![Failure to Issue Notice for Reassessment shall not be Curable u/s 292B of Income Tax Act: ITAT Quashes Reassessment Order [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/07/Failure-Issue-Notice-Reassessment-Curable-Income-Tax-Act-ITAT-reassessment-order-TAXSCAN.jpg "Failure to Issue Notice for Reassessment shall not be Curable u/s 292B of Income Tax Act: ITAT Quashes Reassessment Order [Read Order]")
Failure to Issue Notice for Reassessment shall not be Curable u/s 292B of Income Tax Act: ITAT Quashes Reassessment Order [Read Order]
The Income Tax Appellate Tribunal (ITAT) Delhi Bench while quashing the reassessment order passed by the Assessing officer held that failure to...
![ITAT Deletes addition made on account of loss from Derivative Trading adjusted with Business Income [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/07/ITAT-addition-made-account-loss-Derivative-Trading-Business-Income-TAXSCAN.jpg "ITAT Deletes addition made on account of loss from Derivative Trading adjusted with Business Income [Read Order]")
![Profit from Bogus Purchases can be added to Taxable Income: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/07/Profit-from-Bogus-Purchases-Taxable-Income-ITAT-Bogus-Purchases-Profit-taxscan.jpg "Profit from Bogus Purchases can be added to Taxable Income: ITAT [Read Order]")
![Depreciation Allowable only on Fixed Assets not used for Commercial Purpose: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/07/Depreciation-Allowable-Fixed-Assets-Commercial-Purpose-ITAT-TAXSCAN.jpg "Depreciation Allowable only on Fixed Assets not used for Commercial Purpose: ITAT [Read Order]")
Addition Made Purely on Estimation Basis , No Penalty shall be Leviable u/s 271(1)(c) of Income Tax Act : ITAT Deletes Penalty [Read Order]
The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) held that the penalty levied under Section 271(1)(c) of the Income Tax Act,1961 is liable to be cancelled in the instant cases since the...
![Addition Made Purely on Estimation Basis , No Penalty shall be Leviable u/s 271(1)(c) of Income Tax Act : ITAT Deletes Penalty [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/07/Addition-Made-Purely-Estimation-Basis-No-Penalty-Leviable-Income-Tax-Act-TAXSCANAddition-Made-Purely-Estimation-Basis-No-Penalty-Leviable-Income-Tax-Act-TAXSCAN.jpg "Addition Made Purely on Estimation Basis , No Penalty shall be Leviable u/s 271(1)(c) of Income Tax Act : ITAT Deletes Penalty [Read Order]")
![Revision Order u/s 263 of Income Tax Act Against a Deceased Person is Not Valid : ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/07/Revision-Order-Income-Tax-Act-Income-Tax-Deceased-Person-ITAT-taxscan.jpg "Revision Order u/s 263 of Income Tax Act Against a Deceased Person is Not Valid : ITAT [Read Order]")
No Addition can be Made if AO Failed to Discharge Secondary Onus of Disproving Documentary Evidences Filed by Assessee : ITAT Deletes Income Tax Addition
The Delhi bench of Income Tax Appellate Tribunal (ITAT) held that the Assessing Officer (AO), has failed to discharge the secondary onus of demolishing/disproving the genuineness of the...
![AO fails to Communicate reason to Hold Income Under-reported: ITAT quashes 200% Penalty [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/07/AO-Communicate-Hold-Income-reported-ITAT-Penalty-TAXSCAN.jpg "AO fails to Communicate reason to Hold Income Under-reported: ITAT quashes 200% Penalty [Read Order]")
Bank Statement Needs to be Obtained Before Issuing Notice for Reassessment u/s 148: ITAT Deletes Income Tax Addition [Read Order]
The Delhi bench of Income Tax Appellate Tribunal (ITAT) held that the revenue authorities are expected at least to obtain the bank statement before issue of notice under Section 148 of the Income Tax...
![Bank Statement Needs to be Obtained Before Issuing Notice for Reassessment u/s 148: ITAT Deletes Income Tax Addition [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/07/Bank-Statement-Obtained-Issuing-Notice-Reassessment-ITAT-Income-Tax-Addition-TAXSCAN.jpg "Bank Statement Needs to be Obtained Before Issuing Notice for Reassessment u/s 148: ITAT Deletes Income Tax Addition [Read Order]")
Disallowance u/s 14A of Income Tax Act should not Exceed Exempt Income of Assessment Year: ITAT Upholds Deletion of Disallowance [Read Order]
The Delhi bench of Income Tax Appellate Tribunal (ITAT) held that the disallowance should not exceed the exempt income of that year and upheld the decision of Commissioner of Income Tax (Appeals)...
![Disallowance u/s 14A of Income Tax Act should not Exceed Exempt Income of Assessment Year: ITAT Upholds Deletion of Disallowance [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/07/Disallowance-Income-Tax-Act-Exempt-Income-of-Assessment-Year-Income-of-Assessment-Year-ITAT-Upholds-Deletion-of-Disallowance-taxscan.jpg "Disallowance u/s 14A of Income Tax Act should not Exceed Exempt Income of Assessment Year: ITAT Upholds Deletion of Disallowance [Read Order]")