Income Tax Act
![Production of Bank accounts extract Evidencing Payment of Purchase of Jewellery: ITAT Deletes Addition u/s 69B of Income Tax Act [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/10/Production-Bank-accounts-extract-Evidencing-Payment-of-Purchase-Jewellery-ITAT-Deletes-Addition-Income-Tax-Act-taxscan-1.jpg "Production of Bank accounts extract Evidencing Payment of Purchase of Jewellery: ITAT Deletes Addition u/s 69B of Income Tax Act [Read Order]")
Production of Bank accounts extract Evidencing Payment of Purchase of Jewellery: ITAT Deletes Addition u/s 69B of Income Tax Act [Read Order]
The Bangalore Bench of Income Tax Appellate Tribunal (ITAT) has deleted the addition under Section 69B of the Income Tax Act 1961 as the bank...
![Consideration received on Termination of Call Option Agreement that Relinquishes Purchase of Shares is Transfer under Income Tax Act Taxable as Capital Gains: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/10/Consideration-received-Termination-Call-Option-Agreement-Relinquishes-Purchase-of-Shares-Transfer-under-Income-Tax-Act-Taxable-Capital-Gains-ITAT-taxscan.jpg "Consideration received on Termination of Call Option Agreement that Relinquishes Purchase of Shares is Transfer under Income Tax Act Taxable as Capital Gains: ITAT [Read Order]")
![Excess Gold Jewellery Stock found during Survey Proceedings as Stock transferred from Proprietary Concern to Partnership Firm, not unexplained Investment u/s 69B of Income Tax Act: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/10/Gold-Jewellery-Excess-Gold-Jewellery-Stock-Gold-Jewellery-Stock-Survey-Proceedings-Stock-transferred-Proprietary-Concern-Partnership-Firm-unexplained-investment-ITAT-taxscan.jpg "Excess Gold Jewellery Stock found during Survey Proceedings as Stock transferred from Proprietary Concern to Partnership Firm, not unexplained Investment u/s 69B of Income Tax Act: ITAT [Read Order]")
![Development of Commercial Project along with Residential Project: ITAT directs readjudication for claiming deduction u/s 80IB(10) Income Tax Act [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/10/Development-Development-of-Commercial-Project-Commercial-Project-ITAT-taxscan.jpg "Development of Commercial Project along with Residential Project: ITAT directs readjudication for claiming deduction u/s 80IB(10) Income Tax Act [Read Order]")
![ITAT deletes Penalty u/s 271AAA of Income Tax Act Due to Lack of Opportunity to Explain Undisclosed Income Source During Search Proceedings [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/10/ITAT-deletes-Income-Tax-Act-Due-to-Lack-of-Opportunity-to-Explain-Undisclosed-Income-Source-During-Search-Proceedings-TAXSCAN.jpg "ITAT deletes Penalty u/s 271AAA of Income Tax Act Due to Lack of Opportunity to Explain Undisclosed Income Source During Search Proceedings [Read Order]")
ITAT directs Verification of Source Explained through Settlement before Settlement Commission for Addition u/s 69 of Income Tax Act [Read Order]
The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) has directed for verification of sources explained through the settlement before the settlement commission for addition under Section 69 of...
![ITAT directs Verification of Source Explained through Settlement before Settlement Commission for Addition u/s 69 of Income Tax Act [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/10/ITAT-directs-Verification-Source-Explained-Settlement-Settlement-Commission-Income-Tax-Act-taxscan-1.jpg "ITAT directs Verification of Source Explained through Settlement before Settlement Commission for Addition u/s 69 of Income Tax Act [Read Order]")
Two Days’ Time Given to File Reply to SCN under Income Tax Act: Kerala HC directs to file Stay Application [Read Order]
The Kerala High Court directed to file stay application in the matter as only two days’ time was given to file reply to the Show cause notice (SCN) under the Income Tax Act, 1961. The petitioner...
![Two Days’ Time Given to File Reply to SCN under Income Tax Act: Kerala HC directs to file Stay Application [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/10/Two-Days-Time-Given-to-File-Reply-SCN-Income-Tax-Act-Kerala-HC-file-Stay-Application-taxscan.jpg "Two Days’ Time Given to File Reply to SCN under Income Tax Act: Kerala HC directs to file Stay Application [Read Order]")
Approval u/s 153 D of Income Tax Act made in Mechanical Manner: Delhi HC upholds Annulment of Assessment Order [Read Order]
The Delhi High Court upheld the annulment of the assessment order as the approval under Section 153D of the Income Tax Act, 1961 was made in a mechanical manner. By the appeal, the...
![Approval u/s 153 D of Income Tax Act made in Mechanical Manner: Delhi HC upholds Annulment of Assessment Order [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/10/Approval-Income-Tax-Act-Mechanical-Manner-Delhi-HC-taxscan.jpg "Approval u/s 153 D of Income Tax Act made in Mechanical Manner: Delhi HC upholds Annulment of Assessment Order [Read Order]")
Relief to Adani Power Ltd: ITAT Allows Deduction u/s 43B of Income Tax Act as there is No Inconsistency in Amount Reported in Tax Audit and Amount Claimed in Return of Income [Read Order]
The Ahmedabad Bench of Income Tax Appellate Tribunal (ITAT) allowed the deduction under Section 43B of Income tax Act as the tax auditor himself has certified that amount claimed under Section 43B of...
![Relief to Adani Power Ltd: ITAT Allows Deduction u/s 43B of Income Tax Act as there is No Inconsistency in Amount Reported in Tax Audit and Amount Claimed in Return of Income [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/10/Adani-Power-Ltd-CESTAT-Refund-Service-Tax-paid-Service-tax-SEZ-Authorized-Operations-Taxscan.jpg "Relief to Adani Power Ltd: ITAT Allows Deduction u/s 43B of Income Tax Act as there is No Inconsistency in Amount Reported in Tax Audit and Amount Claimed in Return of Income [Read Order]")
Section 56(2)(vii)(b) of Income Tax Act Applies to "Individual" and "HUF" and not Company: ITAT quashes Revision Order [Read Order]
The Delhi Bench of Income Tax Appellate Tribunal (ITAT) held that the provision of section 56(2)(vii)(b) of the Income Tax Act and submitted that it applies to “individual” and “HUF” and not to a...
![Section 56(2)(vii)(b) of Income Tax Act Applies to Individual and HUF and not Company: ITAT quashes Revision Order [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/10/Income-Tax-Act-Individual-HUF-not-Company-ITAT-quashes-Revision-Order-taxscan.jpg "Section 56(2)(vii)(b) of Income Tax Act Applies to Individual and HUF and not Company: ITAT quashes Revision Order [Read Order]")
Society not being Wholly/Substantially financed by Government can't raise Claim for Exemption u/s 10(23C)(iiiab) of Income Tax Act: ITAT [Read Order]
The Raipur bench of the Income Tax Appellate Tribunal (ITAT) held that the society not being wholly/substantially financed by the government cannot raise a claim for exemption under Section...
![Society not being Wholly/Substantially financed by Government cant raise Claim for Exemption u/s 10(23C)(iiiab) of Income Tax Act: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/10/Society-Society-not-being-Wholly-Government-Claim-Exemption-taxscan-1.jpg "Society not being Wholly/Substantially financed by Government cant raise Claim for Exemption u/s 10(23C)(iiiab) of Income Tax Act: ITAT [Read Order]")