![Penalty u/s 271AAB shall not be levied if search u/s 153A not conducted in Premises of Assessee: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/06/Penalty-shall-not-be-levied-not-conducted-in-Premises-of-Assessee-ITAT-TAXSCAN.jpg "Penalty u/s 271AAB shall not be levied if search u/s 153A not conducted in Premises of Assessee: ITAT [Read Order]")
Penalty u/s 271AAB shall not be levied if search u/s 153A not conducted in Premises of Assessee: ITAT [Read Order]
The Kolkata bench of Income Tax Appellate Tribunal (ITAT) held that the penalty under section 271AAB Income Tax Act, 1961 should not be...
![Departmental Authorities cannot Disallow Deduction u/s 35(2AB) of IT Act by ignoring Form 3CL issued by Competent Authority: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/06/Departmental-Authorities-Deduction-IT-act-Form-3CL-issued-by-Competent-Authority-ITAT-taxscan.jpg "Departmental Authorities cannot Disallow Deduction u/s 35(2AB) of IT Act by ignoring Form 3CL issued by Competent Authority: ITAT [Read Order]")
Disallowance of interest component on EMI paid to Non-Banking Financial Companies u/s 40(a)(ia) of IT Act: ITAT quashes order
The Mumbai bench of Income Tax Appellate Tribunal (ITAT) quashed the order passed by the Commissioner of Income Tax (Appeals) for the disallowance of interest component on EMI paid to non-banking...
Income from Sale of Agricultural land is not Capital Asset u/s 2(14)(iii) of IT Act, not Taxable: ITAT [Read Order]
The Delhi bench of the Income Tax Appellate Tribunal (ITAT) ruled that the income derived from sale of agricultural land is not capital asset under section 2(14)(iii) of Income Tax ...
![Income from Sale of Agricultural land is not Capital Asset u/s 2(14)(iii) of IT Act, not Taxable: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/06/Income-from-Sale-of-Agricultural-land-is-not-Capital-Asset-ITAT-TAXSCAN.jpg "Income from Sale of Agricultural land is not Capital Asset u/s 2(14)(iii) of IT Act, not Taxable: ITAT [Read Order]")
Change of opinion & Change in Method of Accounting by assessee not Deemed Concealment of income: ITAT upholds Deletion of Penalty [Read Order]
The Income Tax Appellate Tribunal (ITAT), Pune Bench has upheld the deletion of penalty under Section 271(l)(c) of the Income Tax Act, 1961 stating that a change of opinion of assessee or a change in...
![Change of opinion & Change in Method of Accounting by assessee not Deemed Concealment of income: ITAT upholds Deletion of Penalty [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/06/Change-in-Method-of-Accounting-by-assessee-Deemed-Concealment-of-income-Concealment-of-income-ITAT-upholds-Deletion-of-Penalty-Deletion-of-Penalty-taxscan.jpg "Change of opinion & Change in Method of Accounting by assessee not Deemed Concealment of income: ITAT upholds Deletion of Penalty [Read Order]")
Indexation of Cost of Acquisition for calculation of LTCG is available from the AY in which Consideration is fully paid by Assessee: ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT), Cuttack Bench has held that indexation of Cost of Acquisition of property is available for the purpose of computation of Long Term Capital Gain (LTCG) from...
![Indexation of Cost of Acquisition for calculation of LTCG is available from the AY in which Consideration is fully paid by Assessee: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/06/Indexation-of-Cost-of-Acquisition-for-calculation-of-LTCG-is-available-from-the-AY-which-Consideration-is-fully-paid-by-Assessee-ITAT.jpg "Indexation of Cost of Acquisition for calculation of LTCG is available from the AY in which Consideration is fully paid by Assessee: ITAT [Read Order]")
Interest on FD received during setting-up of Business is not Business Income but Income from Other Sources: ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT), Bangalore bench has held that the interest on Fixed Deposit (FD) received during the setting-up of business is not a Business Income but shall be treated as...
![Interest on FD received during setting-up of Business is not Business Income but Income from Other Sources: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/06/Interest-on-FD-received-during-setting-up-of-business-not-Business-Income-but-Income-from-Other-Sources-ITAT-.jpg "Interest on FD received during setting-up of Business is not Business Income but Income from Other Sources: ITAT [Read Order]")
Maintenance & Electricity Charges not in the form of Deposits excluded from Cost of Property for computing LTCG: ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT), Cuttack Bench has held that the revenue expenditures incurred by the assessee such as maintenance and electricity charges which are not in the form of any...
![Maintenance & Electricity Charges not in the form of Deposits excluded from Cost of Property for computing LTCG: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/06/Maintenance-and-Electricity-Charges-Deposits-Cost-of-Property-for-computing-LTCG-Cost-of-Property-LTCG-ITAT-taxscan.jpg "Maintenance & Electricity Charges not in the form of Deposits excluded from Cost of Property for computing LTCG: ITAT [Read Order]")