![Addition under Deeming Provision of S. 50C cannot Attract Income Tax Penalty for Concealment of Income: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/01/Deeming-Provision-Income-Tax-Penalty-Income-ITAT-TAXSCAN.jpg "Addition under Deeming Provision of S. 50C cannot Attract Income Tax Penalty for Concealment of Income: ITAT [Read Order]")
Addition under Deeming Provision of S. 50C cannot Attract Income Tax Penalty for 'Concealment of Income': ITAT [Read Order]
In an assessee-favouring ruling, the Income Tax Appellate Tribunal (ITAT), Ahmedabad bench has held that the addition under section 50C, being a...
![Rejection of Condonation Application on mere Technical Grounds amounts to Violation of Natural Justice Principles: ITAT remands matter back to CIT(A) [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/10/Application-Technical-Grounds-Natural-Justice-Principles-ITAT-CITA-TAXSCAN.jpeg "Rejection of Condonation Application on mere Technical Grounds amounts to Violation of Natural Justice Principles: ITAT remands matter back to CIT(A) [Read Order]")
![Income Tax Deduction u/s 43B not applicable to Mine Closure Fund: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/12/Income-Tax-Deduction-applicable-to-Mine-Closure-Fund-ITAT-TAXSCAN.jpg "Income Tax Deduction u/s 43B not applicable to Mine Closure Fund: ITAT [Read Order]")
![Late Deposit of Unutilized Capital Gain: ITAT allows Tax Benefit to Assessee [Read Order]](https://www.taxscan.in/wp-content/uploads/2021/04/Late-Deposit-Unutilized-Capital-Gain-ITAT-Tax-Benefit-to-Assessee-Taxscan.jpg "Late Deposit of Unutilized Capital Gain: ITAT allows Tax Benefit to Assessee [Read Order]")
Actual Sale Consideration shall be subjected to Tax when an Affidavit Declaration is made by Assessee: ITAT [Read Order]
The Ahmedabad bench of the Income Tax Appellate Tribunal (ITAT) held that if assessee had paid tax for the sale consideration shown in the sale deed which is not the actual amount of sale...
![Actual Sale Consideration shall be subjected to Tax when an Affidavit Declaration is made by Assessee: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2018/08/Sale-Consideration-Taxscan.jpg "Actual Sale Consideration shall be subjected to Tax when an Affidavit Declaration is made by Assessee: ITAT [Read Order]")
![Firm can’t be Assessed for Fresh Capital Introduced by Partner: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2018/01/Partners-Taxscan.jpg "Firm can’t be Assessed for Fresh Capital Introduced by Partner: ITAT [Read Order]")
Unabsorbed Brought Forward Business Loss Should Be Set Off Against the Business Income: ITAT [Read Order]
The Kolkata Bench of Income Tax Appellate Tribunal ( ITAT ) in Gouranga Cement Pvt. Ltd vs. DCIT recently held that Unabsorbed brought forward business loss should be set off against the business...
![Unabsorbed Brought Forward Business Loss Should Be Set Off Against the Business Income: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2018/05/Business-Loss-Taxscan.jpg "Unabsorbed Brought Forward Business Loss Should Be Set Off Against the Business Income: ITAT [Read Order]")
Expenses Incurred to keep the Status of Company Active is Eligible for Deduction: ITAT [Read Order]
The Delhi bench of Income Tax Appellate Tribunal recently proclaimed that expenses incurred in order to keep the status of company activities are eligible for deduction. The Tribunal bench comprising...
![Expenses Incurred to keep the Status of Company Active is Eligible for Deduction: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2018/03/Expenses-ITAT-Taxscan.jpg "Expenses Incurred to keep the Status of Company Active is Eligible for Deduction: ITAT [Read Order]")
Mere sustaining of addition on the basis of Entries in the Credit Card Account would not attract Penalty: ITAT [Read Order]
The Kolkata bench of ITAT, in the case of Joy Barman vs. Income Tax Officer, ruled that mere sustaining of addition on the basis of entries in the credit card account would not attract penalty under...
![Mere sustaining of addition on the basis of Entries in the Credit Card Account would not attract Penalty: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2016/12/No-Penalty-Taxscan.jpg "Mere sustaining of addition on the basis of Entries in the Credit Card Account would not attract Penalty: ITAT [Read Order]")
No Addition since Interest has Accrued to the Assessee but has not been Realized: ITAT [Read Order]
The Income Tax Appellate Tribunal in its recent order ruled that no additions can be made since interest has accrued to the assessee but has not been realized. The bench comprising of Judicial Member...
![No Addition since Interest has Accrued to the Assessee but has not been Realized: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2016/09/ITAT-Ahmedabad.jpg "No Addition since Interest has Accrued to the Assessee but has not been Realized: ITAT [Read Order]")
Investment Shown under the head ‘Current Asset’ in the balance Sheet can’t be treated as Unexplained: ITAT [Read Order]
Kolkata bench of Income Tax Appellate Tribunal (ITAT) recently held that if the assessee has disclosed investment under current assets in the balance sheet, then the same cannot be treated as...
![Investment Shown under the head ‘Current Asset’ in the balance Sheet can’t be treated as Unexplained: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2017/08/Investment-Funds-Taxscan.jpg "Investment Shown under the head ‘Current Asset’ in the balance Sheet can’t be treated as Unexplained: ITAT [Read Order]")