![AO cannot Traverse beyond its Mandate to Assume Jurisdiction u/s 147 of Income Tax Act: Delhi HC [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/05/Delhi-High-Court-Section147-of-the-Income-Tax-Act-Tax-news-Taxscan.jpg "AO cannot Traverse beyond its Mandate to Assume Jurisdiction u/s 147 of Income Tax Act: Delhi HC [Read Order]")
AO cannot Traverse beyond its Mandate to Assume Jurisdiction u/s 147 of Income Tax Act: Delhi HC [Read Order]
The Delhi High Court recently held that the Assessing Officer cannot traverse beyond its mandate to assume jurisdiction under Section147 of the...
![ITAT Directs readjudication of disallowance of Depreciation claimed on Acquisition of Asset [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/05/Income-Tax-Act-income-tax-appellete-tribunal-ITAT-delhi-Tax-news-taxscan.jpg "ITAT Directs readjudication of disallowance of Depreciation claimed on Acquisition of Asset [Read Order]")
![Addition u/s. 69A of Income Tax Act cannot be made in respect of Monies which are recorded in Bank Statement: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/05/ITAT-income-tax-acts-ITAT-decision-bank-statement-monies-ITAT-and-bank-TAXSCAN.jpg "Addition u/s. 69A of Income Tax Act cannot be made in respect of Monies which are recorded in Bank Statement: ITAT [Read Order]")
![Delhi HC directs Income Tax Dep to Allow Personal Hearings through National Faceless Assessment Center [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/05/Delhi-high-court-income-tax-act-income-tax-department-assessment-center-TAXSCAN.jpg "Delhi HC directs Income Tax Dep to Allow Personal Hearings through National Faceless Assessment Center [Read Order]")
![ITAT allows deduction claimed u/s 54F of Income Tax Act with respect all apartment units received pursuant to JDA [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/05/ITAT-bangalore-Joint-Development-Agreement-tax-updates-taxscan.jpg "ITAT allows deduction claimed u/s 54F of Income Tax Act with respect all apartment units received pursuant to JDA [Read Order]")
ITAT Deletes Penalty u/s 271(1)(c) of Income Tax Act, Citing No Inaccurate Income Particulars or Deliberate Concealment [Read Order]
The Delhi bench of the Income Tax Appellate Tribunal ( ITAT ) deleted the penalty under Section 271(1) (c) of the Income Tax Act, 1961 concluding there was no furnishing of inaccurate particulars of...
![ITAT Deletes Penalty u/s 271(1)(c) of Income Tax Act, Citing No Inaccurate Income Particulars or Deliberate Concealment [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/05/ITAT-ITAT-Deletes-Penalty-Income-tax-penalty-tax-updates-taxscan.jpg "ITAT Deletes Penalty u/s 271(1)(c) of Income Tax Act, Citing No Inaccurate Income Particulars or Deliberate Concealment [Read Order]")
No addition warranted u/s 56(2)(viib) of Income Tax Act as difference between issue Price and Value Adopt by AO is Minuscule [Read Order]
The two member bench of Delhi Income Tax Appellate Tribunal ( ITAT ) held that no addition warranted under Section 56(2)(viib) of the Income Tax Act, 1961 as difference between issue price and value...
![No addition warranted u/s 56(2)(viib) of Income Tax Act as difference between issue Price and Value Adopt by AO is Minuscule [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/05/ITAT-Delhi-Income-Tax-Act-Assessing-officer-tax-updates-taxscan.jpg "No addition warranted u/s 56(2)(viib) of Income Tax Act as difference between issue Price and Value Adopt by AO is Minuscule [Read Order]")
Failure to examine Ownership and Leasehold Right of Property Sold on behalf of assessee: ITAT directs Readjudication [Read Order]
The two member bench of Delhi Income Tax Appellate Tribunal ( ITAT ) directed readjudication after finding that the lower authority failed to examine the ownership and leasehold rights of property...
![Failure to examine Ownership and Leasehold Right of Property Sold on behalf of assessee: ITAT directs Readjudication [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/05/ITAT-income-tax-acts-Failure-to-examine-property-Leasehold-rights-TAXSACN.jpg "Failure to examine Ownership and Leasehold Right of Property Sold on behalf of assessee: ITAT directs Readjudication [Read Order]")
Receipt of IUC charges cannot be taxed as Royalty under Article 12 of India Japan DTAA: ITAT [Read Order]
The Two member bench of Bangalore Income Tax Appellate Tribunal ( ITAT ) held that the receipt of Interconnect Utility Charges ( IUC ) charges cannot be taxed as Royalty under Article 12 India-...
![Receipt of IUC charges cannot be taxed as Royalty under Article 12 of India Japan DTAA: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/05/ITAT-India-Japan-DTAA-Article-12-of-India-Japan-DTAA-income-tax-updates-taxscan.jpg "Receipt of IUC charges cannot be taxed as Royalty under Article 12 of India Japan DTAA: ITAT [Read Order]")
Increases in Short Term Loans and Advances Duly Explained: ITAT deletes Addition of Rs. 3.86 Crores u/s 69 of Income Tax Act [Read Order]
The Kolkata bench of the Income Tax Appellate Tribunal ( ITAT ) deleted the addition of Rs. 3.86 crores under Section 69 of the Income Tax Act, 1961 determining that the alleged increases in...
ITAT Approves Rs. 4.41 Crore Deduction u/s 37 for R&D Unit Operations u/s 35(2)(AB) of Income Tax Act
The Delhi bench of the Income Tax Appellate Tribunal ( ITAT ) granted deduction under Section 37 as Rs. 4.41 crore expenditure justified for Research and Development ( R&D ) unit operations under...
AO Fails to Probe Evidence, Relies Solely on Non-Production of Directors of Subscribing Companies: ITAT Deletes Section 68 Addition [Read Order]
The Kolkata bench of the Income Tax Appellate Tribunal ( ITAT ) deleted the Section 68 addition under Income Tax Act, 1961, noting that the Assessing Officer ( AO ) failed to investigate the evidence...
