investments earning Exempt Income: ITAT grants relief to macro tech Developers [Read Order]
The Income Tax Appellate Tribunal (ITAT), Mumbai bench held that no disallowance should be made under Section 14A of the Income Tax Act, 1961, when assessees have their own funds exceeding...
![No Disallowance shall be made u/s 14A of Income Tax Act when assessee have own funds more than Investments earning Exempt Income: ITAT grants relief to macro tech Developers [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/11/macro-tech-Developers-Income-Tax-Act-Investments-earning-Exempt-Income-taxscan.jpg "No Disallowance shall be made u/s 14A of Income Tax Act when assessee have own funds more than Investments earning Exempt Income: ITAT grants relief to macro tech Developers [Read Order]")
Proposed Addition made u/s 50C Income Tax Act in respect of LTCG can be processed only u/s 143(3) of I.T Act: ITAT restored issue back to AO [Read Order]
The Income Tax Appellate Tribunal (ITAT), Mumbai bench, held that the proposed addition made under Section 50C of the Income Tax Act, 1961, concerning Long-Term Capital Gain, could only be processed...
![Proposed Addition made u/s 50C Income Tax Act in respect of LTCG can be processed only u/s 143(3) of I.T Act: ITAT restored issue back to AO [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/11/ITAT-restored-issue-back-to-AO-respect-of-LTCG-Income-Tax-Act-ITAT-restored-issue-taxscan.jpg "Proposed Addition made u/s 50C Income Tax Act in respect of LTCG can be processed only u/s 143(3) of I.T Act: ITAT restored issue back to AO [Read Order]")
Remand of Issue to AO for Re-adjudication by PCIT without Determining Profit Declared by Assessee is Erroneous: ITAT sets aside Revision Order u/s 263 of Income Tax Act [Supreme Court]
The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) held that that the PCIT has merely remitted the issue back to the file of the AO to redo the assessment without giving a finding that the...
![Remand of Issue to AO for Re-adjudication by PCIT without Determining Profit Declared by Assessee is Erroneous: ITAT sets aside Revision Order u/s 263 of Income Tax Act [Supreme Court]](https://www.taxscan.in/wp-content/uploads/2023/10/Remand-of-Issue-to-AO-for-Re-adjudication-PCIT-Determining-Profit-Declared-by-Assessee-Erroneous-ITAT-Income-tax-Income-tax-act-Revision-Order-under-section-263-of-income-tax-act-TAXSCAN.jpg "Remand of Issue to AO for Re-adjudication by PCIT without Determining Profit Declared by Assessee is Erroneous: ITAT sets aside Revision Order u/s 263 of Income Tax Act [Supreme Court]")
Penalty on Disallowance u/s 24a of Income Tax Act can't be imposed on ground of Wrong treatment to head of Income: ITAT [Read Order]
The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) held that the penalty on disallowance under Section 24a of the Income Tax Act, 1961 cannot be imposed merely on the ground of wrong...
![Penalty on Disallowance u/s 24a of Income Tax Act cant be imposed on ground of Wrong treatment to head of Income: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/Penalty-Disallowance-Income-Tax-Act-ground-Wrong-treatment-Income-ITAT-TAXSCAN.jpg "Penalty on Disallowance u/s 24a of Income Tax Act cant be imposed on ground of Wrong treatment to head of Income: ITAT [Read Order]")
Revision order Passed without Recording Whether Notice Issued is Served to Assessee or Not: ITAT Sets Aside Revision Order [Read Order]
The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) has set aside the revision order holding that the revision order passed without recording whether notice issued was served to assessee or not....
![Revision order Passed without Recording Whether Notice Issued is Served to Assessee or Not: ITAT Sets Aside Revision Order [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/Revision-Passed-Recording-Whether-Notice-Assessee-Not-ITAT-Revision-Order-TAXSCAN.jpg "Revision order Passed without Recording Whether Notice Issued is Served to Assessee or Not: ITAT Sets Aside Revision Order [Read Order]")