ITAT Weekly Round up
The most important stories on the Income Tax Appellate Tribunal (ITAT) that were published at Taxscan between October 29 and November 4, 2023, are...
![Exemption u/s.11 of Income Tax Act shall not be allowed when receipts from activity of GPU is excess of prescribed profit as per section 2(15) :ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/11/Exemption-Of-Income-Tax-Act-Income-Tax-Act-Income-Tax-receipts-from-activity-of-GPU-General-Public-Utility-receipts-from-activity-GPU-TAXSCAN.jpg "Exemption u/s.11 of Income Tax Act shall not be allowed when receipts from activity of GPU is excess of prescribed profit as per section 2(15) :ITAT [Read Order]")
![“Corpus Donations” received by assessee’s Trust will include in total income of Trust, if exemption u/s 11 Income Tax Act denied :ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/11/Corpus-Donations-assessees-Trust-total-income-total-income-of-Trust-exemption-Income-Tax-Act-ITAT-taxscan.jpg "“Corpus Donations” received by assessee’s Trust will include in total income of Trust, if exemption u/s 11 Income Tax Act denied :ITAT [Read Order]")
![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]")
![Difference in Opening Stock and Closing Stock due to Clerical Mistake in ITR: ITAT upholds deletion of Addition [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/11/Difference-Opening-Stock-Closing-Stock-Clerical-Mistake-ITR-ITAT-TAXSCAN.jpg "Difference in Opening Stock and Closing Stock due to Clerical Mistake in ITR: ITAT upholds deletion of Addition [Read Order]")
Reassessment Proceedings can be Triggered only when Notice u/s 148 of Income Tax Act has been issued and served: Delhi HC [Read Order]
The Delhi High Court observed that the reassessment proceedings can be triggered only when notice under Section 148 of Income Tax Act, 1961 has been issued and served. As noted on 10.03.2023, the...
![Reassessment Proceedings can be Triggered only when Notice u/s 148 of Income Tax Act has been issued and served: Delhi HC [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/11/Reassessment-Proceedings-can-be-Triggered-Reassessment-Proceedings-Income-Tax-Act-Delhi-High-Court-Income-Tax-Income-Tax-Act-has-been-issued-and-served-TAXSCAN.jpg "Reassessment Proceedings can be Triggered only when Notice u/s 148 of Income Tax Act has been issued and served: Delhi HC [Read Order]")
Filing of Statement as Neither Employees entitled to ERS Nor Company has Obligation against Relief u/s 89: ITAT directs Re-adjudication [Read Order]
The Pune Bench of Income Tax Appellate Tribunal (ITAT) has directed the re-adjudication of the statement has been filed as neither the employees entitled to Early Retirement Scheme (ERS) nor the...
![Filing of Statement as Neither Employees entitled to ERS Nor Company has Obligation against Relief u/s 89: ITAT directs Re-adjudication [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/11/Filing-of-Statement-Employees-entitled-ERS-Early-Retirement-Scheme-Company-has-Obligation-ITAT-Directs-Re-adjudication-Re-adjudication-ITAT-News-Income-Tax-News-Income-Tax-Act-Tax-News-TAXSCAN.jpg "Filing of Statement as Neither Employees entitled to ERS Nor Company has Obligation against Relief u/s 89: ITAT directs Re-adjudication [Read Order]")
ITAT deletes Penalty imposed u/s 271(1)(c) of Income Tax Act on Estimated Quantum Addition based upon information from Sales Tax Department [Read Order]
The Income Tax Appellate Tribunal (ITAT) Mumbai bench deleted the penalty imposed under Section 271(1)(c) of the Income Tax Act ,1961 on estimated quantum addition based upon information from the...
![ITAT deletes Penalty imposed u/s 271(1)(c) of Income Tax Act on Estimated Quantum Addition based upon information from Sales Tax Department [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/11/ITAT-deletes-Penalty-imposed-ITAT-deletes-Penalty-imposed-Income-Tax-Act-Estimated-Quantum-Addition-Quantum-Addition-Sales-Tax-Department-Sales-Tax-ITAT-News-Tax-News-Income-Tax-TAXSCAN.jpg "ITAT deletes Penalty imposed u/s 271(1)(c) of Income Tax Act on Estimated Quantum Addition based upon information from Sales Tax Department [Read Order]")
No Addition u/s 68 of Income Tax Act when Share Application Money received from companies engaged in business of Share Trading proven with documents: ITAT
The Income Tax Appellate Tribunal (ITAT), Mumbai bench, held that an addition under Section 68 of the Income Tax Act, 1961, should not be made when share application money received from companies...
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 insufficient evidence was a sufficient cause...
![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 appearance before lower authorities: ITAT directs assessee to deposit cost of Rs 5000/- to State Legal Aid Authority [Read Order]
The Income Tax Appellate Tribunal (ITAT), Chennai bench, directed the deposit cost of rupees 5,000/- to the State Legal Aid Authority due to non-appearance before the lower authorities for appeal...
![Non appearance before lower authorities: ITAT directs assessee to deposit cost of Rs 5000/- to State Legal Aid Authority [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/10/Non-appearance-before-lower-authorities-lower-authorities-ITAT-State-Legal-Aid-Authority-Income-Tax-Act-Income-Tax-ITAT-News-directs-assessee-to-deposit-Income-Tax-News-TAXSCAN.jpg "Non appearance before lower authorities: ITAT directs assessee to deposit cost of Rs 5000/- to State Legal Aid Authority [Read Order]")
No Addition shall be made u/s 68 of Income Tax Act when creditworthiness of Loan provider through Banking Channel satisfactorily explained: ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT), Surat bench, held that an addition shall not be made under section 68 of the Income Tax Act, 1961 when the creditworthiness of the loan provider through the...
![No Addition shall be made u/s 68 of Income Tax Act when creditworthiness of Loan provider through Banking Channel satisfactorily explained: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/10/addition-Income-Tax-Act-creditworthiness-of-loan-provider-banking-channel-satisfactorily-explained-ITAT-taxscan.jpg "No Addition shall be made u/s 68 of Income Tax Act when creditworthiness of Loan provider through Banking Channel satisfactorily explained: ITAT [Read Order]")