![Books of Account cant be held incorrect merely due to an Inadvertent mistake in TAR which is supported by Affidavit of Auditor: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/11/ITAT-TAR-Affidavit-Mumbai-bench-income-tax-taxscan.jpg "Books of Account cant be held incorrect merely due to an Inadvertent mistake in TAR which is supported by Affidavit of Auditor: ITAT [Read Order]")
Books of Account can't be held incorrect merely due to an Inadvertent mistake in TAR which is supported by Affidavit of Auditor: ITAT [Read Order]
The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) held that the books of account cannot be held incorrect merely due to an inadvertent...
![Addition made u/s69 of Income Tax Act towards Purchase and Sale of Shares without Sufficient Evidence: ITAT Directs Re-adjudication [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/11/without-Sufficient-Evidence-ITAT-Directs-Re-adjudication-Re-adjudication-ITAT-Directs-Tax-News-Purchase-And-Sale-Of-Share-Updates-TAXSCAN.jpg "Addition made u/s69 of Income Tax Act towards Purchase and Sale of Shares without Sufficient Evidence: ITAT Directs Re-adjudication [Read Order]")
![Addition shall not be sustained solely on basis of AIR information and when Receipt declared by Assessee far exceeds the Amount: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/11/ITAT-AIR-information-exceeds-the-Amount-Income-Tax-Appellate-Tribunal-Income-Tax-Appellate-Annual-Information-Return-AIR-TAXSCAN.jpg "Addition shall not be sustained solely on basis of AIR information and when Receipt declared by Assessee far exceeds the Amount: ITAT [Read Order]")
![Non-Adherence to Mandate of Section 250(6) of Income Tax Act by CIT(A): ITAT directs for Re-Adjudication [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/11/Mandate-of-Section-Income-Tax-Act-by-CITA-Commissioner-of-Income-Tax-Appeals-ITAT-directs-for-Re-Adjudication-Re-Adjudication-Income-Tax-Act-Income-Tax-Tax-News-TAXSCAN.jpg "Non-Adherence to Mandate of Section 250(6) of Income Tax Act by CIT(A): ITAT directs for Re-Adjudication [Read Order]")
![Anonymous Donations received by Trusts carrying on religious and charitable activities approved u/s 10(23C)(v) of Income Tax Act eligible for benefit of exclusion in Section 115BBC(2)(b) of IT Act: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/11/Anonymous-Donations-Donations-Trusts-religious-and-charitable-activities-ITAT-Taxscan.jpg "Anonymous Donations received by Trusts carrying on religious and charitable activities approved u/s 10(23C)(v) of Income Tax Act eligible for benefit of exclusion in Section 115BBC(2)(b) of IT Act: 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]")
PCIT has no Jurisdiction to Revise Assessment u/s 263 of the Income Tax Act When Assessment Order Attained Finality by Court Order: Madras HC [Read Order]
The Madras High Court has held that the Principal Commissioner of Income Tax (PCIT) has no jurisdiction to revise the assessment under section 263 of the Income Tax Act when the assessment order...
![PCIT has no Jurisdiction to Revise Assessment u/s 263 of the Income Tax Act When Assessment Order Attained Finality by Court Order: Madras HC [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/11/Madras-High-Court-Assessment-Order-Court-Order-Jurisdiction-taxscan.jpg "PCIT has no Jurisdiction to Revise Assessment u/s 263 of the Income Tax Act When Assessment Order Attained Finality by Court Order: Madras HC [Read Order]")
No Addition on Account for Sales Suppression shall be made Solely based on Abstract Data issued by Ministry of Textiles: ITAT [Read Order]
The Chennai bench of the Income Tax Appellate Tribunal (ITAT) held that no addition on account for sales suppression shall be made solely based on the abstract data by the Ministry of Textiles. ...
![No Addition on Account for Sales Suppression shall be made Solely based on Abstract Data issued by Ministry of Textiles: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/11/No-Addition-Account-Sales-Suppression-Solely-Abstract-Data-Ministry-of-Textiles-ITAT-TAXSCAN.jpg "No Addition on Account for Sales Suppression shall be made Solely based on Abstract Data issued by Ministry of Textiles: ITAT [Read Order]")
Issuance of Notice u/s 153C of Income Tax Act shall be Invalid Ab-Initio when no Incriminating Document found in Search: ITAT [Read Order]
The Delhi bench of the Income Tax Appellate Tribunal (ITAT) held that the issuance of notice under Section 153C of the Income Tax Act, 1961 shall be invalid ab-initio when there is no incriminating...
![Issuance of Notice u/s 153C of Income Tax Act shall be Invalid Ab-Initio when no Incriminating Document found in Search: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/11/Issuance-Issuance-of-Notice-Income-Tax-Act-Income-Tax-Ab-Initio-taxscan.jpg "Issuance of Notice u/s 153C of Income Tax Act shall be Invalid Ab-Initio when no Incriminating Document found in Search: ITAT [Read Order]")
Disallowance of Expenses u/s 43B can't be denied When Ex-gratia and Employee staff benefits are shown under Appropriation of fund: ITAT [Read Order]
The Ahmedabad bench of the Income Tax Appellate Tribunal (ITAT) held that the disallowance of expenses under Section 43B of the Income Tax Act, 1961 cannot be denied when the ex-gratia and employee...
![Disallowance of Expenses u/s 43B cant be denied When Ex-gratia and Employee staff benefits are shown under Appropriation of fund: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/11/Disallowance-of-Expenses-Ex-gratia-and-Employee-staff-benefits-Employee-staff-benefits-taxscan.jpg "Disallowance of Expenses u/s 43B cant be denied When Ex-gratia and Employee staff benefits are shown under Appropriation of fund: ITAT [Read Order]")
ITAT deletes disallowance of Long Term Capital Loss incurred on Sale of Share of private company to initial promoters [Read Order]
The Income Tax Appellate Tribunal (ITAT), Delhi bench, has annulled the disallowance of a long-term capital loss arising from the sale of shares of a private company to its initial promoters. In this...
![ITAT deletes disallowance of Long Term Capital Loss incurred on Sale of Share of private company to initial promoters [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/11/ITAT-deletes-disallowance-Long-Term-Capital-Loss-Capital-Loss-Sale-of-Share-Share-of-private-company-private-company-initial-promoters-promoters.webp "ITAT deletes disallowance of Long Term Capital Loss incurred on Sale of Share of private company to initial promoters [Read Order]")
Late Fees u/s 234E of Income Tax Act without giving opportunity for submitting reasons for delay in Appeal filing: ITAT directs Re-adjudication [Read Order]
The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) has directed re-adjudication as late fee under Section 234E of the Income Tax Act 1961, was without giving opportunity for submitting reasons...
![Late Fees u/s 234E of Income Tax Act without giving opportunity for submitting reasons for delay in Appeal filing: ITAT directs Re-adjudication [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/11/Re-Adjudication-Income-Tax-Act-tax-news-Mumbai-Bench-TAXSCAN.jpg "Late Fees u/s 234E of Income Tax Act without giving opportunity for submitting reasons for delay in Appeal filing: ITAT directs Re-adjudication [Read Order]")