![Incriminating Books of Account is Not Necessary to Initiate Search Proceeding u/s 153C of Income Tax Act: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/07/Incriminating-Books-of-account-Initiate-Search-Proceeding-Income-Tax-Act-ITAT-taxscan.jpg "Incriminating Books of Account is Not Necessary to Initiate Search Proceeding u/s 153C of Income Tax Act: ITAT [Read Order]")
Incriminating Books of Account is Not Necessary to Initiate Search Proceeding u/s 153C of Income Tax Act: ITAT [Read Order]
The Ahmedabad Bench of Income Tax Appellate Tribunal (ITAT) held that for initiating proceeding under Section 153C of the Income Tax Act, 1961, it is...
![Cash Deposited in Bank Accounts during Demonetization Period reflected in Books of Account of Company: ITAT deletes Addition [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/07/Cash-Deposited-Bank-Accounts-Demonetization-Period-Demonetization-Books-of-Account-of-Company-Books-of-Account-ITAT-deletes-Addition-ITAT-Addition-taxscan.jpg "Cash Deposited in Bank Accounts during Demonetization Period reflected in Books of Account of Company: ITAT deletes Addition [Read Order]")
![Failure of Assessee to Maintain Books of Account will not Attract a Penalty under Section 271B for Non-Furnishing of Audit Report: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/04/Failure-of-Assessee-to-Maintain-Books-of-Account-Books-of-Account-Assessee-Penalty-Non-Furnishing-of-Audit-Report-Audit-Report-ITAT-Taxscan.jpg "Failure of Assessee to Maintain Books of Account will not Attract a Penalty under Section 271B for Non-Furnishing of Audit Report: ITAT [Read Order]")
Deduction of Discount on ESOP over vesting period must be accordance with Books of Account: ITAT [Read Order]
The Mumbai bench of the Income Tax Appellate Tribunal ( ITAT ) has held that deduction of discount on an Employee Stock Option Plan ( ESOP ) over the vesting period is by the accounting in the books...
![Deduction of Discount on ESOP over vesting period must be accordance with Books of Account: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/03/Deduction-Discount-Deduction-of-Discount-ESOP-Books-of-Account-ITAT-Income-Tax-Taxscan.jpg "Deduction of Discount on ESOP over vesting period must be accordance with Books of Account: ITAT [Read Order]")
Sale of CWO proved and recorded as Income in Books of Account: ITAT deletes Addition on alleged Non genuine Purchase [Read Order]
The Income Tax Appellate Tribunal ( ITAT ), Ahmedabad Bench deleted addition on the ground of alleged non-genuine purchase as the sale of Cotton Wash Oil (CWO) was proved and recorded as income in...
![Sale of CWO proved and recorded as Income in Books of Account: ITAT deletes Addition on alleged Non genuine Purchase [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/12/Sale-Sale-of-CWO-CWO-Income-Books-of-Account-ITAT-genuine-Purchase-Cotton-Wash-Oil-Taxscan.jpg "Sale of CWO proved and recorded as Income in Books of Account: ITAT deletes Addition on alleged Non genuine Purchase [Read Order]")
Depreciation can be allowed on Factual aspects under CBDT Instruction, even If the Value is not Recorded in Books of Account: ITAT [Read Order]
The Amritsar bench of the Income Tax Appellate Tribunal ( ITAT ) has held that depreciation can be allowed on factual aspects under CBDT instruction, even if the value is not recorded in the books of...
![Depreciation can be allowed on Factual aspects under CBDT Instruction, even If the Value is not Recorded in Books of Account: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/12/Depreciation-CBDT-Instruction-CBDT-Books-of-Account-ITAT-taxscan.jpg "Depreciation can be allowed on Factual aspects under CBDT Instruction, even If the Value is not Recorded in Books of Account: ITAT [Read Order]")
Income Tax Addition u/s 68 not permissible in the absence of any Books of Account: ITAT [Read Order]
The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has held that the Income Tax Addition under section 68 of the Income Tax Act,1961 is not valid in the absence of any books of account. ...
![Income Tax Addition u/s 68 not permissible in the absence of any Books of Account: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/11/Income-Tax-Addition-u-s-68-absence-of-any-Books-of-Account-ITAT-Books-of-Account.jpg "Income Tax Addition u/s 68 not permissible in the absence of any Books of Account: ITAT [Read Order]")
Income Tax Addition u/s 68 not valid when assessee does not maintain any Books of Account: ITAT [Read Order]
The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has held that the Income Tax Addition under section 68 of the Income Tax Act,1961 is not valid when the assessee does not maintain any...
![Income Tax Addition u/s 68 not valid when assessee does not maintain any Books of Account: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/11/Income-Tax-Addition-assessee-maintain-Books-Account-ITAT-TAXSCAN.jpg "Income Tax Addition u/s 68 not valid when assessee does not maintain any Books of Account: ITAT [Read Order]")
Provisions of Section 41(1) cannot apply when liability is still payable to Sundry Creditor and not written off in Books of Account: ITAT [Read Order]
The Kolkata Bench of the Income Tax Appellate Tribunal (ITAT), held that Provisions of section 41(1) of the Income Tax Act, 1961 cannot apply when liability is still ‘payable’ to sundry creditor and...
![Provisions of Section 41(1) cannot apply when liability is still payable to Sundry Creditor and not written off in Books of Account: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/10/liability-still-payable-Books-of-Account-ITAT-TAXSCAN.jpeg "Provisions of Section 41(1) cannot apply when liability is still payable to Sundry Creditor and not written off in Books of Account: ITAT [Read Order]")
Once Goodwill is accounted for Books of Account, Goodwill arising upon Amalgamation is eligible for Depreciation u/s 32: ITAT [Read Order]
The Kolkata Bench of the Income Tax Appellate Tribunal (ITAT) has held that once goodwill is accounted for in the books of account, goodwill arising upon amalgamation is eligible for depreciation...
![Once Goodwill is accounted for Books of Account, Goodwill arising upon Amalgamation is eligible for Depreciation u/s 32: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/10/Books-of-Account-Goodwill-Amalgamation-Depreciation-ITAT-taxscan.jpeg "Once Goodwill is accounted for Books of Account, Goodwill arising upon Amalgamation is eligible for Depreciation u/s 32: ITAT [Read Order]")