![Section 41 (1) of Income Tax Act shall not apply since waiver of loan does not amount to cessation of trading liability: ITAT deletes Addition [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/Income-Tax-Act-waiver-of-loan-cessation-of-trading-liability-ITAT-deletes-Addition-loan-trading-liability-taxscan.jpg "Section 41 (1) of Income Tax Act shall not apply since waiver of loan does not amount to cessation of trading liability: ITAT deletes Addition [Read Order]")
Section 41 (1) of Income Tax Act shall not apply since waiver of loan does not amount to cessation of trading liability: ITAT deletes Addition [Read Order]
The Income Tax Appellate Tribunal (ITAT) Delhi bench held that section 41(1) of Income Tax Act, 1961 should not be applied since waiver of loan...
![TDS not Applicable on Discount Allowed to Retailers by Distributors on Sale of Prepaid Sim Cards/Mobile Recharge Card: ITAT deletes Disallowance u/s 40(a)(ia) of Income Tax Act [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/TDS-not-Applicable-on-Discount-Allowed-Sale-of-Prepaid-Sim-Cards-Mobile-Recharge-Card-ITAT-Deletes-Disallowance-Income-Tax-Act-Discount-Allowed-to-Retailers-Income-Tax-taxscan.jpg "TDS not Applicable on Discount Allowed to Retailers by Distributors on Sale of Prepaid Sim Cards/Mobile Recharge Card: ITAT deletes Disallowance u/s 40(a)(ia) of Income Tax Act [Read Order]")
![Relief to Ultratech: Assesment Proceeding cannot be Reopened u/s 147 of Income Tax Act by AO due to Mere Change in Opinion [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/Relief-to-Ultratech-Assesment-Proceeding-cannot-be-Reopened-Ultratech-Income-Tax-Income-Tax-taxscan.jpg "Relief to Ultratech: Assesment Proceeding cannot be Reopened u/s 147 of Income Tax Act by AO due to Mere Change in Opinion [Read Order]")
![Disallowances on Delay in making Payment towards PF & ESI cant be initiated when Payment is made before filling of ITR: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/Disallowances-on-Delay-PF-and-ESI-Payment-filling-of-ITR-ITAT-Delay-in-making-Payment-towards-PF-and-ESI-taxscan.jpg "Disallowances on Delay in making Payment towards PF & ESI cant be initiated when Payment is made before filling of ITR: ITAT [Read Order]")
![Principle of Res Judicata not Applicable to Income Tax Proceedings as Each Year is a Separate Event: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/Principle-of-Res-Judicata-Income-Tax-Proceedings-ITAT-Income-Tax-taxscan.jpg "Principle of Res Judicata not Applicable to Income Tax Proceedings as Each Year is a Separate Event: ITAT [Read Order]")
No Addition shall be made towards part of amount received from Construction Activities in Villa based on total Sale Consideration: ITAT directs Re-adjudication [Read Order]
The Income Tax Appellate Tribunal (ITAT) Hyderabad bench held that no addition should be made towards part of amount received from the construction activities in Villa based on total sale...
![No Addition shall be made towards part of amount received from Construction Activities in Villa based on total Sale Consideration: ITAT directs Re-adjudication [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/amount-received-from-Construction-Activities-in-Villa-based-on-total-Sale-Consideration-amount-received-Sale-Consideration-ITAT-directs-Re-adjudication-Construction-Activities-in-Villa-taxscan.jpeg "No Addition shall be made towards part of amount received from Construction Activities in Villa based on total Sale Consideration: ITAT directs Re-adjudication [Read Order]")
Failure to prove sufficient cause to condone delay in filing appeal against revision order passed u/s 263 of Income Tax Act: ITAT dismisses appeal [Read Order]
The Income Tax Appellate Tribunal (ITAT) Jaipur Bench has recently dismissed an appeal filed against the revision order passed under Section 263 of the Income Tax Act, 1961 due to failure to prove...
![Failure to prove sufficient cause to condone delay in filing appeal against revision order passed u/s 263 of Income Tax Act: ITAT dismisses appeal [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/Failure-to-prove-sufficient-cause-to-condone-delay-filing-appeal-against-revision-order-condone-delay-Income-Tax-Act-revision-order-ITAT-dismisses-appeal-ITAT-appeal-taxscan.jpg "Failure to prove sufficient cause to condone delay in filing appeal against revision order passed u/s 263 of Income Tax Act: ITAT dismisses appeal [Read Order]")
Income Tax Dept invites applications from Lawyers and CAs under Young Professional Scheme: Know Last Date to Apply
The Income Tax Department has invited the applications from the law and accountancy graduates under the Young Professional Scheme. The different regions have advertised the same with the number of...
Amount of Subsidy received towards Investment made in expansion of Industrial unit shall be Characterized as Capital receipt: ITAT [Read Order]
The Pune bench of the Income Tax Appellate Tribunal (ITAT) held that the amount of subsidy received towards investment made in the expansion of industrial units shall be characterized as capital...
![Amount of Subsidy received towards Investment made in expansion of Industrial unit shall be Characterized as Capital receipt: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/Amount-of-Subsidy-received-Investment-made-in-expansion-of-Industrial-unit-Amount-of-Subsidy-expansion-of-Industrial-unit-Capital-receipt-ITAT-taxscan.jpg "Amount of Subsidy received towards Investment made in expansion of Industrial unit shall be Characterized as Capital receipt: ITAT [Read Order]")
Claim of Deduction u/s 80P (2) of Income Tax Act by Co-op Society cannot be Denied on Breach of Principle of Mutuality or Violation of Bye Law: ITAT [Read Order]
The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) has held that the claim of deduction under Section 80P (2) of Income Tax Act 1961 by cooperative society could not be denied on breach of...
![Claim of Deduction u/s 80P (2) of Income Tax Act by Co-op Society cannot be Denied on Breach of Principle of Mutuality or Violation of Bye Law: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/Claim-of-Deduction-Income-Tax-Act-by-Co-op-Society-Deduction-Breach-of-Principle-of-Mutuality-Violation-of-Bye-Law-ITAT-taxscan.jpg "Claim of Deduction u/s 80P (2) of Income Tax Act by Co-op Society cannot be Denied on Breach of Principle of Mutuality or Violation of Bye Law: ITAT [Read Order]")
Rejection of Application of Charitable Trust for Registration by Non- Application of Mind is not Sustainable: ITAT [Read Order]
The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) held that the reason given by the CIT (E) to reject the application for registration under Section 12AB & 80G of the Income Tax Act, 1961...
![Rejection of Application of Charitable Trust for Registration by Non- Application of Mind is not Sustainable: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/Rejection-of-Application-of-Charitable-Trust-Registration-by-Non-Application-of-Mind-Charitable-Trust-ITAT-Non-Application-of-Mind-Rejection-of-Application-taxscan.jpg "Rejection of Application of Charitable Trust for Registration by Non- Application of Mind is not Sustainable: ITAT [Read Order]")
Purchase and Sale of Share through Registered Stock Broker carried out through Demat Account cannot be Declared as Unexplained Income u/s 68 of Income Tax Act: ITAT [Read Order]
The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) held that AO was not justified in assessing the sale value of shares as unexplained cash credit in both the years under consideration and...
![Purchase and Sale of Share through Registered Stock Broker carried out through Demat Account cannot be Declared as Unexplained Income u/s 68 of Income Tax Act: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/Purchase-Sale-of-Share-Registered-Stock-Broker-Demat-Account-cannot-be-Declared-as-Unexplained-Income-Income-Tax-Act-ITAT-Unexplained-Income-Demat-Account-taxscan.jpg "Purchase and Sale of Share through Registered Stock Broker carried out through Demat Account cannot be Declared as Unexplained Income u/s 68 of Income Tax Act: ITAT [Read Order]")