Notice issued in stereotyped manner without applying mind is bad in law: ITAT deletes penalty u/S 271(1)(c) of Income Tax Act [Read Order]
The Delhi bench of the Income Tax Appellate Tribunal ( ITAT) has nullified a penalty under Section 271(1)(c) of the Income Tax Act, 1961 stating that...
![LTCG without indexing Cost of Acquisition is to be considered for computing Tax Liability u/s 115JB of Income Tax Act: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/01/Long-Term-Capital-Gain-ITAT-ITAT-Mumbai-Tax-liability-Income-Tax-Cost-of-Acquisition-LTCG-without-indexing-Cost-of-Acquisition-Computing-tax-liability-LTCG-TAXSCAN.jpg "LTCG without indexing Cost of Acquisition is to be considered for computing Tax Liability u/s 115JB of Income Tax Act: ITAT [Read Order]")
![Loan payments made through bank transfers and not bearer Cheques: ITAT deletes penalty imposed u/s 271E of Income Tax Act [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/01/Income-Tax-Tax-new-ITAT-Delhi-Loan-payment-taxscan.jpg "Loan payments made through bank transfers and not bearer Cheques: ITAT deletes penalty imposed u/s 271E of Income Tax Act [Read Order]")
![Order u/s 271AAC (1) of Income Tax Act: Kerala HC directs to Approach Appropriate Authority [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/01/Kerala-High-Court-Income-Tax-Act-Income-Tax-TAXSCAN.jpg "Order u/s 271AAC (1) of Income Tax Act: Kerala HC directs to Approach Appropriate Authority [Read Order]")
![Tax implications and neutrality of transaction play a pivotal role in determining applicability of Section 40A (2) (a) of Income Tax Act: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/01/itat-mumbai-Tax-Implications-in-Transactions-ITAT-Ruling-on-Tax-Neutrality-Taxation-of-Financial-Transactions-taxscan.jpg "Tax implications and neutrality of transaction play a pivotal role in determining applicability of Section 40A (2) (a) of Income Tax Act: ITAT [Read Order]")
Income Tax cannot be levied on Income already paid: ITAT dismisses Interest u/S 234 A of Income Tax Act [Read Order]
The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has dismissed the imposition of interest under section 234A of the Income Tax Act 1961, stating that income tax cannot be levied on...
![Income Tax cannot be levied on Income already paid: ITAT dismisses Interest u/S 234 A of Income Tax Act [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/01/Income-Tax-Appellate-Tribunal-income-tax-ITAT-dismisses-interest-TAXSCAN.jpg "Income Tax cannot be levied on Income already paid: ITAT dismisses Interest u/S 234 A of Income Tax Act [Read Order]")
Set back to Bajaj Auto: ITAT allows Deduction u/s 80 IA of Income Tax Act after deducting Depreciation from Profits of eligible undertakings [Read Order]
The Mumbai bench of the Income Tax Appellate Tribunal ( ITAT ) delivered a setback to Bajaj Auto by allowing the deduction under Section 80 IA of the Income Tax Act 1961 only after deducting...
![Set back to Bajaj Auto: ITAT allows Deduction u/s 80 IA of Income Tax Act after deducting Depreciation from Profits of eligible undertakings [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/01/Bajaj-auto-ITAT-ITAT-Mumbai-Income-tax-act-Income-tax-on-bajaj-auto-Income-tax-deduction-on-depreciation-TAXCSAN.jpg "Set back to Bajaj Auto: ITAT allows Deduction u/s 80 IA of Income Tax Act after deducting Depreciation from Profits of eligible undertakings [Read Order]")
![Surplus on Redemption of Treasury bill is to be taxed under Capital Gains: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/01/Treasury-bill-redemption-tax-Income-Tax-ITAT-Mumbai-Capital-gain-Surplus-taxation-on-Treasury-bill-taxscan.jpg "Surplus on Redemption of Treasury bill is to be taxed under Capital Gains: ITAT [Read Order]")
![ITAT allows Deduction u/S 80G of Income Tax Act on CSR expenses [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/01/ITAT-ITAT-Mumbai-Income-tax-act-ITAT-allows-deduction-Deduction-CSR-expenses-Corporate-Social-Responsibility-expenses-TAXSCAN.jpg "ITAT allows Deduction u/S 80G of Income Tax Act on CSR expenses [Read Order]")
Failure of AO to conduct Proper Inquiry in source of Fresh Capital: ITAT directs AO to conduct Fresh Assessment based on Available Evidence [Read Order]
The Delhi bench of the Income Tax Appellate Tribunal ( ITAT ) directed the Assessing Officer ( AO ) to conduct a fresh assessment due to the inadequacy of the inquiry into the source of fresh...
![Failure of AO to conduct Proper Inquiry in source of Fresh Capital: ITAT directs AO to conduct Fresh Assessment based on Available Evidence [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/01/itat-delhi-Source-of-Fresh-Capital-Evidence-Based-Tax-Assessment-assessing-officer-fresh-assesement-taxscan.jpg "Failure of AO to conduct Proper Inquiry in source of Fresh Capital: ITAT directs AO to conduct Fresh Assessment based on Available Evidence [Read Order]")
Displacement of fair market value supported by valuation report by AO: ITAT deletes penalty u/s 271(1)(c) of Income Tax Act [Read Order]
The Delhi bench of the Income Tax Appellate Tribunal ( ITAT ) dismissed the imposition of penalty under section 271(1)(c) of the Income Tax Act 1961,citing the Assessing Officer's rejection of fair...
![Displacement of fair market value supported by valuation report by AO: ITAT deletes penalty u/s 271(1)(c) of Income Tax Act [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/01/itat-delhi-Fair-Market-Value-Displacement-Income-Tax-Act-Penalty-Removal-Tax-Penalty-Deletion-Case-taxscan.jpg "Displacement of fair market value supported by valuation report by AO: ITAT deletes penalty u/s 271(1)(c) of Income Tax Act [Read Order]")
Non Appearance and Failure to submit Documentation in exemption claim u/S 54 of Income Tax Act: ITAT dismisses appeal [Read Order]
The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) dismissed appeal due to non-appearance and failure to submit documentation for exemption claim under Section 54 of the Income Tax Act 1961...
![Non Appearance and Failure to submit Documentation in exemption claim u/S 54 of Income Tax Act: ITAT dismisses appeal [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/01/ITAT-Income-Tax-Act-ITAT-dismisses-appeal-ITAT-mumbai-TAXSCAN.jpg "Non Appearance and Failure to submit Documentation in exemption claim u/S 54 of Income Tax Act: ITAT dismisses appeal [Read Order]")