![Ad-Hoc Income Tax Addition on Guess Work: ITAT Remands Matter Despite Assessee’s Failure to Furnish Evidence [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/10/Income-Tax-ITAT-ITAT-Delhi-Ad-Hoc-TAXSCAN.jpg "Ad-Hoc Income Tax Addition on Guess Work: ITAT Remands Matter Despite Assessee’s Failure to Furnish Evidence [Read Order]")
Ad-Hoc Income Tax Addition on Guess Work: ITAT Remands Matter Despite Assessee’s Failure to Furnish Evidence [Read Order]
In a recent decision, the Income Tax Appellate Tribunal ( ITAT ), Delhi Bench, remanded a case involving the assessee, Virtual Global Education Ltd....
![ITAT Orders Income Estimation at 12.5% of Gross Receipts Instead of Disallowing Entire Entries as Bogus Due to Potential Expense Inflation [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/10/Services-in-Forms-Receipt-of-Patent-Registered-Outside-India-Patent-Registered-Outside-India-Receipt-of-Patent-cestat-taxscan.jpg "ITAT Orders Income Estimation at 12.5% of Gross Receipts Instead of Disallowing Entire Entries as Bogus Due to Potential Expense Inflation [Read Order]")
![Deliberate Failure to Produce Books of Account: ITAT Upholds ₹1.05 Crore Income Tax Addition in Reassessment [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/10/ITAT-Income-Tax-Appellate-Tribunal-TAT-Delhi-TAXSCAN.jpg "Deliberate Failure to Produce Books of Account: ITAT Upholds ₹1.05 Crore Income Tax Addition in Reassessment [Read Order]")
![S.36 of Income Tax Misinterpreted by AO: ITAT Upholds Banks Claim for Non- Rural Bad Debt Write Off [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/10/ITAT-ITAT-Bangalore-Income-Tax-Income-Tax-Misinterpreted-Section36-of-Income-Tax-Non-Rural-Bad-Debt-taxscan.jpg "S.36 of Income Tax Misinterpreted by AO: ITAT Upholds Banks Claim for Non- Rural Bad Debt Write Off [Read Order]")
![No Finding by CIT(A) against Claim u/s 56(2)(viib): ITAT remands Revision Order for Re-examination of Qualification as Venture Capital [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/10/ITAT-Income-Tax-ITAT-Chandigarh-CIT-Against-Claim-TAXSCAN.webp "No Finding by CIT(A) against Claim u/s 56(2)(viib): ITAT remands Revision Order for Re-examination of Qualification as Venture Capital [Read Order]")
ITAT sets aside Ex-Parte addition of Rs. 29.5 lakh due to assessee’s Illness and Husband's Demise [Read Order]Â
The Chandigarh bench of the Income Tax Appellate Tribunal ( ITAT ) sets aside the ex-parte order due to the assessee’s illness and husband's demise and grants a final hearing regarding the addition...
![ITAT sets aside Ex-Parte addition of Rs. 29.5 lakh due to assessee’s Illness and Husbands Demise [Read Order]Â](https://www.taxscan.in/wp-content/uploads/2024/10/ITAT-Chandigarh-Income-Tax-Ex-parte-order-by-ITAT-TAXSCAN.jpeg "ITAT sets aside Ex-Parte addition of Rs. 29.5 lakh due to assessee’s Illness and Husbands Demise [Read Order]Â")
Relief to IDFC: ITAT Directs AO to Limit Disallowance u/s 14A to 0.5% of Exempt Income Earned Based on Rule 8D(2)(iii) [Read Order]
The Chennai Bench of Income Tax Appellate Tribunal (ITAT) directed the assessing officer (AO) to limit the disallowance under Section 14A to 0.5% of exempt income earned by the assessee based on Rule...
![Relief to IDFC: ITAT Directs AO to Limit Disallowance u/s 14A to 0.5% of Exempt Income Earned Based on Rule 8D(2)(iii) [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/10/ITAT-ITAT-Chennai-IDFC-AO-Disallowance-Taxscan.jpg "Relief to IDFC: ITAT Directs AO to Limit Disallowance u/s 14A to 0.5% of Exempt Income Earned Based on Rule 8D(2)(iii) [Read Order]")
ITAT Quashes Reassessment Over Invalid Rs.10 Lakh Addition, Citing Intraday Profit Below Threshold [Read Order]
The Ahmedabad Bench of Income Tax Appellate Tribunal ( ITAT ) quashed the ₹10 lakh reassessment, ruling it invalid due to an intraday profit of Rs.49,792 falling below the threshold for reopening...
![ITAT Quashes Reassessment Over Invalid Rs.10 Lakh Addition, Citing Intraday Profit Below Threshold [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/10/Income-Tax-ITAT-ITAT-Ahmedabad-Reassessment-in-income-tax-TAXSCAN.jpeg "ITAT Quashes Reassessment Over Invalid Rs.10 Lakh Addition, Citing Intraday Profit Below Threshold [Read Order]")
Rs. 54.52 Lakh Unexplained Income from Sugar Sale: ITAT Directs Fresh Assessment of S.69 Income Tax Addition Amid Contradictory Claims [Read Order]
In a recent decision, the Income Tax Appellate Tribunal ( ITAT ) Bangalore directed a fresh assessment of a disputed addition of Rs. 54.52 lakh under Section 68 of the Income Tax Act 1961 ( ITA )Â ...
![Rs. 54.52 Lakh Unexplained Income from Sugar Sale: ITAT Directs Fresh Assessment of S.69 Income Tax Addition Amid Contradictory Claims [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/10/ITAT-Bangalore-Assessing-Officer-Sugar-Sale-Taxscan.jpg "Rs. 54.52 Lakh Unexplained Income from Sugar Sale: ITAT Directs Fresh Assessment of S.69 Income Tax Addition Amid Contradictory Claims [Read Order]")
Assessee entitled to raise Additional claims in Appeal when not made in Returns filed: ITAT [Read Order]
In a recent ruling, the Ahmedabad bench of the Income Tax Appellate Tribunal ( ITAT ) held that the assessee is entitled to raise additional claims in appeal that were not made when the returns were...
![Assessee entitled to raise Additional claims in Appeal when not made in Returns filed: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/10/Income-Tax-ITAT-Ahmedabad-File-Returns-TAXSCAN.jpg "Assessee entitled to raise Additional claims in Appeal when not made in Returns filed: ITAT [Read Order]")
Hardship Allowance Received by Assessee from Developer as ‘compensation Towards Displacement' is not a ‘revenue receipt’: ITAT [Read Order]
The Mumbai bench of the Income Tax Appellate Tribunal ( ITAT ) has held that Hardship Allowance received by assessee from Developer as ‘compensation towards displacement' is not a ‘revenue receipt’ ....
![Hardship Allowance Received by Assessee from Developer as ‘compensation Towards Displacement is not a ‘revenue receipt’: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/10/ITAT-Income-Tax-Developers-compensation-case-capital-receipt-TAXSCAN.jpg "Hardship Allowance Received by Assessee from Developer as ‘compensation Towards Displacement is not a ‘revenue receipt’: ITAT [Read Order]")
Delay in Filing Appeal Before CIT(A) due to ignorance of Legal Procedures and Non-Follow-Up: ITAT Condones Delay [Read Order]
The Ahmedabad Bench of Income Tax Appellate Tribunal(ITAT) condones the delay in filing the appeal before the Commissioner of Income Tax (Appeals)[CIT(A)] due to the assessee's ignorance of...
![Delay in Filing Appeal Before CIT(A) due to ignorance of Legal Procedures and Non-Follow-Up: ITAT Condones Delay [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/10/ITAT-Income-Tax-Appellate-Tribunal-ITAT-Ahmedabad-CITA-Commissioner-of-Income-Tax-Appeals-Filing-Appeal-TAXSCAN.webp "Delay in Filing Appeal Before CIT(A) due to ignorance of Legal Procedures and Non-Follow-Up: ITAT Condones Delay [Read Order]")