![Non-issuance of Show Cause Notice as to Dissatisfaction on Insufficient Evidence is a Sufficient Cause preventing from Filing Additional Evidence: ITAT directs Re-adjudication [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/10/Show-Cause-Notice-Dissatisfaction-Insufficient-Evidence-Filing-Additional-Evidence-ITAT-Re-adjudication-taxscan.jpg "Non-issuance of Show Cause Notice as to Dissatisfaction on Insufficient Evidence is a Sufficient Cause preventing from Filing Additional Evidence: ITAT directs Re-adjudication [Read Order]")
Non-issuance of Show Cause Notice as to Dissatisfaction on Insufficient Evidence is a Sufficient Cause preventing from Filing Additional Evidence: ITAT directs Re-adjudication [Read Order]
The Delhi Bench of Income Tax Appellate Tribunal (ITAT) has directed re-adjudication as non-issuance of show cause notice as to dissatisfaction on...
![ITAT quashes Reassessment Proceeding initiated u/s 147 of Income Tax Act on basis of vague Report of Investigation Wing without applying mind [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/10/ITAT-Reassessment-Proceeding-Income-Tax-Act-vague-Report-Investigation-Wing-applying-mind-TAXSCAN.jpg "ITAT quashes Reassessment Proceeding initiated u/s 147 of Income Tax Act on basis of vague Report of Investigation Wing without applying mind [Read Order]")
![Failure to prove Business Expediency of Foreign Travel Expenses: ITAT upholds Disallowance [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/10/Failure-to-prove-Business-Expediency-Foreign-Travel-Expenses-ITAT-upholds-Disallowance-ITAT-Income-Tax-Act-Income-Tax-TAXSCAN.jpg "Failure to prove Business Expediency of Foreign Travel Expenses: ITAT upholds Disallowance [Read Order]")
![Income from sale of shares/securities/PMS/mutual funds taxable under head “Capital Gains”: ITAT grants relief to Hero Investment [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/10/Income-from-sale-of-shares-securities-PMS-mutual-funds-taxable-Capital-Gains-ITAT-grants-Hero-Investment-TAXSCAN.jpg "Income from sale of shares/securities/PMS/mutual funds taxable under head “Capital Gains”: ITAT grants relief to Hero Investment [Read Order]")
![Rental Income earned from Lease of building taxable under the head “Income from Business and Profession: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/10/Rental-Income-earned-from-Lease-building-taxable-Income-from-Business-and-Profession-ITAT-Income-Tax-Act-Income-Tax-TAXSCAN.jpg "Rental Income earned from Lease of building taxable under the head “Income from Business and Profession: ITAT [Read Order]")
Addition made on basis of deeming provisions of Section 2(22)(e) of Income Tax Act is for Estimating Income and not for Inaccurate Particulars of Income: ITAT deletes penalty u/s 271(1)(c) of Income Tax Act [Read Order]
The Income Tax Appellate Tribunal (ITAT), Delhi bench, held that the addition made on the basis of the deeming provisions of section 2(22)(e) of the Income Tax Act, 1961, is for estimating income and...
![Addition made on basis of deeming provisions of Section 2(22)(e) of Income Tax Act is for Estimating Income and not for Inaccurate Particulars of Income: ITAT deletes penalty u/s 271(1)(c) of Income Tax Act [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/10/Addition-deeming-provisions-of-Section-222e-of-Income-Tax-Act-Estimating-Income-and-not-for-Inaccurate-Particulars-of-Income-ITAT-deletes-penalty-2711c-Income-Tax-Act-TAXSCAN.jpg "Addition made on basis of deeming provisions of Section 2(22)(e) of Income Tax Act is for Estimating Income and not for Inaccurate Particulars of Income: ITAT deletes penalty u/s 271(1)(c) of Income Tax Act [Read Order]")
M2M loss on Future and Forward Contracts are not Notional Loss of Contingent Nature: ITAT allows Foreign Exchange Fluctuation Loss [Read Order]
The Delhi Bench of Income Tax Appellate Tribunal (ITAT) has allowed the foreign exchange fluctuation loss holding that the Market to Market (M2M) loss on future and forward contracts were not...
![M2M loss on Future and Forward Contracts are not Notional Loss of Contingent Nature: ITAT allows Foreign Exchange Fluctuation Loss [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/10/M2M-loss-on-Future-and-Forward-Contract-Notional-Loss-M2M-loss-ITAT-Foreign-Exchange-Fluctuation-Loss-taxscan.jpg "M2M loss on Future and Forward Contracts are not Notional Loss of Contingent Nature: ITAT allows Foreign Exchange Fluctuation Loss [Read Order]")
Failure to make Enquiries on Proprietary of Sale Consideration based on Seized Documents: ITAT directs Re-Adjudication [Read Order]
The Delhi Bench of Income Tax Appellate Tribunal (ITAT) has directed re-adjudication on failure to make enquiries on proprietary of sale consideration based on seized documents. The assessee...
![Failure to make Enquiries on Proprietary of Sale Consideration based on Seized Documents: ITAT directs Re-Adjudication [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/10/Failure-to-make-Enquiries-Proprietary-of-Sale-Seized-Documents-ITAT-directs-Re-Adjudication-ITAT-INCOME-TAX-INCOME-TAX-ACT-TAXSCAN.jpg "Failure to make Enquiries on Proprietary of Sale Consideration based on Seized Documents: ITAT directs Re-Adjudication [Read Order]")
Revisional Proceeding u/s 263 of Income Tax Act cannot be initiated in the event of 'Absence of Inquiry or Verification': ITAT [Read Order]
The Delhi Bench of Income Tax Appellate Tribunal (ITAT) held that it is difficult to hold that the action of the AO is unintelligible as the revisionary proceeding was intiated in the event of...
![Revisional Proceeding u/s 263 of Income Tax Act cannot be initiated in the event of Absence of Inquiry or Verification: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/10/Revisional-Proceeding-Income-Tax-Act-Absence-of-Inquiry-Verification-ITAT-taxscan.jpg "Revisional Proceeding u/s 263 of Income Tax Act cannot be initiated in the event of Absence of Inquiry or Verification: ITAT [Read Order]")
Prior Period Income from Sale of Property chargeable to Income Tax in the year of Sale: ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT), Delhi bench, while directing the matter of the assessee for readjudication, held that prior period income from the sale of property shall be chargeable to...
![Prior Period Income from Sale of Property chargeable to Income Tax in the year of Sale: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/10/Sale-of-Property-Prior-Period-Income-Income-from-Sale-of-Property-ITAT-ITAT-DELHI-INCOME-TAX-INCOME-TAX-ACT-TAXSCAN.jpg "Prior Period Income from Sale of Property chargeable to Income Tax in the year of Sale: ITAT [Read Order]")
Identity and Creditworthiness of transactions of Purchase and Sale of Shares at par value without earning any Capital Gain duly explained: ITAT deletes Addition made u/s 68 of Income Tax Act [Read Order]
The Income Tax Appellate Tribunal (ITAT), Delhi bench held that the identity and creditworthiness of transactions of purchase and sale of shares at par value, without earning any capital gain, were...
![Identity and Creditworthiness of transactions of Purchase and Sale of Shares at par value without earning any Capital Gain duly explained: ITAT deletes Addition made u/s 68 of Income Tax Act [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/10/Identity-Creditworthiness-of-transactions-Purchase-and-Sale-of-Shares-Capital-Gain-ITAT-of-Income-Tax-Act-taxscan.jpg "Identity and Creditworthiness of transactions of Purchase and Sale of Shares at par value without earning any Capital Gain duly explained: ITAT deletes Addition made u/s 68 of Income Tax Act [Read Order]")