![Chargeability of Deemed Income between Holding and Subsidiary Contradicts Intent of Section 56(2)(viib) of the Income Tax Act : ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/04/ITAT-Delhi-ITAT-Income-Tax-Income-Tax-Act-Deemed-Income-ITAT-ruling-on-deemed-income-Taxscan.jpeg "Chargeability of Deemed Income between Holding and Subsidiary Contradicts Intent of Section 56(2)(viib) of the Income Tax Act : ITAT [Read Order]")
Chargeability of Deemed Income between Holding and Subsidiary Contradicts Intent of Section 56(2)(viib) of the Income Tax Act : ITAT [Read Order]
The two member bench of the Income Tax Appellate Tribunal ( ITAT ) Delhi, observed that chargeability of deemed income between holding and subsidiary...
![Maturity LIC Amounts Exempt from Taxability u/s 10 (10D): ITAT directs AO to delete Addition of 1.43 Crore [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/04/Maturity-LIC-Amounts-Taxability-us-10-10D-ITAT-AO-TAXSCAN.jpg "Maturity LIC Amounts Exempt from Taxability u/s 10 (10D): ITAT directs AO to delete Addition of 1.43 Crore [Read Order]")
![Genuinity with respect to income earned from other source and interest expenses clearly established: ITAT deletes Penalty [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/04/Genuinity-income-income-earned-from-other-source-interest-expenses-taxscan.jpg "Genuinity with respect to income earned from other source and interest expenses clearly established: ITAT deletes Penalty [Read Order]")
![No addition u/s 56(2)(x)(b)(B)(ii) of Income Tax Act when Difference between Purchase value and Fair Market value less than 5%: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/04/ITAT-Mumbai-ITAT-Income-Tax-Purchase-value-vs.-Fair-Market-value-ITAT-taxscan.jpeg "No addition u/s 56(2)(x)(b)(B)(ii) of Income Tax Act when Difference between Purchase value and Fair Market value less than 5%: ITAT [Read Order]")
![Comparison has to be made between Two Equals: Bombay HC upholds ITAT order directing to Remand Matter to TPO [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/04/Bombay-High-Court-Bombay-HC-ITAT-Income-Tax-TPO-Transfer-Pricing-Officer-TPO-Remand-Order-Taxscan.jpg "Comparison has to be made between Two Equals: Bombay HC upholds ITAT order directing to Remand Matter to TPO [Read Order]")
![Powers of CIT (A) coterminous with that of AO: ITAT upholds CIT(A) Order u/s 250 [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/04/Powers-of-CIT-A-CIT-A-AO-ITAT-CITA-Order-taxscan.jpg "Powers of CIT (A) coterminous with that of AO: ITAT upholds CIT(A) Order u/s 250 [Read Order]")
Genuineness of Purchase and Sale of Shares Proved by Producing Documentary Evidence: ITAT deletes addition u/s 68 [Read Order]
In recent ruling, the Mumbai bench of the Income Tax Appellate Tribunal ( ITAT ) deleted addition under Section 68 of Income Tax Act as genuineness of purchase and sale of shares is proven by...
![Genuineness of Purchase and Sale of Shares Proved by Producing Documentary Evidence: ITAT deletes addition u/s 68 [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/03/ITAT-ITAT-Mumbai-Purchase-and-Sale-of-Shares-Shares-taxscan.jpg "Genuineness of Purchase and Sale of Shares Proved by Producing Documentary Evidence: ITAT deletes addition u/s 68 [Read Order]")
No Enquiry by AO: ITAT upholds Revision of Bad Debts allowed u/s 36(1) (vii) of Income Tax Act [Read Order]
The Mumbai bench of the Income Tax Appellate Tribunal ( ITAT ) has upheld the revision of bad debts allowed under Section 36(1)(vii) of the Income Tax Act, 1961 as there was no enquiry conducted by...
![No Enquiry by AO: ITAT upholds Revision of Bad Debts allowed u/s 36(1) (vii) of Income Tax Act [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/03/ITAT-ITAT-Mumbai-Income-tax-Income-tax-news-Bad-Debts-taxscan.jpg "No Enquiry by AO: ITAT upholds Revision of Bad Debts allowed u/s 36(1) (vii) of Income Tax Act [Read Order]")
ITAT upholds CIT (A)'s Decision Deleting Sales Tax Refund Addition of Rs. 11.6L made by AO u/s 43B of Income Tax Act [Read Order]
The Ahmedabad bench of the Income Tax Appellate Tribunal (ITAT) upheld the Commissioner of Income Tax (Appeals) [CIT(A)]'s decision to delete the addition of Rs. 11.6 lakhs pertaining to sales tax...
![ITAT upholds CIT (A)s Decision Deleting Sales Tax Refund Addition of Rs. 11.6L made by AO u/s 43B of Income Tax Act [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/03/ITAT-CIT-A-ITAT-upholds-CIT-As-Decision-Deleting-Sales-Tax-Refund-Sales-Tax-Refund-taxscan.jpg "ITAT upholds CIT (A)s Decision Deleting Sales Tax Refund Addition of Rs. 11.6L made by AO u/s 43B of Income Tax Act [Read Order]")
Mere Variance in Allowable Deductions not Ground to Believe Assessee Furnished Inaccurate Particulars of Income: Delhi HC [Read Order]
In a recent decision, the Delhi High Court observed that mere variance in allowable deductions not ground to believe assessee furnished inaccurate particulars of income. Assessee-respondent, a...
![Mere Variance in Allowable Deductions not Ground to Believe Assessee Furnished Inaccurate Particulars of Income: Delhi HC [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/03/Delhi-High-Court-Income-Tax-Delhi-High-Court-tax-deductions-taxscan.jpg "Mere Variance in Allowable Deductions not Ground to Believe Assessee Furnished Inaccurate Particulars of Income: Delhi HC [Read Order]")
Failure to establish Legal Expenses incurred from Trading Loss as Civil Expenditure: ITAT directs Readjudication [Read Order]
The Mumbai bench Income Tax Appellate Tribunal ( ITAT ) directed readjudication on account of failure to establish legal expenses incurred from the trading loss as civil expenditure. The Two...
![Failure to establish Legal Expenses incurred from Trading Loss as Civil Expenditure: ITAT directs Readjudication [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/03/ITAT-ITAT-Mumbai-Income-Tax-Readjudication-Civil-Expenditure-taxscan.jpg "Failure to establish Legal Expenses incurred from Trading Loss as Civil Expenditure: ITAT directs Readjudication [Read Order]")
857 days delay, including 56 Pre-Covid days Properly Explained: ITAT directs CIT(A) to Condone Delay in Appeal Filing [Read Order]
The Chennai bench of the Income Tax Appellate Tribunal ( ITAT ) directed the Commissioner of Income Tax (Appeals) [(CIT(A)] to condone the 857-day delay in filing the appeal a the assessee has given...
![857 days delay, including 56 Pre-Covid days Properly Explained: ITAT directs CIT(A) to Condone Delay in Appeal Filing [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/03/ITAT-ITAT-Chennai-Income-Tax-Delay-in-appeal-filing-TAXSCAN.jpg "857 days delay, including 56 Pre-Covid days Properly Explained: ITAT directs CIT(A) to Condone Delay in Appeal Filing [Read Order]")