![No Addition shall be made, if Assessee has Sufficient Interest Free Fund to Provide Interest Free loans: ITAT dismisses Revenues Appeal [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/interest-free-fund-interest-free-loans-ITAT-revenues-Appeal-ITAT-dismisses-revenues-Appeal-taxscan.jpg "No Addition shall be made, if Assessee has Sufficient Interest Free Fund to Provide Interest Free loans: ITAT dismisses Revenues Appeal [Read Order]")
No Addition shall be made, if Assessee has Sufficient Interest Free Fund to Provide Interest Free loans: ITAT dismisses Revenue's Appeal [Read Order]
The Income Tax Appellate Tribunal (ITAT) Delhi bench held that no addition should be made if the assessee has sufficient interest free fund to...
![ITAT grants Deduction u/s 80IB(10) for Following Consideration Failure for Permissions and Timely Completion of Separate Housing Project [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/ITAT-grants-Deduction-Completion-Separate-Housing-Project-Housing-Project-taxscan.jpg "ITAT grants Deduction u/s 80IB(10) for Following Consideration Failure for Permissions and Timely Completion of Separate Housing Project [Read Order]")
![No Assessment Order shall be passed u/s 153C of Income Tax Act when Seized documents did not establish any correlation with that Assessment Year :ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/Assessment-Order-Income-Tax-Act-Seized-documents-Assessment-Year-ITAT-taxscan.jpg "No Assessment Order shall be passed u/s 153C of Income Tax Act when Seized documents did not establish any correlation with that Assessment Year :ITAT [Read Order]")
![Death of Father of CA is not a Reasonable Ground for Delay in Filing Appeal Before Tribunal, even After Allowing Covid Relaxation Period: ITAT Dismisses Appeal [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/Death-of-Father-of-CA-Delay-in-Filing-Appeal-Before-Tribunal-Appeal-Before-TribunalCovid-Relaxation-Period-ITAT-Dismisses-Appeal-taxscan.jpg "Death of Father of CA is not a Reasonable Ground for Delay in Filing Appeal Before Tribunal, even After Allowing Covid Relaxation Period: ITAT Dismisses Appeal [Read Order]")
Delhi High Court Condoned 170 Days Delay in Re-filing Appeals by Commissioner of Income Tax; Refrains from Entertaining Issues Not Raised before the Statutory Authority [Read Order]
The High Court of Delhi has condoned the delay of 170 days in the re-filing of appeals by the Commissioner of Income Tax - International Taxation -1. However, the court refrained from entertaining...
![Delhi High Court Condoned 170 Days Delay in Re-filing Appeals by Commissioner of Income Tax; Refrains from Entertaining Issues Not Raised before the Statutory Authority [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/Delhi-High-Court-Condoned-Delay-in-Re-filing-Appeals-Commissioner-of-Income-Tax-Refrains-Entertaining-Issues-Raised-Statutory-Authority-TAXSCAN.jpg "Delhi High Court Condoned 170 Days Delay in Re-filing Appeals by Commissioner of Income Tax; Refrains from Entertaining Issues Not Raised before the Statutory Authority [Read Order]")
Excess Stock Discovered in Survey by Tax Authorities Treated as Regular Business Income, Not Deemed Income u/s 69B of IT Act as fully disclosed in Books; Section 115BBE Inapplicable: ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT), Amritsar Bench has held that excess stock discovered during the survey by tax authorities should be treated as regular business income of the assessee and...
![Excess Stock Discovered in Survey by Tax Authorities Treated as Regular Business Income, Not Deemed Income u/s 69B of IT Act as fully disclosed in Books; Section 115BBE Inapplicable: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/Excess-Stock-Discovered-in-Survey-by-Tax-Authorities-Excess-Stock-Business-Income-IT-Act-ITAT-taxscan.jpg "Excess Stock Discovered in Survey by Tax Authorities Treated as Regular Business Income, Not Deemed Income u/s 69B of IT Act as fully disclosed in Books; Section 115BBE Inapplicable: ITAT [Read Order]")
PCIT can't exercise revisionary jurisdiction u/s 263 where AO has taken a Plausible view of Evidences produced by Assessee: ITAT [Read Order]
The Kolkata bench of the Income Tax Appellate Tribunal (ITAT) held that the Principal Commissioner of Income Tax (PCIT) cannot exercise the revisionary jurisdiction under Section 263 of the Income...
![PCIT cant exercise revisionary jurisdiction u/s 263 where AO has taken a Plausible view of Evidences produced by Assessee: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/revisionary-jurisdiction-Evidences-produced-by-Assessee-ITAT-PCIT-taxscan.jpg "PCIT cant exercise revisionary jurisdiction u/s 263 where AO has taken a Plausible view of Evidences produced by Assessee: ITAT [Read Order]")
Increasing Value of Closing Stock of Raw Materials and Packing Materials Unutilized Balance of Modvat: ITAT directs Readjudication [Read Order]
The Income Tax Appellate Tribunal (ITAT) Mumbai bench directs readjudication related to the action of Assessing Officer for increasing the value of closing stock of the assessee during the...
![Increasing Value of Closing Stock of Raw Materials and Packing Materials Unutilized Balance of Modvat: ITAT directs Readjudication [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/Increasing-value-of-closing-stock-of-raw-materials-packing-materials-unutilized-balance-of-Modvat-ITAT-directs-readjudication-taxscan.jpg "Increasing Value of Closing Stock of Raw Materials and Packing Materials Unutilized Balance of Modvat: ITAT directs Readjudication [Read Order]")
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]
The Delhi Bench of Income Tax Appellate Tribunal (ITAT) has held that mere wrong claim by itself would not ipso facto invite the imposition of penalty under Section 271(1)(c) of the Income Tax Act...
![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]")
![Re-Assessment without issuance of Notice u/s 143(2) is void: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/Re-Assessment-issuance-of-notice-ITAT-Re-Assessment-without-issuance-of-notice-taxscan.jpg "Re-Assessment without issuance of Notice u/s 143(2) is void: ITAT [Read Order]")
ITAT directs Recomputation of Gain on grounds of AO failing to Treat surplus Amount as Short Term Capital Gain without giving benefit of Indexation [Read Order]
The Delhi bench of the Income Tax Appellate Tribunal (ITAT) he that AO cannot treat surplus as capital gain without giving benefit of indexation. The assessee is a non-resident Indian filed his...
![ITAT directs Recomputation of Gain on grounds of AO failing to Treat surplus Amount as Short Term Capital Gain without giving benefit of Indexation [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/ITAT-directs-recomputation-of-gain-AO-failing-to-treat-surplus-amount-as-short-term-capital-gain-benefit-of-indexation-short-term-capital-gain-taxscan.jpg "ITAT directs Recomputation of Gain on grounds of AO failing to Treat surplus Amount as Short Term Capital Gain without giving benefit of Indexation [Read Order]")