Income Tax Act
UDIN for GST and Tax Audit: Know Complete Details
Unique Document Identification Number (UDIN) is an 18-Digits system generated unique number for every document certified/attested by Practising...
![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]")
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]")
Failure to note disclosures in ITR prior to issuance of notice u/s 148A(b) of Income Tax Act: Delhi HC quashes income tax notice [Read Order]
The Delhi High Court in a recent case quashed the income tax notice as the department failed to note the disclosure made in the Income Tax Return (ITR) prior to the issuance of Income Tx notice under...
![Failure to note disclosures in ITR prior to issuance of notice u/s 148A(b) of Income Tax Act: Delhi HC quashes income tax notice [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/Failure-to-note-disclosures-in-ITR-prior-to-issuance-of-notice-Income-Tax-Act-Delhi-HC-quashes-income-tax-notice-TAXSCAN.jpg "Failure to note disclosures in ITR prior to issuance of notice u/s 148A(b) of Income Tax Act: Delhi HC quashes income tax notice [Read Order]")
Investment Allowance claimed u/s. 32AC of Income Tax Act towards new asset shall not allowable if assessee already claim depreciation on New Asset: ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT) Chennai bench held that investment allowance claimed under Section 32AC of the Income tax Act,1961 towards the new asset should not be allowable if the...
![Investment Allowance claimed u/s. 32AC of Income Tax Act towards new asset shall not allowable if assessee already claim depreciation on New Asset: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/Investment-Allowance-claimed-Income-Tax-Act-towards-new-asset-claim-depreciation-on-New-Asset-ITAT-TAXSCAN.jpg "Investment Allowance claimed u/s. 32AC of Income Tax Act towards new asset shall not allowable if assessee already claim depreciation on New Asset: ITAT [Read Order]")