![No Income Tax Addition upon Employee who acts on behalf of Directors of Company: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/01/ITAT-Income-Tax-Appellate-Tribunal-Income-Tax-Addition-TAXSCAN.jpg "No Income Tax Addition upon Employee who acts on behalf of Directors of Company: ITAT [Read Order]")
No Income Tax Addition upon Employee who acts on behalf of Directors of Company: ITAT [Read Order]
The Income Tax Appellate Tribunal ( ITAT ), Mumbai bench ruled that no addition should be made upon the employee who acts on behalf of the directors...
![No addition shall be made u/s 68 of Income tax act on basis of statement of third party with respect to Sale of Shares carried through proper Banking Channel: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/01/ITAT-ITAT-Mumbai-Income-tax-Shares-Banking-channels-Sale-of-shares-TAXSCAN.jpg "No addition shall be made u/s 68 of Income tax act on basis of statement of third party with respect to Sale of Shares carried through proper Banking Channel: ITAT [Read Order]")
![Punitive damages not allowable as Expenditure: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/01/Punitive-damages-Expenditure-ITAT-Punitive-damages-not-allowable-as-Expenditure-taxscan-1.jpg "Punitive damages not allowable as Expenditure: ITAT [Read Order]")
![Inadequate enquiry u/S 263 of Income Tax Act is not sustainable: Delhi HC dismisses appeal [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/01/delhi-high-court-delhi-hc-Delhi-HC-ruling-on-inadequate-enquiry-Income-Tax-Act-income-tax-Sustainable-appeal-dismissal-by-Delhi-HC-taxscan.jpeg "Inadequate enquiry u/S 263 of Income Tax Act is not sustainable: Delhi HC dismisses appeal [Read Order]")
Failure to produce documentary evidence for establish genuineness of Hotel Business Income: ITAT upholds addition u/s 68 of IT Act [Read Order]
The Income Tax Appellate Tribunal ( ITAT ), Mumbai bench, while upholding the addition made under section 68 of the Income Tax Act, 1961, observed that the assessee failed to produce documentary...
![Failure to produce documentary evidence for establish genuineness of Hotel Business Income: ITAT upholds addition u/s 68 of IT Act [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/01/ITAT-ITAT-mumbai-Hotel-business-IT-Act-ITAT-on-Hotel-Business-Documentary-evidence-TAXSCAN.jpg "Failure to produce documentary evidence for establish genuineness of Hotel Business Income: ITAT upholds addition u/s 68 of IT Act [Read Order]")
Failure to produce documents of loan transaction and purchase and pledge of shares: ITAT directs re adjudication [Read Order]
The Income Tax Appellate Tribunal (ITAT), Mumbai bench directed readjudication due to the failure to produce documents concerning the loan transaction and the purchase and pledge of shares. The...
![Failure to produce documents of loan transaction and purchase and pledge of shares: ITAT directs re adjudication [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/01/ITAT-mumbai-ITAT-directs-readjudication-loan-transaction-TAXSCAN.jpg "Failure to produce documents of loan transaction and purchase and pledge of shares: ITAT directs re adjudication [Read Order]")
ITAT directs readjudication on interest in respect of loans which have become Non-Performing Assets [Read Order]
The Income Tax Appellate Tribunal ( ITAT ), Bangalore bench directed readjudication on interest in respect of loans which have become Non Performing Assets. The assessee, Belur Urban Co-operative...
![ITAT directs readjudication on interest in respect of loans which have become Non-Performing Assets [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/01/ITAT-ITAT-Bangalore-Non-performing-assets-ITAT-directs-readjudication-on-interest-Interest-Loans-TAXSCAN.jpg "ITAT directs readjudication on interest in respect of loans which have become Non-Performing Assets [Read Order]")
ITAT Quashes reassessment proceedings framed on information received from DDIT due to Non Application of mind by AO [Read Order]
The Income Tax Appellate Tribunal ( ITAT ), Mumbai bench quashed reassessment proceedings framed on information received from the DDIT due to non application of mind by the assessing officer. The...
![ITAT Quashes reassessment proceedings framed on information received from DDIT due to Non Application of mind by AO [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/01/itat-mumbai-ddit-reassessment-proceedings-quashed-reassessment-proceedings-non-Application-of-mind-by-Assessing-officer-taxscan.jpg "ITAT Quashes reassessment proceedings framed on information received from DDIT due to Non Application of mind by AO [Read Order]")
No Reopening of Assessment under Income Tax Act when Reasons cited was inspired from Change of Opinion of AO: Madras HC [Read Order]
In a recent decision the Madras High Court observed that no reopening of Assessment under Income Tax Act, 1961 can be made when the reasons cited was inspired from change of opinion of the Assessing...
![No Reopening of Assessment under Income Tax Act when Reasons cited was inspired from Change of Opinion of AO: Madras HC [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/01/Madras-high-court-Income-tax-Reopening-of-assessment-AO-opinion-in-reopening-of-assessment-Madras-High-Court-ruling-in-reopening-of-assessment-TAXSCAN.jpg "No Reopening of Assessment under Income Tax Act when Reasons cited was inspired from Change of Opinion of AO: Madras HC [Read Order]")
Addition of Rs. 23 Crores Without any Evidence: Madras HC quashes Addition of Income u/s 68 of Income Tax Act [Read Order]
The Madras High Court quashed the addition of Rs. 23 Crores under section 68 of the Income Tax Act, 1961 as it was added without any evidence. The Court remanded the matter for reconsideration by the...
![Addition of Rs. 23 Crores Without any Evidence: Madras HC quashes Addition of Income u/s 68 of Income Tax Act [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/01/Income-Tax-Act-Madras-High-Court-appellate-authority-Income-TAXSCAN.jpg "Addition of Rs. 23 Crores Without any Evidence: Madras HC quashes Addition of Income u/s 68 of Income Tax Act [Read Order]")
Functional Dissimilarity between Companies and Assessee: Delhi HC upholds Order of ITAT Directing Exclusion of Comparables [Read Order]
The Delhi High Court upheld the order of the Income Tax Appellate Tribunal (ITAT) directing the exclusion of comparables as there was functional dissimilarity between the companies and the assessee. ...
![Functional Dissimilarity between Companies and Assessee: Delhi HC upholds Order of ITAT Directing Exclusion of Comparables [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/01/Functional-Dissimilarity-Companies-Assessee-Delhi-HC-ITAT-Exclusion-of-Comparables-taxscan.jpg "Functional Dissimilarity between Companies and Assessee: Delhi HC upholds Order of ITAT Directing Exclusion of Comparables [Read Order]")