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Non-Maintenance of Books of Account would not attract Penalty u/s 271B: ITAT grants Relief to Developer [Read Order]

The Income Tax Appellate Tribunal (ITAT), Ahmedabad bench consisting of Waseem Ahmed, Accountant Member, and Madhumita Roy, Judicial Member granted...

Exemption u/s 10(2A) applicable to Legitimate Share of Profit earned based on LLP Agreement: ITAT...

Principal Component of Lease Rental can be treated as Revenue Expenditure u/s 37: ITAT [Read Order]

Mentioning of PAN does not attribute Transaction or Credit to Assessee: ITAT [Read Order]

CIT (A) require to Examine Documentary Evidences filed by Assessee before merely Confirming Findings...

Provision of sec. 68 Cannot be Invoked where Assessee filed Income Tax Return u/s 44AD on Presumptive Basis: ITAT [Read Order]

The Ahmedabad Bench of Income Tax Appellate Tribunal has held that provision of sec. 68 cannot be invoked where assessee filed return of income under section 44AD on presumptive basis. The...

Relief due to critical Covid pandemic period: ITAT allows to submit Documents to Claim Exemption u/s 80G(5)(vi) [Read Order]

The Jaipur bench of the Income Tax Appellate Tribunal (ITAT) has been allowedto submit the required documents for the approval of exemption u/s 80G(5)(vi) before the CIT(Exemption) as a relief to the...

Addition of Part of Cash Deposit to Total Income on Surmises and Conjectures: ITAT upholds deletion of Addition u/s 69A [Read Order]

The Income Tax Appellate Tribunal, Chandigarh Bench has held that addition of part of cash deposit to total Income on surmises and conjectures and upholds the deletion of addition u/s 69A. ...

Addition of Undisclosed Income will sustain unless Transaction details of Refund made by Customer were furnished: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Pune bench has held that the addition of undisclosed income will sustain unless transaction details of refund made by customer were furnished. The...

Amounts Credited in Books of Accounts Lack Genuineness: ITAT upholds Addition made u/s 68 [Read Order]

The Mumbai Bench of Income Tax Appellate Tribunal presided by Mr. Prashant Maharishi, AMand Mr. Sandeep Singh Karhail, JM has held that amounts credited in books of accounts lack genuineness and...

Delay in filing Audit Report due to Statutory Auditors: ITAT deletes Penalty [Read Order]

The Income Tax Appellate Tribunal (ITAT), Cuttak bench has held that the penalty under section 271B of the Income Tax Act, 1961 cannot be levied for delay in filing of audit report due to statutory...

Assessee could not be Penalized by denying the Exemption for Mere Technical Violation: ITAT allows Exemption u/s 10(23B) [Read Order]

The Delhi Bench of Income Tax Appellate Tribunal has held that assessee could not be penalized by denying the exemption for mere technical violation and allow exemption u/s 10(23B). The appellant,...

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