![Taxpayer voluntarily clarifies discrepancy in Lease Equalization Disallowance without Malicious Intent: ITAT deletes Penalty u/s 271(1)(c) of Income Tax Act [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/04/ITAT-ITAT-Mumbai-Income-tax-Income-tax-news-taxscan-1.jpg "Taxpayer voluntarily clarifies discrepancy in Lease Equalization Disallowance without Malicious Intent: ITAT deletes Penalty u/s 271(1)(c) of Income Tax Act [Read Order]")
Taxpayer voluntarily clarifies discrepancy in Lease Equalization Disallowance without Malicious Intent: ITAT deletes Penalty u/s 271(1)(c) of Income Tax Act [Read Order]
The Mumbai bench of the Income Tax Appellate Tribunal ( ITAT ) deleted the penalty under Section 271(1)(c) of the Income Tax Act, 1961 as the...
![Failure to Produce Sufficient Documents: Kerala HC dismisses Writ filed against appealable Income Tax Orders u/s 271AAC [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/03/Kerala-High-Court-Income-Tax-Income-Tax-Penalty-Income-Tax-Demand-Writ-Appeal-TAXSCAN.jpg "Failure to Produce Sufficient Documents: Kerala HC dismisses Writ filed against appealable Income Tax Orders u/s 271AAC [Read Order]")
![Discrepancy in Form 26AS and Profit & Loss Account due to Service Tax Amount Declaration: ITAT upholds Deletion of Addition [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/03/Discrepancy-Form-26AS-Profit-Loss-Service-Tax-Amount-Declaration-ITAT-Deletion-Deletion-of-Addition-taxscan.jpg "Discrepancy in Form 26AS and Profit & Loss Account due to Service Tax Amount Declaration: ITAT upholds Deletion of Addition [Read Order]")
![Mere making of Incorrect Claim does not Tantamount to furnishing of inaccurate particular: ITAT deletes Penalty u/s 27(1)(c) of Income Tax Act [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/02/ITAT-Mumbai-ITAT-Income-Tax-Act-Income-Tax-ITAT-Ruling-on-Income-Tax-Penalty-Taxscan.jpg "Mere making of Incorrect Claim does not Tantamount to furnishing of inaccurate particular: ITAT deletes Penalty u/s 27(1)(c) of Income Tax Act [Read Order]")
![Incorrect adding of additional Depreciation to Computation of Book Profit: ITAT directs AO to delete addition u/s 115JB of Income Tax Act [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/02/ITAT-Mumbai-ITAT-Income-Tax-Act-Income-Tax-Section-115JB-of-Income-Tax-Act-ITAT-Additional-Depreciation-Ruling-Taxscan.jpg "Incorrect adding of additional Depreciation to Computation of Book Profit: ITAT directs AO to delete addition u/s 115JB of Income Tax Act [Read Order]")
Transaction done through Bombay Stock Exchange on STT cannot be considered as Sham or Bogus Transaction: ITAT [Read Order]
The Delhi bench of the Income Tax Appellate Tribunal ( ITAT ) observed that Transaction done through Bombay stock exchange on Securities Transaction Tax ( STT ) cannot be considered as sham or bogus...
![Transaction done through Bombay Stock Exchange on STT cannot be considered as Sham or Bogus Transaction: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/02/Income-Tax-ITAT-Delhi-Bombay-Stock-Exchange-Securities-Transaction-Tax-Sham-transaction-taxscan.jpg "Transaction done through Bombay Stock Exchange on STT cannot be considered as Sham or Bogus Transaction: ITAT [Read Order]")
Legal fiction created u/s 2 (22) (e) of Income Tax Act not to be extended further for broadening concept of shareholders: ITAT [Read Order]
The Delhi bench of the Income Tax Appellate Tribunal ( ITAT ) observed that legal fiction created under Section 2 (22)(e) of Income Tax Act, 1961, not to be extended further for broadening concept of...
![Legal fiction created u/s 2 (22) (e) of Income Tax Act not to be extended further for broadening concept of shareholders: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/01/ITAT-Delhi-Income-tax-tax-news-taxscan.jpg "Legal fiction created u/s 2 (22) (e) of Income Tax Act not to be extended further for broadening concept of shareholders: ITAT [Read Order]")
Failure to conduct enquiries with respect to abnormal cash deposits during Demonetization Period: ITAT upholds Revision Order [Read Order]
The Income Tax Appellate Tribunal (ITAT), Chandigarh bench, while upholding the revision order passed under section 263 of the Income Tax Act, 1961, held that the Assessing Officer failed to conduct...
![Failure to conduct enquiries with respect to abnormal cash deposits during Demonetization Period: ITAT upholds Revision Order [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/11/Demonetization-Period-ITAT-abnormal-cash-income-tax-news-taxscan.jpg "Failure to conduct enquiries with respect to abnormal cash deposits during Demonetization Period: ITAT upholds Revision Order [Read Order]")
AO’s failure to conduct Independent Enquiry in respect of deposit in bank account for issuance of Demand Draft in favour of Indian Oil Corporation: ITAT deletes addition
The Income Tax Appellate Tribunal (ITAT), Ahmedabad bench, while deleting the addition made by the Assessing Officer (AO), held that the AO failed to conduct an independent inquiry in respect of the...
ITAT disallows Indexed cost of Acquisition and improvement on Failure to produce Conveyance Deed [Read Order]
The Chennai Bench of Income Tax Appellate Tribunal (ITAT) has disallowed the indexed cost of acquisition and improvement on failure to produce conveyance deed. The assessee, Padmanabhan Mohan, was...
![ITAT disallows Indexed cost of Acquisition and improvement on Failure to produce Conveyance Deed [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/11/ITAT-cost-of-Acquisition-cost-of-Acquisition-and-improvement-on-Failure-taxscan.jpg "ITAT disallows Indexed cost of Acquisition and improvement on Failure to produce Conveyance Deed [Read Order]")
Deletion of Addition u/s 68 against Bharat Auto based on Vague, Unsubstantiate and Cryptic Findings: ITAT Directs Re-adjudication [Read Notification]
The Hyderabad Bench of Income Tax Appellate Tribunal (ITAT) has directed re-adjudication as the deletion of addition under Section 68 of the Income Tax Act 1961 Bharat Auto was based on vague,...
![Deletion of Addition u/s 68 against Bharat Auto based on Vague, Unsubstantiate and Cryptic Findings: ITAT Directs Re-adjudication [Read Notification]](https://www.taxscan.in/wp-content/uploads/2023/11/Deletion-of-Addition-Bharat-Auto-based-on-Vague-Unsubstantiate-and-Cryptic-Findings-ITAT-Directs-Re-adjudication-Re-adjudication-ITAT-Income-Tax-Act-TAXSCAN.jpg "Deletion of Addition u/s 68 against Bharat Auto based on Vague, Unsubstantiate and Cryptic Findings: ITAT Directs Re-adjudication [Read Notification]")
Insurance Activities Carried out by Cooperative Society do not fall with Banking Business: ITAT upholds Disallowance of Deduction u/s 80P of Income Tax Act [Read Order]
The Income Tax Appellate Tribunal (ITAT) Hyderabad bench held insurance activities carried out by cooperative society did not fall with banking business. Therefore, the bench upheld the disallowance...
![Insurance Activities Carried out by Cooperative Society do not fall with Banking Business: ITAT upholds Disallowance of Deduction u/s 80P of Income Tax Act [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/11/Insurance-Activities-Cooperative-Society-Banking-Business-ITAT-Disallowance-of-Deduction-Income-Tax-Act-TAXSCAN.jpg "Insurance Activities Carried out by Cooperative Society do not fall with Banking Business: ITAT upholds Disallowance of Deduction u/s 80P of Income Tax Act [Read Order]")