![No Penalty can be Imposed u/s 271(1) when Income Surrendered by Assessee During Survey is Shown in a Regular Income Tax Return Filed within the Prescribed Time: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/05/No-Penalty-can-be-Imposed-Penalty-Income-Surrendered-by-Assessee-During-Survey-Income-Assessee-Survey-Regular-Income-Tax-Return-Income-Tax-Return-ITAT-Taxscan.jpg "No Penalty can be Imposed u/s 271(1) when Income Surrendered by Assessee During Survey is Shown in a Regular Income Tax Return Filed within the Prescribed Time: ITAT [Read Order]")
No Penalty can be Imposed u/s 271(1) when Income Surrendered by Assessee During Survey is Shown in a Regular Income Tax Return Filed within the Prescribed Time: ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT), Ahmedabad Bench, has recently, in an appeal filed before it, held that no penalty under section 271 (1) can...
![Assessment Completed u/s 143(3) after Condonation of Delay due to Covid: ITAT deletes Penalty u/s 271(1)(b) [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/05/Assessment-Condonation-of-Delay-Condonation-of-Delay-due-to-Covid-ITAT-deletes-Penalty-ITAT-Penalty-Taxscan.jpg "Assessment Completed u/s 143(3) after Condonation of Delay due to Covid: ITAT deletes Penalty u/s 271(1)(b) [Read Order]")
![Common Interest received on Deposits with Co-Operative Bank as Income is not Eligible for Deduction u/s.80P(2)(d): ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/05/Common-interest-received-on-deposits-Co-operative-Bank-as-income-is-not-eligible-for-deduction-ITAT-TAXSCAN.jpg "Common Interest received on Deposits with Co-Operative Bank as Income is not Eligible for Deduction u/s.80P(2)(d): ITAT [Read Order]")
![Educational Institution is Eligible for Exemption u/s 10(23C) (iiiab) of Income Tax Act: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/05/Educational-Institution-is-Eligible-for-Exemption-Educational-Institution-Eligible-for-Exemption-Exemption-Income-Tax-Act-ITAT-Taxscan.jpg "Educational Institution is Eligible for Exemption u/s 10(23C) (iiiab) of Income Tax Act: ITAT [Read Order]")
![Reasons for Violating Sections 269SS & 269T of Income Tax Act Genuine and Bonafide: ITAT quashes Penalty Order [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/05/Violating-Sections-269SS-269T-Income-Tax-Act-Genuine-and-Bonafide-ITAT-Penalty-Order-Taxscan.jpg "Reasons for Violating Sections 269SS & 269T of Income Tax Act Genuine and Bonafide: ITAT quashes Penalty Order [Read Order]")
Payments made to the Non-Resident Service Providers on Account of Ad Film Production Line Services are not FTS, not Taxable: ITAT [Read Order]
The Delhi bench of the Income Tax Appellate Tribunal (ITAT) recently held that payments made to the non-resident services providers on account of ad film production line services are not Fee for...
![Payments made to the Non-Resident Service Providers on Account of Ad Film Production Line Services are not FTS, not Taxable: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/05/Payments-made-to-the-Non-Resident-Service-Providers-Payments-Non-Resident-Service-Providers-Ad-Film-Production-Line-Services-FTS-Taxable-ITAT-Taxscan.jpg "Payments made to the Non-Resident Service Providers on Account of Ad Film Production Line Services are not FTS, not Taxable: ITAT [Read Order]")
Coercion Shouldn’t be there to Admit Undisclosed Income, Admissions Should be Backed by Credible Evidence: ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT), Delhi Bench, has recently, in an appeal filed before it, held that coercion shouldn’t be there to admit undisclosed income, and also that admissions should...
![Coercion Shouldn’t be there to Admit Undisclosed Income, Admissions Should be Backed by Credible Evidence: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/05/Coercion-Undisclosed-Income-Credible-Evidence-Evidence-ITAT-Taxscan.jpg "Coercion Shouldn’t be there to Admit Undisclosed Income, Admissions Should be Backed by Credible Evidence: ITAT [Read Order]")
![ITAT upholds quashing of Time-Barred Scrutiny Assessment Order u/s 143(3) of Income Tax Act [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/05/ITAT-Time-Barred-Scrutiny-Assessment-Order-us-1433-of-Income-Tax-Act-TAXSCAN.jpg "ITAT upholds quashing of Time-Barred Scrutiny Assessment Order u/s 143(3) of Income Tax Act [Read Order]")
Basic Condition as Stipulated under Section 271(1)(c) not been Fulfilled: ITAT Deletes Penalty [Read Order]
The Income Tax Appellate Tribunal (ITAT), Delhi Bench, has recently, in an appeal filed before it, on finding that the basic condition as stipulated under Section 271 (1) (c) is not fulfilled,...
![Basic Condition as Stipulated under Section 271(1)(c) not been Fulfilled: ITAT Deletes Penalty [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/05/Basic-Condition-as-Stipulated-under-Section-2711c-ITAT-Penalty-TAXSCAN.jpg "Basic Condition as Stipulated under Section 271(1)(c) not been Fulfilled: ITAT Deletes Penalty [Read Order]")
Transfer of Development Rights by Builder is Transfer of Capital Assets, not Stock in trade: SC quashes Bombay HC Judgment [Read Order]
The Two Bench of Justices M.R. Shah and B.V. Nagarathna of the Supreme Court invalidated the decisions of the Income Tax Appellate Tribunal (ITAT) and the Bombay High Court in order to uphold that...
![Transfer of Development Rights by Builder is Transfer of Capital Assets, not Stock in trade: SC quashes Bombay HC Judgment [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/05/Capital-Assets-Transfer-of-development-rights-Supreme-Court-Bombay-High-Court-Judgment-Stock-in-trade-Transfer-of-Development-Rights-by-Builder-is-Transfer-of-Capital-Assets-Taxscan.jpg "Transfer of Development Rights by Builder is Transfer of Capital Assets, not Stock in trade: SC quashes Bombay HC Judgment [Read Order]")
Relief to Petrofils Co-op. Ltd: ITAT allows the Claim of Unabsorbed Brought-forward Depreciation to be Set off against Income from Other Sources
By allowing the claim of unabsorbed brought-forward depreciation to be adjusted against the income from other sources, the Ahmedabad Bench of the Income Tax Appellate Tribunal (ITAT) granted relief...
Delay Beyond Assessee's Control in E-verification/Filing Belated Return: ITAT deletes Penalty Levied u/s 271F [Read Order]
The Income Tax Appellate Tribunal (ITAT), Chennai Bench, has recently, in an appeal filed before it, while deleting a penalty levied under Section 271F, on account of a delay in E-verification/...
![Delay Beyond Assessees Control in E-verification/Filing Belated Return: ITAT deletes Penalty Levied u/s 271F [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/05/E-verification-Filing-Belated-Return-ITAT-Penalty-TAXSCAN2.jpg "Delay Beyond Assessees Control in E-verification/Filing Belated Return: ITAT deletes Penalty Levied u/s 271F [Read Order]")