![Sufficiency or Correctness of Material need not be Considered at the Stage of Recording Reasons: ITAT upholds Reassessment u/s 147 of Income Tax Act [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/Sufficiency-Sufficiency-or-Correctness-of-Material-Sufficiency-or-Correctness-of-Material-need-not-be-Considered-at-the-Stage-of-Recording-Reasons-ITAT-taxscan.jpg "Sufficiency or Correctness of Material need not be Considered at the Stage of Recording Reasons: ITAT upholds Reassessment u/s 147 of Income Tax Act [Read Order]")
Sufficiency or Correctness of Material need not be Considered at the Stage of Recording Reasons: ITAT upholds Reassessment u/s 147 of Income Tax Act [Read Order]
The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) has upheld the reassessment under Section 147 of the Income Tax Act 1961, as the sufficiency...
![Mere Wrong Claim by itself not Ipso Facto invite Penalty u/s 271(1)(c) of Income Tax Act if Bona Fides of Assessee’s Actions are Beyond Reasonable Doubt: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/Ipso-Facto-Penalty-Income-Tax-Act-Bona-Fides-of-Assessees-Actions-ITAT-taxscan.jpg "Mere Wrong Claim by itself not Ipso Facto invite Penalty u/s 271(1)(c) of Income Tax Act if Bona Fides of Assessee’s Actions are Beyond Reasonable Doubt: ITAT [Read Order]")
![Addition u/s 68 of Income Tax Act shall be made when Identity, Creditworthiness, and Genuineness of transactions are not satisfactorily explained by Assessee: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/Addition-Income-Tax-Act-Identity-Creditworthiness-Genuineness-of-transactions-satisfactorily-explained-by-Assessee-ITAT.jpg "Addition u/s 68 of Income Tax Act shall be made when Identity, Creditworthiness, and Genuineness of transactions are not satisfactorily explained by Assessee: ITAT [Read Order]")
![If Sales are not Disputed then Cash Deposited out of Sales cannot be Treated as Unexplained Income u/s 68 of Income Tax Act: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/Sales-Disputed-If-Sales-are-not-Disputed-then-Cash-Deposited-out-of-Sales-cannot-be-Treated-as-Unexplained-Income-ITAT-taxscan.jpg "If Sales are not Disputed then Cash Deposited out of Sales cannot be Treated as Unexplained Income u/s 68 of Income Tax Act: ITAT [Read Order]")
![Delhi HC quashes Order u/s 127 Income Tax Act as Objection Filed was not Considered [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/Delhi-HC-quashes-Order-Income-Tax-Act-as-Objection-Filed-was-not-Considered-TAXSCAN.jpg "Delhi HC quashes Order u/s 127 Income Tax Act as Objection Filed was not Considered [Read Order]")
CBDT notifies amendment in Transactions not regarded as Transfer u/s 47 of Income Tax Act [Read Notification]
The Central Board of Direct Taxes (CBDT) vide notification no. S.O. 3981(E) issued on 12th September 2023 has notified the amendment in the transaction not regarded as transfer under the Section 47...
Addition cannot be Deleted merely for Mentioning Section 68 Instead of Section 69 of Income Tax Act when Cash Deposit of Rs. 49,000/- Found Each Time in Bank Account: ITAT
The Delhi Bench of Income Tax Appellate Tribunal (ITAT) has held that the addition could not be deleted merely for mentioning Section 68 instead of Section 69 of the Income Tax Act , 1961 when the...
Incurring expenditure for the purpose of expansion of business is allowable u/s 271(C) of Income Tax Act: ITAT [Read Order]
The Delhi bench of the Income Tax Appellate Tribunal (ITAT) held that NBFC being financial company tried to enter in to banking business and for this purpose the assessee incurred expenditure on...
![Incurring expenditure for the purpose of expansion of business is allowable u/s 271(C) of Income Tax Act: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/Incurring-expenditure-expansion-of-business-Income-Tax-Act-ITAT.jpg "Incurring expenditure for the purpose of expansion of business is allowable u/s 271(C) of Income Tax Act: ITAT [Read Order]")
Deduction u/s 80G of Income Tax Act can be claimed when Assessee satisfies all the Conditions: ITAT [Read Order]
The Hyderabad bench of the Income Ta Appellate Tribunal (ITAT) held that the deduction under Section 80G of the Income Tax Act, 1961 can be claimed when the assessee satisfies all the conditions. ...
![Deduction u/s 80G of Income Tax Act can be claimed when Assessee satisfies all the Conditions: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/Deduction-Income-Tax-Act-Assessee-Conditions-ITAT-taxscan.jpg "Deduction u/s 80G of Income Tax Act can be claimed when Assessee satisfies all the Conditions: ITAT [Read Order]")
No Addition u/s 41(1) of the Income Tax Act as assessee acknowledged liability and reflected the same in its books of account: ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT) Delhi bench held that Addition under Section 41(1) of the Income Tax Act, 1961 should not be invoked since the assessee had acknowledged liability and...
![No Addition u/s 41(1) of the Income Tax Act as assessee acknowledged liability and reflected the same in its books of account: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/No-Addition-Addition-Income-Tax-Act-Income-Tax-Act-as-assessee-acknowledged-liability-and-reflected-the-same-in-its-books-of-account-assessee-books-of-account-ITAT-income-tax-taxscan.jpg "No Addition u/s 41(1) of the Income Tax Act as assessee acknowledged liability and reflected the same in its books of account: ITAT [Read Order]")
ITAT quashes Reassessment Order passed without fulfillment of criteria u/s 151 of Income Tax Act [Read Order]
The Income Tax Appellate Tribunal (ITAT) Delhi bench quashed reassessment order passed under Section 148 of the Income Tax Act, 1961 without fulfilled the criteria mentioned under Section 151 of the...
![ITAT quashes Reassessment Order passed without fulfillment of criteria u/s 151 of Income Tax Act [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/ITAT-Reassessment-Order-ITAT-quashes-Reassessment-Order-fulfillment-of-criteria-Income-Tax-Act-Income-Tax-taxscan.jpg "ITAT quashes Reassessment Order passed without fulfillment of criteria u/s 151 of Income Tax Act [Read Order]")