![ITAT quashes levy of Penalty u/s 271(1)(c) of Income Tax Act on ground of Absence of Proper Opportunity of Hearing [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/11/Penalty-Mumbai-bench-tax-news-Income-Tax-Act-taxscan.jpg "ITAT quashes levy of Penalty u/s 271(1)(c) of Income Tax Act on ground of Absence of Proper Opportunity of Hearing [Read Order]")
ITAT quashes levy of Penalty u/s 271(1)(c) of Income Tax Act on ground of Absence of Proper Opportunity of Hearing [Read Order]
The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) quashed the levy of penalty under section 271(1)(c ) of the Income Tax Act,1961 on the...
![ITAT quashes Addition Made by AO on account of Capital Gain on ground of Wrongful Initiation of Proceedings u/s 148 of Income Tax Act [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/11/Capital-Gain-ITAT-income-taxs-news-Bangalore-bench-taxscan.jpg "ITAT quashes Addition Made by AO on account of Capital Gain on ground of Wrongful Initiation of Proceedings u/s 148 of Income Tax Act [Read Order]")
![Deduction u/s 115JB shall be allowed when Farmer and Trade Advances are actually Written off in Books of Account: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/11/Deduction-Farmer-Farmer-and-Trade-Farmer-and-Trade-Advances-Written-off-taxscan.jpg "Deduction u/s 115JB shall be allowed when Farmer and Trade Advances are actually Written off in Books of Account: ITAT [Read Order]")
![Books of Account cant be held incorrect merely due to an Inadvertent mistake in TAR which is supported by Affidavit of Auditor: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/11/ITAT-TAR-Affidavit-Mumbai-bench-income-tax-taxscan.jpg "Books of Account cant be held incorrect merely due to an Inadvertent mistake in TAR which is supported by Affidavit of Auditor: ITAT [Read Order]")
![Disallowance of Expenses u/s 43B cant be denied When Ex-gratia and Employee staff benefits are shown under Appropriation of fund: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/11/Disallowance-of-Expenses-Ex-gratia-and-Employee-staff-benefits-Employee-staff-benefits-taxscan.jpg "Disallowance of Expenses u/s 43B cant be denied When Ex-gratia and Employee staff benefits are shown under Appropriation of fund: ITAT [Read Order]")
ITAT deletes Disallowance made toward Rental Expenses Incurred for Property taken on Rent for Business Purpose [Read Order]
The Income Tax Appellate Tribunal (ITAT), Delhi bench, deleted the disallowance made towards the rental expenses incurred for a property taken on rent for business purposes. The assessee, U &...
![ITAT deletes Disallowance made toward Rental Expenses Incurred for Property taken on Rent for Business Purpose [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/11/ITAT-Disallowance-toward-Rental-Expenses-Incurred-for-Property-Rent-for-Business-Purpose-TAXSCAN.jpg "ITAT deletes Disallowance made toward Rental Expenses Incurred for Property taken on Rent for Business Purpose [Read Order]")
Creditworthiness can be Ascertained only from Availability of Funds and not from Period of Existence and Revenue Earning: Delhi HC upholds Deletion of Addition u/s 68 [Read Order]
The Delhi Bench of High court has upheld the deletion of addition under Section 68 of Income Tax ACT 1961 holding that creditworthiness could be ascertained only from availability of funds and not...
![Creditworthiness can be Ascertained only from Availability of Funds and not from Period of Existence and Revenue Earning: Delhi HC upholds Deletion of Addition u/s 68 [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/11/Creditworthiness-Ascertained-only-from-Availability-of-Funds-Period-of-Existence-and-Revenue-Earning-Delhi-HC-upholds-Deletion-of-Addition-TAXSCAN.jpg "Creditworthiness can be Ascertained only from Availability of Funds and not from Period of Existence and Revenue Earning: Delhi HC upholds Deletion of Addition u/s 68 [Read Order]")
Bad Debts Acquired from Predecessor-in-Interest: Delhi HC upholds Disallowance on Bad Debts amounting to Rs 5 crores [Read Order]
The Delhi High Court upheld the disallowance amounting to Rupees 5 crores on bad debts as they were obtained from predecessor-in-interest. The sole ground on which the impugned order is sought to...
Training Expenses on Skill Development not to be disallowed Treating it as Deferred Expense: Delhi HC upholds ITAT's order
The Delhi High Court upheld the order of the Income Tax Appellate Tribunal (ITAT) wherein it was held that training expenses on skill development were not to be disallowed treating it as a deferred...
Bad debts acquired from predecessor-in-interest: Delhi HC upholds deletion of disallowance on bad debts amounting to Rs 5 crores [Read Order]
The Delhi High Court upheld the disallowance amounting to Rupees 5 crores on bad debts as they were obtained from predecessor-in-interest. The sole ground on which the impugned order is sought to...
![Bad debts acquired from predecessor-in-interest: Delhi HC upholds deletion of disallowance on bad debts amounting to Rs 5 crores [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/10/Predecessor-in-Interest-Delhi-HC-Disallowance-Bad-Debts-taxscan.jpg "Bad debts acquired from predecessor-in-interest: Delhi HC upholds deletion of disallowance on bad debts amounting to Rs 5 crores [Read Order]")
Failure to Adhere to Mandatory Requirement of Section 144C(1) of Income Tax Act results in Invalidation of Final Assessment Order: Delhi HC [Read Order]
The Delhi High Court recently observed that the failure to adhere to mandatory requirement of Section 144C(1) of the Income Tax Act, 1961 results in invalidation of final assessment order. The...
![Failure to Adhere to Mandatory Requirement of Section 144C(1) of Income Tax Act results in Invalidation of Final Assessment Order: Delhi HC [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/10/Failure-Mandatory-Requirement-Income-Tax-Act-Failure-to-Adhere-to-Mandatory-Requirement-delhi-hc-taxscan.jpg "Failure to Adhere to Mandatory Requirement of Section 144C(1) of Income Tax Act results in Invalidation of Final Assessment Order: Delhi HC [Read Order]")