![Non Response to Notice u/s 133(6) of Income Tax Act doesnt prove that entire Transaction is Bogus: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/02/ITAT-Mumbai-Non-response-to-Income-Tax-Notice-Bogus-transactions-and-Income-Tax-ITAT-rulings-on-bogus-transactions-Taxscan.jpg "Non Response to Notice u/s 133(6) of Income Tax Act doesnt prove that entire Transaction is Bogus: ITAT [Read Order]")
Non Response to Notice u/s 133(6) of Income Tax Act doesn't prove that entire Transaction is Bogus: ITAT [Read Order]
The Mumbai bench of the Income Tax Appellate Tribunal ( ITAT ) observed that no response to notice under Section 133(6) of Income Tax Act, 1961 that...
![ITAT directs to recompute ALP of international transactions carried out by ICICI Bank pertaining to adjustment towards back office support services [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/12/site-img-13.jpg "ITAT directs to recompute ALP of international transactions carried out by ICICI Bank pertaining to adjustment towards back office support services [Read Order]")
![Expenses incurred towards club membership fee of employees is business expenditure: ITAT grants relief to ICICI Bank [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/12/business-expenditure-ITAT-ICICI-Bank-TAXSCAN.jpg "Expenses incurred towards club membership fee of employees is business expenditure: ITAT grants relief to ICICI Bank [Read Order]")
![Relief to ICICI Bank: ITAT directs to allow Depreciation claimed on Leased Assets continuing from Past Lease Transactions. [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/12/site-img-14.jpg "Relief to ICICI Bank: ITAT directs to allow Depreciation claimed on Leased Assets continuing from Past Lease Transactions. [Read Order]")
MTM losses incurred in regular course of business of ICICI Bank allowable as deduction: ITAT directs AO to bring MTM gain reverse back to tax [Read Order]
The Income Tax Appellate Tribunal (ITAT), Mumbai bench, held that mark-to-market losses incurred in the regular course of business by ICICI Bank are allowable as a deduction for computing tax...
![MTM losses incurred in regular course of business of ICICI Bank allowable as deduction: ITAT directs AO to bring MTM gain reverse back to tax [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/12/MTM-losses-ICICI-Bank-ITAT-AO-MTM-TAXSCAN.jpg "MTM losses incurred in regular course of business of ICICI Bank allowable as deduction: ITAT directs AO to bring MTM gain reverse back to tax [Read Order]")
Life Insurance Business prepares Financial Statement as per IRDA regulations, for Purpose of Taxation Section 44 can Apply: ITAT grants relief to HDFC Life Insurance [Read Order]
The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) granted relief to HDFC Life Insurance Company and held that when the life insurance business prepares the financial statement as per the...
![Life Insurance Business prepares Financial Statement as per IRDA regulations, for Purpose of Taxation Section 44 can Apply: ITAT grants relief to HDFC Life Insurance [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/12/Life-Insurance-Business-Financial-Statement-IRDA-regulations-Taxation-ITAT-grants-relief-HDFC-Life-Insurance-TAXSCAN.jpg "Life Insurance Business prepares Financial Statement as per IRDA regulations, for Purpose of Taxation Section 44 can Apply: ITAT grants relief to HDFC Life Insurance [Read Order]")
Municipal Tax allowable as expenditure u/s 24 of Income Tax Act when Assessee paid proportionate Tax to Society: ITAT [Read Order]
The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) held that the municipal tax shall be allowable as expenditure under Section 24 of the Income Tax Act, 1961 when the assessee paid the...
![Municipal Tax allowable as expenditure u/s 24 of Income Tax Act when Assessee paid proportionate Tax to Society: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/10/Municipal-Tax-allowable-expenditure-Income-Tax-Act-Assessee-paid-proportionate-Tax-Society-ITAT-TAXSCAN.jpg "Municipal Tax allowable as expenditure u/s 24 of Income Tax Act when Assessee paid proportionate Tax to Society: ITAT [Read Order]")
ITAT deletes Penalty u/s 271B for the assessee being able to establish reasonable cause behind their failure deserves to be considered u/s 274 [Read Order]
The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) held that the assessee clearly deserves to be considered under Section 274 where in it is provided that if assessee is able to establish...
![ITAT deletes Penalty u/s 271B for the assessee being able to establish reasonable cause behind their failure deserves to be considered u/s 274 [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/10/ITAT-deletes-Penalty-assessee-being-able-establish-reasonable-cause-behind-failure-deserves-taxscan.jpg "ITAT deletes Penalty u/s 271B for the assessee being able to establish reasonable cause behind their failure deserves to be considered u/s 274 [Read Order]")
Compensation received by Echjay Industries on account of Defective Product cannot be adjusted with WDV of Assets: ITAT [Read Order]
The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) held that the compensation received by Echjay Industries on account of a defective product cannot be adjusted with the Written Down Value...
![Compensation received by Echjay Industries on account of Defective Product cannot be adjusted with WDV of Assets: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/Compensation-Echjay-Industries-account-Defective-Product-adjusted-WDV-Assets-ITAT-TAXSCAN.jpg "Compensation received by Echjay Industries on account of Defective Product cannot be adjusted with WDV of Assets: ITAT [Read Order]")
Penalty u/s 271B of Income Tax Act shall not be imposed unless Assessee has been given a Reasonable Opportunity of being heard: ITAT [Read Order]
The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) held that the penalty under Section 271B of the Income Tax Act, 1961 shall not be imposed unless the assessee has been given a reasonable...
![Penalty u/s 271B of Income Tax Act shall not be imposed unless Assessee has been given a Reasonable Opportunity of being heard: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/Penalty-Income-Tax-Act-Assessee-Reasonable-Opportunity-heard-ITAT-TAXSCAN.jpg "Penalty u/s 271B of Income Tax Act shall not be imposed unless Assessee has been given a Reasonable Opportunity of being heard: ITAT [Read Order]")
Penalty u/s.271B not Leviable when Assessee engaged in business of trading, financing, reality and commodities had not Maintained Books of Accounts: ITAT [Read Order]
The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) has held that the penalty under Section 271B of the Income Tax Act 1961, would not be leviable when the assessee engaged in the business of...
![Penalty u/s.271B not Leviable when Assessee engaged in business of trading, financing, reality and commodities had not Maintained Books of Accounts: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/Penalty-Leviable-Assessee-engaged-business-trading-financing-reality-commodities-Maintained-Books-Accounts-ITAT-TAXSCAN.jpg "Penalty u/s.271B not Leviable when Assessee engaged in business of trading, financing, reality and commodities had not Maintained Books of Accounts: ITAT [Read Order]")