![AO cannot take the position of Businessman to Replace his Strategy Irrationally: ITAT deletes Additions [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/06/AO-cannot-take-the-position-of-Businessman-AO-Businessman-ITAT-deletes-Additions-ITAT-Additions-Taxscan.jpg "AO cannot take the position of Businessman to Replace his Strategy Irrationally: ITAT deletes Additions [Read Order]")
AO cannot take the position of Businessman to Replace his Strategy Irrationally: ITAT deletes Additions [Read Order]
The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) deleted the addition made by the Assessing Officer without any justification or appealing...
![Deemed Dividends cannot be Taxed in the Hands of Non-Shareholders: ITAT Deletes Addition [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/06/Deemed-Dividends-cannot-Taxed-in-the-Hands-of-Non-Shareholders-ITAT-Deletes-Addition-TAXSCAN.jpg "Deemed Dividends cannot be Taxed in the Hands of Non-Shareholders: ITAT Deletes Addition [Read Order]")
![Assessment Order u/s147 of Income Tax Act is Appealable Order: Calcutta HC Dismisses WP [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/06/Income-Tax-Act-is-Appealable-Order-Calcutta-HC-Dismisses-WP-HC-TAXSCAN.jpg "Assessment Order u/s147 of Income Tax Act is Appealable Order: Calcutta HC Dismisses WP [Read Order]")
![No Addition can be made u/s 56(2)(x)(b) of IT Act if Allotment Letter issued for Purchase Property in Future: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/06/IT-Act-if-allotment-letter-issued-purchase-property-in-future-ITAT-TAXSCAN.jpg "No Addition can be made u/s 56(2)(x)(b) of IT Act if Allotment Letter issued for Purchase Property in Future: ITAT [Read Order]")
![Co-operative Society’s Investment in Co-operative Societys Fixed Deposit Accounts Eligible for Deduction u/s 80P (2) (d) of IT Act: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/06/Co-operative-Society-Fixed-Deposit-Accounts-Eligible-for-Deduction-ITAT-TAXSCAN.jpg "Co-operative Society’s Investment in Co-operative Societys Fixed Deposit Accounts Eligible for Deduction u/s 80P (2) (d) of IT Act: ITAT [Read Order]")
No addition can be made on Sponsorship Contributions received from Friends and Relatives: ITAT [Read Order]
The Mumbai bench of Income Tax Appellate Tribunal (ITAT) has recently held that no addition could be made on sponsorship contributions received from friends and relatives. Assessee Bhagyashree...
![No addition can be made on Sponsorship Contributions received from Friends and Relatives: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/06/No-addition-can-be-made-Sponsorship-Contributions-received-from-Friends-and-Relatives-ITAT-TAXSCAN.jpg "No addition can be made on Sponsorship Contributions received from Friends and Relatives: ITAT [Read Order]")
ITAT deletes Penalty u/s 271A for Estimation-Based Addition and Lack of Reference to Assessee's Books [Read Order]
The Hyderabad Bench of the Income Tax Appellate Tribunal (ITAT) recently deleted the penalty under Section 271 A for estimation-based addition with a lack of reference to the Assessee’s books. ...
![ITAT deletes Penalty u/s 271A for Estimation-Based Addition and Lack of Reference to Assessees Books [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/06/ITAT-deletes-Penalty-ITAT-Penalty-Estimation-Based-Addition-and-Lack-of-Reference-to-Assessees-Books-Estimation-Based-Addition-Addition-Assessees-Books-Taxscan.jpg "ITAT deletes Penalty u/s 271A for Estimation-Based Addition and Lack of Reference to Assessees Books [Read Order]")
Claim of exemption u/s 10(23C)(iiiad) of the Income Tax Act rejected without proper verification: ITAT directs re-adjudication [Read Order]
The Ranchi bench of the Income Tax Appellate Tribunal (ITAT) directed re-adjudication since the claim of exemption under section 10(23C)(iiiad) of the Income Tax Act,1961 was rejected without proper...
![Claim of exemption u/s 10(23C)(iiiad) of the Income Tax Act rejected without proper verification: ITAT directs re-adjudication [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/06/Claim-of-exemption-Income-Tax-Act-rejected-without-proper-verification-ITAT-re-adjudication-TAXSCAN.jpg "Claim of exemption u/s 10(23C)(iiiad) of the Income Tax Act rejected without proper verification: ITAT directs re-adjudication [Read Order]")
ITAT Deletes Addition on Account of Cash Gifts Received from Mother through Gift Deed in Absence of Contrary Material
The Delhi Bench of Income Tax Appellate Tribunal (ITAT) has deleted the addition on account of cash gifts received from mother through gift deed as no contrary material was found. The Assessing...
Income from Sale of Agricultural land is not Capital Asset u/s 2(14)(iii) of IT Act, not Taxable: ITAT [Read Order]
The Delhi bench of the Income Tax Appellate Tribunal (ITAT) ruled that the income derived from sale of agricultural land is not capital asset under section 2(14)(iii) of Income Tax ...
![Income from Sale of Agricultural land is not Capital Asset u/s 2(14)(iii) of IT Act, not Taxable: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/06/Income-from-Sale-of-Agricultural-land-is-not-Capital-Asset-ITAT-TAXSCAN.jpg "Income from Sale of Agricultural land is not Capital Asset u/s 2(14)(iii) of IT Act, not Taxable: ITAT [Read Order]")
Interest on FD received during setting-up of Business is not Business Income but Income from Other Sources: ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT), Bangalore bench has held that the interest on Fixed Deposit (FD) received during the setting-up of business is not a Business Income but shall be treated as...
![Interest on FD received during setting-up of Business is not Business Income but Income from Other Sources: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/06/Interest-on-FD-received-during-setting-up-of-business-not-Business-Income-but-Income-from-Other-Sources-ITAT-.jpg "Interest on FD received during setting-up of Business is not Business Income but Income from Other Sources: ITAT [Read Order]")
ITAT directs to Delete Disallowance of Expenditure incurred towards Exempt Income based on Book Profits [Read Order]
The Income Tax Appellate Tribunal, Chennai Bench, has recently, in an appeal filed before it, directed to delete the disallowance of expenditure incurred towards except income based on book profits. ...
![ITAT directs to Delete Disallowance of Expenditure incurred towards Exempt Income based on Book Profits [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/06/ITAT-directs-to-Delete-Disallowance-Expenditure-incurred-towards-Exempt-Income-based-on-Book-Profits-ITAT-TAXSCAN.jpg "ITAT directs to Delete Disallowance of Expenditure incurred towards Exempt Income based on Book Profits [Read Order]")