![Investment made from Interest Free Own Funds: ITAT deletes Disallowance of Interest [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/07/Investment-Interest-Free-Funds-ITAT-Disallowance-Interest-taxscan.jpg "Investment made from Interest Free Own Funds: ITAT deletes Disallowance of Interest [Read Order]")
Investment made from Interest Free Own Funds: ITAT deletes Disallowance of Interest [Read Order]
The Income Tax Appellate Tribunal (ITAT) Delhi Bench while deleting disallowance of interest held that investment made by the assessee company from...
![CIT(A) may Suo moto initiates Enhancement Proceedings if necessary; Not out of Jurisdiction: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/07/CITA-moto-initiates-Enhancement-Not-Jurisdiction-ITAT-TAXSCAN.jpg "CIT(A) may Suo moto initiates Enhancement Proceedings if necessary; Not out of Jurisdiction: ITAT [Read Order]")
![Special Auditor rightly follows SA-505 Prescribed by ICAI and such Report cannot be merely rejected by AO if it is Contrary to Appraisal Report Submitted by Investigation Wing: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/07/Special-Auditor-ITAT-Special-Auditor-rightly-follows-SA-505-ICAI-Appraisal-Report-Investigation-Wing-taxscan.jpg "Special Auditor rightly follows SA-505 Prescribed by ICAI and such Report cannot be merely rejected by AO if it is Contrary to Appraisal Report Submitted by Investigation Wing: ITAT [Read Order]")
![ITAT dismisses Rectification Orders passed u/s 154 of Income Tax Act without setting off Business Loss against Property Income and Income from Other Sources [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/07/ITAT-dismisses-Rectification-Orders-passed-Income-Tax-Act-Business-Loss-against-Property-Income-and-Income-from-Other-Sources-TAXSCAN.jpg "ITAT dismisses Rectification Orders passed u/s 154 of Income Tax Act without setting off Business Loss against Property Income and Income from Other Sources [Read Order]")
![No Addition shall be made on behalf Farmer assessee in respect of Cash Deposited in Joint Bank Account by Second Account Holder: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/07/Cash-Deposited-Joint-Bank-Account-Second-Account-TAXSCAN.jpg "No Addition shall be made on behalf Farmer assessee in respect of Cash Deposited in Joint Bank Account by Second Account Holder: ITAT [Read Order]")
Reopening of Assessment. u/s 147 of Income Tax Act not Valid in Absence of an Allegation Failure to Disclose Material Fact: Delhi HC [Read Order]
The Delhi High Court has held that reopening of assessment under section 147 of the Income Tax Act, 1961 is not valid in the absence of an allegation of failure to disclose a material fact. The...
![Reopening of Assessment. u/s 147 of Income Tax Act not Valid in Absence of an Allegation Failure to Disclose Material Fact: Delhi HC [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/07/Reopening-Reopening-of-Assessment-Income-Tax-Act-Valid-Absence-Allegation-Allegation-Failure-taxscan.jpg "Reopening of Assessment. u/s 147 of Income Tax Act not Valid in Absence of an Allegation Failure to Disclose Material Fact: Delhi HC [Read Order]")
Spice Jet not Liable to Pay Income Tax on Supplementary Rent Paid to Foreign Company for Acquiring Aircraft on Lease as per India-Ireland DTAA: ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT) Delhi held that spice jet is not liable to pay income tax on supplementary rent paid to foreign companies for acquiring aircraft on lease as per India...
![Spice Jet not Liable to Pay Income Tax on Supplementary Rent Paid to Foreign Company for Acquiring Aircraft on Lease as per India-Ireland DTAA: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/07/Spice-Jet-not-Liable-to-Pay-Income-Tax-on-Supplementary-Rent-Liable-to-Pay-Income-Tax-Income-Tax-Supplementary-Rent-Paid-to-Foreign-Company-Rent-Paid-to-Foreign-Company-ITAT-Taxscan.jpg "Spice Jet not Liable to Pay Income Tax on Supplementary Rent Paid to Foreign Company for Acquiring Aircraft on Lease as per India-Ireland DTAA: ITAT [Read Order]")
Assessment Order passed in Violation of Natural Justice Principle: ITAT remands Matter to CIT(A) [Read Order]
The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) has allowed the appeal of an assessee and remanded the matter back to the Commissioner of Income Tax (Appeals) (CIT(A)) for re-hearing. The...
![Assessment Order passed in Violation of Natural Justice Principle: ITAT remands Matter to CIT(A) [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/07/Assessment-Order-Violation-Natural-ITAT-TAXSCAN.jpg "Assessment Order passed in Violation of Natural Justice Principle: ITAT remands Matter to CIT(A) [Read Order]")
Addition of Amount of Security Deposit to Taxable Income of Jindal Construction can't be deleted Merely Relying on Certificate of Non-Completion of Construction: ITAT [Read Order]
The Delhi bench of the Income Tax Appellate Tribunal (ITAT) held that mere non completion certificate by the Developer isnot an enough ground to delete addition of scrutiny deposit. The case of...
![Addition of Amount of Security Deposit to Taxable Income of Jindal Construction cant be deleted Merely Relying on Certificate of Non-Completion of Construction: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/07/Addition-of-Amount-of-Security-Deposit-to-Taxable-Income-of-Jindal-Construction-cant-be-deleted-Merely-Relying-on-Certificate-of-Non-Completion-of-Construction-ITAT-TAXSCAN.jpg "Addition of Amount of Security Deposit to Taxable Income of Jindal Construction cant be deleted Merely Relying on Certificate of Non-Completion of Construction: ITAT [Read Order]")
![DCF Method of Valuation is Valid for Start-Up Companies u/s 145(3) of Income Tax Act: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/07/DCF-Method-of-Valuation-DCF-Method-DCF-Method-of-Valuation-is-Valid-for-Start-Up-Companies-Start-Up-Companies-Income-Tax-Act-ITAT-Taxscan.jpg "DCF Method of Valuation is Valid for Start-Up Companies u/s 145(3) of Income Tax Act: ITAT [Read Order]")
Non-Filling of Audit Report Within Due Date is Venial Technical Breach without Any Malafide Intention of Assessee: ITAT Deletes Penalty u/s 271B of Income Tax Act [Read Order]
The Chennai Bench of Income Tax Appellate Tribunal (ITAT) held that non-filing of audit report within the due date is a venial technical breach without any mala fide intention on the part of the...
![Non-Filling of Audit Report Within Due Date is Venial Technical Breach without Any Malafide Intention of Assessee: ITAT Deletes Penalty u/s 271B of Income Tax Act [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/07/audit-report.jpg "Non-Filling of Audit Report Within Due Date is Venial Technical Breach without Any Malafide Intention of Assessee: ITAT Deletes Penalty u/s 271B of Income Tax Act [Read Order]")
![Mere Determination of Income based on Surmise and Conjecture is Grossly Illegal: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/07/Mere-Determination-of-Income-based-on-Surmise-and-Conjecture-is-Grossly-Illegal-ITAT-TAXSCAN.jpg "Mere Determination of Income based on Surmise and Conjecture is Grossly Illegal: ITAT [Read Order]")