![Assessment Order by AO without Proper Examination of Documents is Invalid: ITAT Quashes Order [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/06/Assessment-Order-by-AO-without-Proper-Examination-of-Documents-is-Invalid-ITAT-Quashes-Order-TAXSCAN.jpg "Assessment Order by AO without Proper Examination of Documents is Invalid: ITAT Quashes Order [Read Order]")
Assessment Order by AO without Proper Examination of Documents is Invalid: ITAT Quashes Order [Read Order]
The New Delhi bench of the Income Tax Appellate Tribunal (ITAT) quashed the assessment order passed by the assessing officer without proper...
![Direct Expense Incurred for Purchase of Construction Material shall not be Disallowed u/s 40A(3)of Income Tax Act: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/06/Direct-expense-Construction-Material-Purchase-of-Construction-Material-Direct-Expense-Incurred-for-Purchase-of-Construction-Material-Income-Tax-Act-ITAT-Income-Tax-taxscan.jpg "Direct Expense Incurred for Purchase of Construction Material shall not be Disallowed u/s 40A(3)of Income Tax Act: ITAT [Read Order]")
![Assessment framed u/s 147 of I T Act on Information under Project Falcon regarding Trading on United Stock Exchange of India not borne out of any record: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/06/Assessment-framed-I-T-Act-on-Information-under-Project-Falcon-regarding-Trading-on-United-Stock-Exchange-of-India-ITAT-TAXSCAN.jpg "Assessment framed u/s 147 of I T Act on Information under Project Falcon regarding Trading on United Stock Exchange of India not borne out of any record: ITAT [Read Order]")
![ITAT Deletes Addition for Cash Deposit on Account of Past Savings and Agricultural Operations [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/06/ITAT-Deletes-Addition-for-Cash-Deposit-on-Account-of-Past-Savings-and-Agricultural-Operations-TAXSCAN.jpg "ITAT Deletes Addition for Cash Deposit on Account of Past Savings and Agricultural Operations [Read Order]")
![Unverified and Excessive Operating Expenses not Allowable u/s 37 of Income Tax Act: ITAT Reduces Disallowance from 10% to 2% [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/06/Unverified-and-Excessive-Operating-Expenses-not-Allowable-us-37-of-Income-Tax-Act-ITAT-Reduces-Disallowance-TAXSCAN.jpg "Unverified and Excessive Operating Expenses not Allowable u/s 37 of Income Tax Act: ITAT Reduces Disallowance from 10% to 2% [Read Order]")
Unverified and Excessive Operating Expenses not Allowable u/s 37 of Income Tax Act: ITAT Reduces Disallowance from 10% to 2% [Read Order]
The Income Tax Appellate Tribunal (ITAT), Delhi Bench, has recently, in an appeal filed before it, reduced the disallowance from 10% to 2%, on finding that operating expenses is unverified and...
![Unverified and Excessive Operating Expenses not Allowable u/s 37 of Income Tax Act: ITAT Reduces Disallowance from 10% to 2% [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/05/Unverified-Excessive-Operating-Expenses-Operating-Expenses-Income-Tax-Act-ITAT-Disallowance-ITAT-Reduces-Disallowance-Income-Tax-taxscan.jpg "Unverified and Excessive Operating Expenses not Allowable u/s 37 of Income Tax Act: ITAT Reduces Disallowance from 10% to 2% [Read Order]")
Deduction u/s 80IC of IT Act shall not be denied if Assessee forms New Firm in same Name at same Premises: ITAT [Read Order]
The Delhi bench of Income Tax Appellate Tribunal (ITAT) has recently held that deduction under Section 80IC of Income Tax Act 1961 should not be denied if assessee form a new firm in the same...
![Deduction u/s 80IC of IT Act shall not be denied if Assessee forms New Firm in same Name at same Premises: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/05/Income-Tax-Act-Deduction-Assessee-New-Firm-Premises-ITAT-Assessee-forms-New-Firm-same-Name-at-same-Premises-taxscan.jpg "Deduction u/s 80IC of IT Act shall not be denied if Assessee forms New Firm in same Name at same Premises: ITAT [Read Order]")
No Penalty u/s 271(1)(b) of Income Tax Act for Failure to Sign on “Consent Letter” not Authorized by the Government: ITAT [Read Order]
The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) has recently held that no penalty should be levied under Section 271(1)(b) of the Income Tax Act, 1961 for failure to sign a consent letter...
![No Penalty u/s 271(1)(b) of Income Tax Act for Failure to Sign on “Consent Letter” not Authorized by the Government: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/05/No-penalty-us-2711b-of-Income-Tax-Act-for-failure-to-sign-on-Consent-Letter-authorized-by-the-Government-ITAT-TAXSCAN.jpg "No Penalty u/s 271(1)(b) of Income Tax Act for Failure to Sign on “Consent Letter” not Authorized by the Government: ITAT [Read Order]")
![No Disallowance of Expenditure on Account of Accumulated Service Tax of Rent: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/05/Disallowance-of-Expenditure-Account-of-Accumulated-Service-Tax-of-Rent-ITAT-TAXSCAN.jpg "No Disallowance of Expenditure on Account of Accumulated Service Tax of Rent: ITAT [Read Order]")
Addition made on Loan Amount u/s 68 of Act are based on Utter Suspicion and Conjectures: ITAT deletes Addition [Read Order]
The Delhi bench of Income Tax Appellate Tribunal (ITAT) recently held that additions made on loan amount under Section 68 of the Income Tax Act 1961 are based on uttar suspicion and...
![Addition made on Loan Amount u/s 68 of Act are based on Utter Suspicion and Conjectures: ITAT deletes Addition [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/05/Addition-made-on-Loan-Amount-ITAT-deletes-Addition-Addition-Loan-Amount-Utter-Suspicion-Utter-Suspicion-and-Conjectures-Conjectures-ITAT-Income-tax-taxscan.jpg "Addition made on Loan Amount u/s 68 of Act are based on Utter Suspicion and Conjectures: ITAT deletes Addition [Read Order]")
![Capital Gain Exemption Benefit u/s 54 can be availed in respect of Basement Property: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/05/Capital-Gain-Exemption-respect-of-Basement-Property-ITAT-TAXSCAN.jpg "Capital Gain Exemption Benefit u/s 54 can be availed in respect of Basement Property: ITAT [Read Order]")
![No addition can be made on Unexplained Credit Amount in the Bank Account of Assessee: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/04/Unexplained-Credit-Amount-Bank-Account-of-Assessee-ITAT-TAXSCAN.jpg "No addition can be made on Unexplained Credit Amount in the Bank Account of Assessee: ITAT [Read Order]")