![Addition u/s 68 of Income Tax Act can be made for Cash Credits Received by Assessee in its Account during the year Relevant to AY: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/10/Addition-Income-Tax-Act-Cash-Credits-Assessee-Account-year-Relevant-AY-ITAT-TAXSCAN.jpg "Addition u/s 68 of Income Tax Act can be made for Cash Credits Received by Assessee in its Account during the year Relevant to AY: ITAT [Read Order]")
Addition u/s 68 of Income Tax Act can be made for Cash Credits Received by Assessee in its Account during the year Relevant to AY: ITAT [Read Order]
The Kolkata Bench of Income Tax Appellate Tribunal (ITAT) held that additions under Section 68 of Income Tax Act,1961 would be made for the cash...
![Claim of Capital Gain Deduction u/s 54 of Income Tax Act towards Purchase of Two Adjacent and Joint Flats for the Purpose of one Residence Unit: ITAT Restores Matter to AO for Verification [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/10/Claim-of-Capital-Gain-Claim-Capital-Gain-Deduction-Income-Tax-Act-Income-Tax-Residence-Unit-ITAT-AO-taxscan.jpg "Claim of Capital Gain Deduction u/s 54 of Income Tax Act towards Purchase of Two Adjacent and Joint Flats for the Purpose of one Residence Unit: ITAT Restores Matter to AO for Verification [Read Order]")
![Additions cant be allowed on Unsecured loans incurred wholly and exclusively for Purpose of Business: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/10/Additions-Unsecured-loans-incurred-wholly-and-exclusively-for-Purpose-of-Business-ITAT-TAXSCAN.jpg "Additions cant be allowed on Unsecured loans incurred wholly and exclusively for Purpose of Business: ITAT [Read Order]")
![Non-compliance of Notice due to different Email ID on Form 35 and ITR: ITAT allows another opportunity to Assessee [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/10/Non-compliance-of-Notice-Form-35-and-ITR-ITAT-Income-tax-act-Income-tax-different-Email-ID-allows-another-opportunity-opportunity-TAXSCAN.jpg "Non-compliance of Notice due to different Email ID on Form 35 and ITR: ITAT allows another opportunity to Assessee [Read Order]")
![Non-Consideration of Evidences Furnished to Prove Identity and Creditworthiness of Investors and Genuiness of Transaction: ITAT directs AO to Delete Income Tax Addition [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/10/Additions-Income-Tax-Act-Income-Tax-Income-Tax-Act-cant-be-Initiated-by-AO-without-Furnishing-Necessary-Evidences-AO-ITAT-Taxscan.jpg "Non-Consideration of Evidences Furnished to Prove Identity and Creditworthiness of Investors and Genuiness of Transaction: ITAT directs AO to Delete Income Tax Addition [Read Order]")
Date of Allotment Letter is Relevant for Determining FMV of Asset /flat: ITAT allows Assessee's Appeal [Read Order]
The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) held that the extent that the date of allotment letter is relevant for determining FMV of asset/flat. The assessee Imran Mohamed Ali...
![Date of Allotment Letter is Relevant for Determining FMV of Asset /flat: ITAT allows Assessees Appeal [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/10/Date-of-Allotment-Letter-Allotment-Letter-Relevant-FMV-Asset-ITAT-taxscan.jpg "Date of Allotment Letter is Relevant for Determining FMV of Asset /flat: ITAT allows Assessees Appeal [Read Order]")
Form 3CEA not filed with ITR, but filed before Final Order: ITAT allows Claim of long-term capital loss u/s 50B of Income Tax Act [Read Order]
The Kolkata bench of the Income Tax Appellate Tribunal (ITAT) allowed the claim of the long-term capital loss under Section 50B of the Income Tax Act, 1961 when the Form 3CEA was not filed with the...
![Form 3CEA not filed with ITR, but filed before Final Order: ITAT allows Claim of long-term capital loss u/s 50B of Income Tax Act [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/10/Form-3CEA-ITR-Final-Order-Order-ITAT-Claim-long-term-capital-loss-Income-Tax-Act-income-tax-ITAT-taxscan.jpg "Form 3CEA not filed with ITR, but filed before Final Order: ITAT allows Claim of long-term capital loss u/s 50B of Income Tax Act [Read Order]")
Dividend Income not to be Included in Total Income and is Exempt from Tax when the Shares are Held as "Stock-in-trade": ITAT upholds Application of Section 14A of Income Tax Act [Read Order]
The Ahmedabad Bench of Income Tax Appellate Tribunal (ITAT) held that Section 14A of Income Tax Act,1961 applies when shares are held as “stock -in-trade” for the purpose to trade in those shares and...
![Dividend Income not to be Included in Total Income and is Exempt from Tax when the Shares are Held as Stock-in-trade: ITAT upholds Application of Section 14A of Income Tax Act [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/10/Dividend-Income-Total-Income-and-is-Exempt-from-Tax-when-the-Shares-Stock-in-trade-ITAT-upholds-Application-Income-Tax-Act-.jpg "Dividend Income not to be Included in Total Income and is Exempt from Tax when the Shares are Held as Stock-in-trade: ITAT upholds Application of Section 14A of Income Tax Act [Read Order]")
Assessee could not Recall Details of Income within Specified time due to Old Age: ITAT Quashes Addition u/s 115BBE [Read Order]
The Hyderabad bench of the Income Tax Appellate Tribunal (ITAT) quashed the addition under Section 115BBE of the Income Tax Act, 1961 which states the procedure for determination of tax for...
![Assessee could not Recall Details of Income within Specified time due to Old Age: ITAT Quashes Addition u/s 115BBE [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/10/Assessee-Recall-Assessee-could-not-Recall-Details-of-Income-Income-Old-Age-ITAT-taxscan-1.jpg "Assessee could not Recall Details of Income within Specified time due to Old Age: ITAT Quashes Addition u/s 115BBE [Read Order]")
FMV of Agricultural Land to be Determined according to the Guidelines of the FY in which assessee Received Entire Amount of Sale Consideration: ITAT Dismisses Revenue Appeal [Read Order]
The Raipur Bench of Income Tax Appellate Tribunal (ITAT) held that where the date of agreement fixing the amount of consideration and the date of registration for the transfer of the capital asset...
![FMV of Agricultural Land to be Determined according to the Guidelines of the FY in which assessee Received Entire Amount of Sale Consideration: ITAT Dismisses Revenue Appeal [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/10/FMV-of-Agricultural-Land-to-be-Determined-according-Guidelines-of-the-FY-in-which-assessee-Received-Entire-Amount-of-Sale-Consideration-ITAT-Dismisses-Revenue-Appeal-TAXSCAN.jpg "FMV of Agricultural Land to be Determined according to the Guidelines of the FY in which assessee Received Entire Amount of Sale Consideration: ITAT Dismisses Revenue Appeal [Read Order]")
Bonafide Mistake in Computing Income Tax is not Furnishing Inaccurate Particulars or Concealment of Income : ITAT Deletes Penalty u/s 271(1)(c) of Income Tax Act [Read Order]
The Ahmedabad Bench of Income Tax Appellate Tribunal (ITAT) held that the standard belief or mistake in computing income tax cannot be termed as furnishing of inaccurate particulars or concealment of...
![Bonafide Mistake in Computing Income Tax is not Furnishing Inaccurate Particulars or Concealment 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/Bonafide-Mistake-Computing-Income-Tax-Furnishing-Inaccurate-Particulars-Concealment-of-Income-ITAT-Deletes-Penalty-Income-Tax-Act-taxscan.jpg "Bonafide Mistake in Computing Income Tax is not Furnishing Inaccurate Particulars or Concealment of Income : ITAT Deletes Penalty u/s 271(1)(c) of Income Tax Act [Read Order]")