![No addition warranted u/s 56(2)(viib) of Income Tax Act as difference between issue Price and Value Adopt by AO is Minuscule [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/05/ITAT-Delhi-Income-Tax-Act-Assessing-officer-tax-updates-taxscan.jpg "No addition warranted u/s 56(2)(viib) of Income Tax Act as difference between issue Price and Value Adopt by AO is Minuscule [Read Order]")
No addition warranted u/s 56(2)(viib) of Income Tax Act as difference between issue Price and Value Adopt by AO is Minuscule [Read Order]
The two member bench of Delhi Income Tax Appellate Tribunal ( ITAT ) held that no addition warranted under Section 56(2)(viib) of the Income Tax Act,...
![Receipt of IUC charges cannot be taxed as Royalty under Article 12 of India Japan DTAA: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/05/ITAT-India-Japan-DTAA-Article-12-of-India-Japan-DTAA-income-tax-updates-taxscan.jpg "Receipt of IUC charges cannot be taxed as Royalty under Article 12 of India Japan DTAA: ITAT [Read Order]")
![Non-Residents Salary/Allowance for Services Rendered Abroad not Taxable in India: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/05/Non-Residents-Salary-ITAT-updates-tax-in-india-Tax-updates-taxscan.jpg "Non-Residents Salary/Allowance for Services Rendered Abroad not Taxable in India: ITAT [Read Order]")
![ITAT upholds Deletion of E-stamp Duty Expense Addition for Dish Infra Services NCD Issuance [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/05/E-stamp-Duty-Expense-Dish-Infra-Services-ITAT-delhi-income-tax-updates-taxscan.jpg "ITAT upholds Deletion of E-stamp Duty Expense Addition for Dish Infra Services NCD Issuance [Read Order]")
Himachal Pradesh HC disposes Revision Petition by directing re adjudication with respect to Order of ITAT [Read Order]
In a recent case, the Himachal Pradesh High Court disposed of a revision petition by directing re adjudication with respect to the order of Income Tax Appellate Tribunal ( ITAT ). The revision ...
![Himachal Pradesh HC disposes Revision Petition by directing re adjudication with respect to Order of ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/05/Himachal-Pradesh-HC-Revision-Petition-directing-re-adjudication-ITAT-taxscan.jpg "Himachal Pradesh HC disposes Revision Petition by directing re adjudication with respect to Order of ITAT [Read Order]")
CBDT Circular on Deposition of Assessed Tax Applicable when Appeal against Assessment Order under Income Tax Act lies only before ITAT: Kerala HC [Read Order]
The Kerala High Court held that the Central Board of Direct Taxes (CBDT) circular regarding deposition of assessed tax is applicable when appeal against assessment order under Income Tax Act, 1961...
![CBDT Circular on Deposition of Assessed Tax Applicable when Appeal against Assessment Order under Income Tax Act lies only before ITAT: Kerala HC [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/04/CBDT-Circular-Assessed-Tax-CBDT-Circular-on-Deposition-of-Assessed-Tax-Appeal-taxscan.jpg "CBDT Circular on Deposition of Assessed Tax Applicable when Appeal against Assessment Order under Income Tax Act lies only before ITAT: Kerala HC [Read Order]")
Mere fact that Order is not Acceptable to dept is not a Ground for not Following It: Bombay HC quashes Order under Income Tax Act [Read Order]
The Bombay High Court has observed that the mere fact that the order is not acceptable to dept is not a ground for not following it. The court held that the revenue officers are bound by the...
![Mere fact that Order is not Acceptable to dept is not a Ground for not Following It: Bombay HC quashes Order under Income Tax Act [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/04/Bombay-High-Court-Income-Tax-Bombay-HC-Quashes-Order-Quashing-Order-TAXSCAN.jpg "Mere fact that Order is not Acceptable to dept is not a Ground for not Following It: Bombay HC quashes Order under Income Tax Act [Read Order]")
Rejection of Certain Entries from Books of Account by Pick and Choose Method is Arbitrary: Delhi HC [Read Order]
In a recent decision, the Delhi High Court observed that the rejection of certain entries from books of account by pick and choose method is arbitrary. On 30.11.2014, the respondent-assessee filed...
Income Tax Orders being not Conclusive Proofs not to be used for Discharge of Disproportionate Assets Cases: Supreme Court [Read Judgement]
A Two-Judge Bench of the Supreme Court held that the proceedings under the Income Tax Act and its evidentiary value remains a matter of trial and they cannot be considered as conclusive proof for...
![Income Tax Orders being not Conclusive Proofs not to be used for Discharge of Disproportionate Assets Cases: Supreme Court [Read Judgement]](https://www.taxscan.in/wp-content/uploads/2024/03/Income-Tax-Orders-Conclusive-Discharge-of-Disproportionate-Assets-Cases-Supreme-Court-TAXSCAN.jpg "Income Tax Orders being not Conclusive Proofs not to be used for Discharge of Disproportionate Assets Cases: Supreme Court [Read Judgement]")
Withdrawal of Upward Adjustments of Income proposed by TPO: Delhi HC applies Rule of Consistency to adopt TNMM [Read Order]
In a recent decision the Delhi High Court applied the rule of consistency to adopt Transactional Net Margin Method ( TNMM ) in the matter regarding withdrawal of upward adjustments of income proposed...
