![Deposit of Banned Notes received out of Cash Sales during Demonetization Period is Legally Valid: ITAT deletes Addition [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/07/Deposit-Cash-Sales-Demonetization-ITAT-Taxscan.jpg "Deposit of Banned Notes received out of Cash Sales during Demonetization Period is Legally Valid: ITAT deletes Addition [Read Order]")
Deposit of Banned Notes received out of Cash Sales during Demonetization Period is Legally Valid: ITAT deletes Addition [Read Order]
The Income Tax Appellate Tribunal (ITAT), Visakhapatnam bench has deleted an addition under section 69A of the Income Tax Act, 1961 by holding the...
![ITO having No Jurisdiction over Assessee cannot issue Notice u/s. 143(2): ITAT declares Assessment proceedings as void ab initio [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/05/ITO-jurisdiction-assessee-notice-ITAT-assessment-proceedings-void-ab-initio-Taxscan.jpg "ITO having No Jurisdiction over Assessee cannot issue Notice u/s. 143(2): ITAT declares Assessment proceedings as void ab initio [Read Order]")
![No Estimation of Gross Profit without Rejection of Books of Account u/s 145(3): ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/06/Gross-Profit-Books-of-Account-ITAT-Taxscan.jpeg "No Estimation of Gross Profit without Rejection of Books of Account u/s 145(3): ITAT [Read Order]")
![Cash Payments to Suppliers cannot be Disallowed since Genuineness of Payment and Existence of Suppliers were Proved: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/06/Cash-Payments-Suppliers-ITAT-Taxscan.jpeg "Cash Payments to Suppliers cannot be Disallowed since Genuineness of Payment and Existence of Suppliers were Proved: ITAT [Read Order]")
![ITAT directs to adopt Actual Sale Consideration instead of Stamp Duty Value for calculating Capital Gain Tax [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/06/ITAT-Actual-Sale-Consideration-Stamp-Duty-Value-Capital-Gain-Tax-taxscan.jpg "ITAT directs to adopt Actual Sale Consideration instead of Stamp Duty Value for calculating Capital Gain Tax [Read Order]")
Residential House Properties are shown as Stock in Trade in Books of Account: ITAT upholds allowing Deduction u/s 54F for Purchased New House Property [Read Order]
The Income Tax Appellate Tribunal, Jaipur Bench has upholds allowing deduction u/s 54F for purchased new house property since residential house properties are shown as stock in trade in books of...
![Residential House Properties are shown as Stock in Trade in Books of Account: ITAT upholds allowing Deduction u/s 54F for Purchased New House Property [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/06/Residential-House-Properties-Stock-Books-of-Account-ITAT-Deduction-House-Property-taxscan.jpg "Residential House Properties are shown as Stock in Trade in Books of Account: ITAT upholds allowing Deduction u/s 54F for Purchased New House Property [Read Order]")
ITAT allows Appeal against Imposing Penalty u/s 271(1)(c) without Specifying Reason for Imposing Penalty [Read Order]
The Ahmedabad Bench of Income Tax Appellate Tribunal has allows appeal against imposing penalty u/s 271(1)(c) without specifying the reason for imposing penalty. The appellant, Bhikhabhai Ambalal...
![ITAT allows Appeal against Imposing Penalty u/s 271(1)(c) without Specifying Reason for Imposing Penalty [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/05/ITAT-Appeal-Imposing-Penalty-Taxscan.jpeg "ITAT allows Appeal against Imposing Penalty u/s 271(1)(c) without Specifying Reason for Imposing Penalty [Read Order]")
Gift from Father: ITAT upholds Addition since Creditworthiness of Donor was not Proved [Read Order]
The Income Tax Appellate Tribunal (ITAT), Delhi bench has upheld an addition towards the gift from the father as the assessee failed to prove the creditworthiness of the donor under the provisions of...
![Gift from Father: ITAT upholds Addition since Creditworthiness of Donor was not Proved [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/06/Gift-Father-ITAT-Creditworthiness-Donor-Taxscan.jpeg "Gift from Father: ITAT upholds Addition since Creditworthiness of Donor was not Proved [Read Order]")
Repayment of Loan taken for Construction of Building by Assessee Society considered as Income If for Charitable Purposes: ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT), Chandigarh bench consisting of N.K. Saini, Vice President, and Sudhanshu Srivastava, Judicial Member held that repayment of loan taken for construction of...
![Repayment of Loan taken for Construction of Building by Assessee Society considered as Income If for Charitable Purposes: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/05/Repayment-construction-of-building-assessee-income-charitable-purposes-ITAT-Taxscan.jpg "Repayment of Loan taken for Construction of Building by Assessee Society considered as Income If for Charitable Purposes: ITAT [Read Order]")
Delhi HC allows Income Tax Deduction of Payment of Bonus by Company to Director: Directs Dept to follow Rule of Consistency [Read Order]
A division bench of the Delhi High Court has allowed the deduction of payment of bonus by a Company to its Directors by directing the income tax department to follow the rule of consistency. The...
![Delhi HC allows Income Tax Deduction of Payment of Bonus by Company to Director: Directs Dept to follow Rule of Consistency [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/04/Delhi-High-Court-Deduction-of-Payment-of-Bonus-by-Company-Director-Directs-Department-Rule-of-Consistency-Taxscan.jpeg "Delhi HC allows Income Tax Deduction of Payment of Bonus by Company to Director: Directs Dept to follow Rule of Consistency [Read Order]")
Absence of Notice cannot be Cured by Invoking S. 292BB of Income Tax Act: Delhi High Court [Read Order]
A division bench of the Delhi High Court comprising Justice Manmohan and Mr. Justice Dinesh Kumar has held that the absence of a notice cannot be rectified and cured by invoking section 292BB of the...
![Absence of Notice cannot be Cured by Invoking S. 292BB of Income Tax Act: Delhi High Court [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/04/Absence-of-Notice-cured-Invoking-Income-Tax-Act-Delhi-HC-Taxscan.jpg "Absence of Notice cannot be Cured by Invoking S. 292BB of Income Tax Act: Delhi High Court [Read Order]")
Dealer’s Failure to contest Assessment Proceedings does not amount to Violation of Natural Justice Principles: Kerala HC [Read Order]
The Kerala High Court, while dismissing a writ petition challenging an assessment order under the Kerala Value Added Tax Act, 2003 has held that the failure on the part of the Dealer to avail the...
![Dealer’s Failure to contest Assessment Proceedings does not amount to Violation of Natural Justice Principles: Kerala HC [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/03/Dealers-failure-contest-Assessment-Proceedings-Violation-Natural-Justice-Principles-Kerala-HC-Taxscan.jpg "Dealer’s Failure to contest Assessment Proceedings does not amount to Violation of Natural Justice Principles: Kerala HC [Read Order]")