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Alimony Received on Divorce is not Unexplained Cash Credit u/s 68, not Taxable u/s115BBE: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Raipur Bench, has recently held that alimony received on divorce is not unexplained cash credit under...

No addition can be made u/s 69B of Income Tax Act on account of Jewelry shown in Wealth Tax Return:...

No Addition u/s 40A (3) without Doubt of Genuineness of Payment: ITAT [Read Order]

No denial of Section 10AA Deduction Merely on filing Audit Report in Form 56F during Assessment...

Date of Panchnama Last Drawn is Starting Point of Limitation of Two Years for Completing Block...

Kidney Failure a “Reasonable Cause” for Non-Compliance during Assessment Proceedings: ITAT directs Re-Adjudication

The Delhi bench of the Income Tax Appellate Tribunal (ITAT) has while directing re -adjudication observed that kidney failure has a reasonable cause for non-compliance during...

Completion of Audit and Furnishing of Tax Audit Report before Conclusion of Assessment Proceedings: ITAT Deletes Penalty u/s 271B [Read Order]

The Delhi Bench of Income Tax Appellate Tribunal ( ITAT )has deleted the penalty under Section 271B of the Income Tax Act 1961 as the completion of the audit and furnishing of the tax audit report...

Information /Material Which Triggers Assessment Proceeding Needs to be Furnished to Assesee: Delhi HC [Read Order]

The Delhi High Court has held that the underlying information or material that formed the basis for triggering the assessment or reassessment proceedings needs to be furnished to the assessee. ...

Information - material - triggers - Assessment - proceeding - Delhi - HC - TAXSCAN

Cash Gift of Rs. 39 Lakh from Husband during Assessment Proceedings was Mere Afterthought after Search: ITAT Upholds Addition [Read Order]

The Income Tax Appellate Tribunal (ITAT) Bench at Chennai has recently held that, the claim of the assessee, K Gomati that Rs. 39 Lakhs was received as gift from husband during the assessment...

ITAT upholds Revision Order on failure of AO to conduct Verification during Assessment Proceedings [Read Order]

The Bengaluru Bench of the Income Tax Appellate Tribunal (ITAT) upheld the revision order on failure of Assessing Officer (AO) to conduct verification during assessment proceedings. The assessee,...

Expenditure on Technical Know-How Fees is Revenue Expenditure: ITAT deletes Disallowance made by AO [Read Order]

Expenditure on technical know-how fees is revenue expenditure, Income Tax Appellate Tribunal (ITAT), Delhi bench consisting of Anil Chaturvedi, Accountant Member and N K Choudhary, Judicial Member...

Negligent and Casual Approach during Income Tax Assessment Proceedings: ITAT imposes Cost of Rs. 5000 on Assessee [Read Order]

The Income Tax Appellate Tribunal (ITAT), Ahmedabad bench has imposed a cost of Rs. 5000 on the assessee considering the negligent and causal approach during the assessment proceedings under the...

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