![Profit of Business Undertaking in Proportion of Export Turnover to Total Turnover would be Eligible for Deduction u/s 10 A of Income Tax Act: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/06/58bfc8d2-c4b6-44f0-b028-075b10fc79f3.jpg "Profit of Business Undertaking in Proportion of Export Turnover to Total Turnover would be Eligible for Deduction u/s 10 A of Income Tax Act: ITAT [Read Order]")
Profit of Business Undertaking in Proportion of Export Turnover to Total Turnover would be Eligible for Deduction u/s 10 A of Income Tax Act: ITAT [Read Order]
The Delhi bench of the Income Tax Appellate Tribunal ( ITAT ) ruled that the profit of business undertaking in proportion of export turnover to total...
![Cash Deposits made From Parents Accumulated Savings and Income from Agricultural Activities: ITAT Deletes Income Tax Addition u/s 69A [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/06/ITAT-Ahmedabad-Cash-Deposits-made-From-Agricultural-Activities-ITAT-Deletes-Income-Tax-Addition-taxscan.jpg "Cash Deposits made From Parents Accumulated Savings and Income from Agricultural Activities: ITAT Deletes Income Tax Addition u/s 69A [Read Order]")
![Date of Acquisition of New Property must be Date of Possession: ITAT allows Deduction under Income Tax Act [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/06/ITAT-Property-tax-Income-tax-act-ITAT-mumbai-New-properties-TAXSCAN.jpg "Date of Acquisition of New Property must be Date of Possession: ITAT allows Deduction under Income Tax Act [Read Order]")
![Approval Granted u/s 153 D clearly indicates Approving Authority neither Examined Assessment Records nor Seized Materials: ITAT quashes Assessment Order [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/06/Section-153D-Income-tax-act-Assessment-Order-Assessment-records-ITAT-taxscan.jpg "Approval Granted u/s 153 D clearly indicates Approving Authority neither Examined Assessment Records nor Seized Materials: ITAT quashes Assessment Order [Read Order]")
Assessment/Reassessment in a Search-Related Case Cannot Be Passed Without Proper Approval by Competent Authority: ITAT [Read Order]
In a significant case, the Income Tax Appellate Tribunal ( ITAT ) of the New Delhi bench held that assessment or reassessment in a search-related case cannot be passed without proper approval of the...
![Assessment/Reassessment in a Search-Related Case Cannot Be Passed Without Proper Approval by Competent Authority: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/06/ITAT-income-tax-income-tax-ITAT-delhi-Search-related-case-Competent-authority-TAXSCAN.jpg "Assessment/Reassessment in a Search-Related Case Cannot Be Passed Without Proper Approval by Competent Authority: ITAT [Read Order]")
Expenditure on Software Application Development treated as Revenue Expenditure: SC dismisses SLP filed by Income Tax Department [Read Judgement]
The Supreme Court dismissed the Special Leave Petition ( SLP ) filed by the Income Tax Department regarding the assessment of expenditure on software application development. The SLP arose out of...
![Expenditure on Software Application Development treated as Revenue Expenditure: SC dismisses SLP filed by Income Tax Department [Read Judgement]](https://www.taxscan.in/wp-content/uploads/2024/06/Income-tax-department-Special-leave-petition-SLP-Revenue-expenditure-Software-application-TAXSCAN.jpg "Expenditure on Software Application Development treated as Revenue Expenditure: SC dismisses SLP filed by Income Tax Department [Read Judgement]")
Failure to File SFT within Stipulated Date given in Notice u/s 285 BA of Income Tax Act: ITAT confirms Penalty u/s 271FA [Read Order]
The Ahmedabad bench of the Income Tax Appellate Tribunal ( ITAT ) confirmed the penalty under Section 271FA for failure to file the Statement of Financial Transactions ( SFT ) within the stipulated...
![Failure to File SFT within Stipulated Date given in Notice u/s 285 BA of Income Tax Act: ITAT confirms Penalty u/s 271FA [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/06/ITAT-ITAT-Ahmedabad-SFT-Section-285BA-of-the-Income-Tax-Act-Statement-of-Financial-Transactions-Tax-news-Taxscan.jpg "Failure to File SFT within Stipulated Date given in Notice u/s 285 BA of Income Tax Act: ITAT confirms Penalty u/s 271FA [Read Order]")
Taxpayer is Co-Owner of Bank Account, No Concealment of Income: ITAT deletes penalty u/s 271(1) (c) of Income Tax Act [Read Order]
The Ahmedabad bench of the Income Tax Appellate Tribunal ( ITAT ) deleted the penalty under Section 271(1)(c) of the Income Tax Act, 1961 observing that there is no concealment of income ...
![Taxpayer is Co-Owner of Bank Account, No Concealment of Income: ITAT deletes penalty u/s 271(1) (c) of Income Tax Act [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/06/ITAT-Income-tax-appellate-tribunal-income-tax-act-income-tax-Tax-news-TAXSCAN.jpg "Taxpayer is Co-Owner of Bank Account, No Concealment of Income: ITAT deletes penalty u/s 271(1) (c) of Income Tax Act [Read Order]")
Payment to Pollution Control Board for Environmental Norms Violation does not amount to Penalty, No Disallowance under Income Tax Act: ITAT [Read Order]
The Kolkata bench of Income Tax Appellate Tribunal ( ITAT ) has held that payment made by the assessee to the Pollution Control Board for violation of environmental norms would not be penal and held...
![Payment to Pollution Control Board for Environmental Norms Violation does not amount to Penalty, No Disallowance under Income Tax Act: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/06/ITAT-Income-tax-appellate-tribunal-income-tax-income-tax-news-income-tax-act-TAXSCAN.jpg "Payment to Pollution Control Board for Environmental Norms Violation does not amount to Penalty, No Disallowance under Income Tax Act: ITAT [Read Order]")
Ratification Order under Income Tax Act Passed on Non Existing Entity is Invalid: ITAT [Read Order]
The Mumbai bench of the Income Tax Appellate Tribunal ( ITAT ) held that a rectification order passed in the name of a non-existent entity, despite informing Revenue regarding its merger is invalid. ...
![Ratification Order under Income Tax Act Passed on Non Existing Entity is Invalid: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/06/Income-Tax-Act-ITAT-Ratification-Income-Tax-Appellate-Tribunal-non-existent-entity-Income-Tax-taxscan.jpg "Ratification Order under Income Tax Act Passed on Non Existing Entity is Invalid: ITAT [Read Order]")
![Invalid Notice issued prior to Filing of ITR: ITAT quashes Assessment order [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/06/ITAT-income-tax-appellate-tribunal-ITR-filling-Invalid-notices-Invalid-notice-issues-TAXSCAN.jpg "Invalid Notice issued prior to Filing of ITR: ITAT quashes Assessment order [Read Order]")