![Unit Linked Insurance Scheme is Not Life Insurance: Redemption of ULIP Taxable as Capital Gain, rules ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/Insurance-Scheme-Life-Insurance-Redemption-ULIP-Taxable-Capital-Gain-ITAT-TAXSCAN.jpg "Unit Linked Insurance Scheme is Not Life Insurance: Redemption of ULIP Taxable as Capital Gain, rules ITAT [Read Order]")
Unit Linked Insurance Scheme is Not Life Insurance: Redemption of ULIP Taxable as "Capital Gain", rules ITAT [Read Order]
The Delhi bench of the Income Tax Appellate Tribunal (ITAT) held that Life being insured by transaction would not alter the basic character of...
![Burden to Prove Genuineness of Large Volume of Cash Deposit as Gift to Grandson During Demonetization Lies on Assessee: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/Large-Volume-Cash-Deposit-Gift-Grandson-Born-Demonetization-Business-Man-ITAT-TAXSCAN.jpg "Burden to Prove Genuineness of Large Volume of Cash Deposit as Gift to Grandson During Demonetization Lies on Assessee: ITAT [Read Order]")
![Survey cannot be based only for treating on-money when purchaser as well as registered sale documents state amount of purchase clearly without contradiction: ITAT deletes addition [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/Survey-sale-documents-contradiction-ITAT-ITAT-deletes-addition-addition-income-tax-act-taxscan.jpg "Survey cannot be based only for treating on-money when purchaser as well as registered sale documents state amount of purchase clearly without contradiction: ITAT deletes addition [Read Order]")
![Income received from India by way of Royalties shall be taxed in India only on receipt basis under Indo-Switzerland DTAA: ITAT grants relief to ABB Switzerland [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/received-India-Royalties-taxed-India-receipt-Indo-Switzerland-DTAA-ITAT-ABB-Switzerland-TAXSCAN.jpg "Income received from India by way of Royalties shall be taxed in India only on receipt basis under Indo-Switzerland DTAA: ITAT grants relief to ABB Switzerland [Read Order]")
![Reassessment shall not be framed u/s 153C of Income Tax Act, if notice for search proceedings issued u/s 153A of Act: ITAT deletes Penalty [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/Reassessment-Income-Tax-Act-notice-search-proceedings-Act-ITAT-Penalty-TAXSCAN.jpg "Reassessment shall not be framed u/s 153C of Income Tax Act, if notice for search proceedings issued u/s 153A of Act: ITAT deletes Penalty [Read Order]")
Deduction u/s 11 of Income Tax Act shall not be denied, if Audit Report filed along with Return of Income is available in during assessment proceedings: ITAT upholds Order of CIT(A) [Read Order]
The Income Tax Appellate Tribunal (ITAT) Ahmedabad bench held that deduction under Section 11 of Income Tax Act, 1961 should not be denied, if an audit report filed along with return of income is...
![Deduction u/s 11 of Income Tax Act shall not be denied, if Audit Report filed along with Return of Income is available in during assessment proceedings: ITAT upholds Order of CIT(A) [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/Deduction-Income-Tax-Act-denied-Audit-Report-Return-Income-available-assessment-proceedings-ITAT-TAXSCAN.jpg "Deduction u/s 11 of Income Tax Act shall not be denied, if Audit Report filed along with Return of Income is available in during assessment proceedings: ITAT upholds Order of CIT(A) [Read Order]")
Non-Compliance of E-notice due to non-Reaching to Concerned Officials as Employee Handling Matter left Company is a Reasonable Cause: ITAT [Read Order]
The Delhi Bench of Income Tax Appellate Tribunal (ITAT) has held that the non-compliance of e-notice due to non-reaching to the concerned officer as the employee handling the matter had left the...
![Non-Compliance of E-notice due to non-Reaching to Concerned Officials as Employee Handling Matter left Company is a Reasonable Cause: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/Non-Compliance-of-E-notice-due-to-non-Reaching-to-Concerned-Officials-as-Employee-Handling-Matter-left-Company-is-a-Reasonable-Cause-ITAT-TAXSCAN.jpg "Non-Compliance of E-notice due to non-Reaching to Concerned Officials as Employee Handling Matter left Company is a Reasonable Cause: ITAT [Read Order]")
Failure to prove Reasonable Cause for not filing appeal: ITAT dismisses petition for Condonation of delay of 301 days [Read Order]
The Income Tax Appellate Tribunal (ITAT) Hyderabad bench while dismissing the petition for the delay of 301 days observed that the assessee failed to provide reasonable cause for not filing appeal...
![Failure to prove Reasonable Cause for not filing appeal: ITAT dismisses petition for Condonation of delay of 301 days [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/Failure-prove-filing-appeal-ITAT-petition-Condonation-TAXSCAN.jpg "Failure to prove Reasonable Cause for not filing appeal: ITAT dismisses petition for Condonation of delay of 301 days [Read Order]")
No Additions shall be imposed by AO when the Income has been duly Explained by Assessee: ITAT set aside Order of CIT(A) [Read Order]
The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) held that no additions shall be imposed by the assessing officer when the income has been duly explained by the assessee. The assessee...
![No Additions shall be imposed by AO when the Income has been duly Explained by Assessee: ITAT set aside Order of CIT(A) [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/No-Additions-shall-be-imposed-by-AO-Income-has-been-duly-Explained-by-Assessee-ITAT-CITA-TAXSCAN.jpg "No Additions shall be imposed by AO when the Income has been duly Explained by Assessee: ITAT set aside Order of CIT(A) [Read Order]")
No Disallowance u/s 14A of Income Tax Act shall be made in Absence of any Exempt Income: ITAT [Read Order]
The Ahmedabad bench of the Income Tax Appellate Tribunal (ITAT) held that no disallowances under Section 14A of the Income Tax Act, 1961 shall be made in the absence of any exempt income. The...
![No Disallowance u/s 14A of Income Tax Act shall be made in Absence of any Exempt Income: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/Disallowance-Income-Tax-Act-Absence-Exempt-Income-ITAT-TAXSCA.jpeg "No Disallowance u/s 14A of Income Tax Act shall be made in Absence of any Exempt Income: ITAT [Read Order]")
Obligation of Taxpayer is fulfilled when he establishes Identity, Credit Worthiness and Genuineness of Transaction concerning Unexplained Income u/s 68: ITAT [Read Order]
The Delhi bench of the Income Tax Appellate Tribunal (ITAT) held that discharging the initial onus cast by section 68 of the Act, the assessee has to establish (1) identity, (2) credit worthiness and...
![Obligation of Taxpayer is fulfilled when he establishes Identity, Credit Worthiness and Genuineness of Transaction concerning Unexplained Income u/s 68: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/Obligation-of-Taxpayer-establishes-Identity-Credit-Worthiness-Genuineness-of-Transaction-concerning-Unexplained-Income-ITAT-TAXSCAN.jpg "Obligation of Taxpayer is fulfilled when he establishes Identity, Credit Worthiness and Genuineness of Transaction concerning Unexplained Income u/s 68: ITAT [Read Order]")
Deletion of Income Tax Addition on the Ground of Incomplete Material Evidence against Assessee: ITAT restores Matter to CIT(A) [Read Order]
The Chennai Bench of Income Tax Appellate Tribunal (ITAT) held that the Commissioner of Income Tax (Appeals) [CIT (A)] has not adjudicated the issues on merits thus restored the matter to the CIT(A)...
![Deletion of Income Tax Addition on the Ground of Incomplete Material Evidence against Assessee: ITAT restores Matter to CIT(A) [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/Deletion-Income-Tax-Incomplete-Material-Evidence-Assessee-ITAT-CITA-TAXSCAN.jpg "Deletion of Income Tax Addition on the Ground of Incomplete Material Evidence against Assessee: ITAT restores Matter to CIT(A) [Read Order]")