![No Penalty can be Imposed u/s 271(1) when Income Surrendered by Assessee During Survey is Shown in Regular Income-Tax Return Filed within Prescribed Time: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/06/when-Income-Surrendered-Assessee-During-Survey-in-Regular-Income-Tax-Return-Filed-within-Prescribed-Time-ITAT-TAXSCAN.jpg "No Penalty can be Imposed u/s 271(1) when Income Surrendered by Assessee During Survey is Shown in Regular Income-Tax Return Filed within Prescribed Time: ITAT [Read Order]")
No Penalty can be Imposed u/s 271(1) when Income Surrendered by Assessee During Survey is Shown in Regular Income-Tax Return Filed within Prescribed Time: ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT), Ahmedabad Bench, has recently, in an appeal filed before it, held that no penalty under section 271 (1) can...
![Interest Income from FD is Eligible for Deduction u/s 10AA: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/06/Interest-Income-from-FD-Interest-Income-FD-Deduction-ITAT-taxscan.jpg "Interest Income from FD is Eligible for Deduction u/s 10AA: ITAT [Read Order]")
![Absence of Seller before AO not Ground to Allege Unexplained Investment: ITAT Deletes Addition u/s 69B of Income Tax Act [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/06/Absence-of-Seller-before-AO-not-Ground-to-Allege-Unexplained-Investment-ITAT-Deletes-Addition-Income-Tax-Act-TAXSCAN.jpg "Absence of Seller before AO not Ground to Allege Unexplained Investment: ITAT Deletes Addition u/s 69B of Income Tax Act [Read Order]")
![ITAT Denies Exemption u/s 10(23C)(vi) of Income Tax Act on not Existing Solely for Purposes of Education [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/06/ITAT-Denies-Exemption-Income-Tax-Act-on-not-Existing-Solely-for-Purposes-of-Education-ITAT-TAXSCAN.jpg "ITAT Denies Exemption u/s 10(23C)(vi) of Income Tax Act on not Existing Solely for Purposes of Education [Read Order]")
![Satisfaction u/s 151 of Income Tax Act is not Empty Formality: ITAT quashes Income Tax Addition made in Mechanical and Stereotyped Manner [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/06/Satisfaction-us-151-of-Income-Tax-Act-is-not-Empty-Formality-ITAT-quashes-Income-Tax-Addition-made-in-Mechanical-and-Stereotyped-Manner-TAXSCAN.jpg "Satisfaction u/s 151 of Income Tax Act is not Empty Formality: ITAT quashes Income Tax Addition made in Mechanical and Stereotyped Manner [Read Order]")
Dept. Fails to Submit Contradictory view to CIT(A)'s Decision: ITAT allows Depreciation Expenses on Crates [Read Order]
The Income Tax Appellate Tribunal (ITAT), Delhi Bench, has recently, in an appeal filed before it, on failure of the department to submit a contradict view to the CIT(A)’s decision, confirmed the...
![Dept. Fails to Submit Contradictory view to CIT(A)s Decision: ITAT allows Depreciation Expenses on Crates [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/06/Dept.-Fails-to-Submit-Contradictory-view-Decision-ITAT-allows-Depreciation-Expenses-on-Crates-ITAT-TAXSCAN.jpg "Dept. Fails to Submit Contradictory view to CIT(A)s Decision: ITAT allows Depreciation Expenses on Crates [Read Order]")
Unverified and Excessive Operating Expenses not Allowable u/s 37 of Income Tax Act: ITAT Reduces Disallowance from 10% to 2% [Read Order]
The Income Tax Appellate Tribunal (ITAT), Delhi Bench, has recently, in an appeal filed before it, reduced the disallowance from 10% to 2%, on finding that operating expenses is unverified and...
![Unverified and Excessive Operating Expenses not Allowable u/s 37 of Income Tax Act: ITAT Reduces Disallowance from 10% to 2% [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/06/Unverified-and-Excessive-Operating-Expenses-not-Allowable-us-37-of-Income-Tax-Act-ITAT-Reduces-Disallowance-TAXSCAN.jpg "Unverified and Excessive Operating Expenses not Allowable u/s 37 of Income Tax Act: ITAT Reduces Disallowance from 10% to 2% [Read Order]")
![Interest-Free Funds advanced to Sister Concern for Purchase of Land are Revenue in Nature: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/06/Interest-Free-Funds-advanced-to-Sister-Concern-for-Purchase-of-Land-are-Revenue-in-Nature-ITAT-TAXSCAN.jpg "Interest-Free Funds advanced to Sister Concern for Purchase of Land are Revenue in Nature: ITAT [Read Order]")
Section 69A of IT Act not applicable if Assessee has plausible Explanation regarding Source of Jewellery Found during Search : ITAT deletes Addition [Read Order]
The Pune bench of Income Tax Appellate Tribunal (ITAT) has recently while deleting the addition made by the Assessing Officer (AO) held that provision of Section 69A of the Income Tax Act...
![Section 69A of IT Act not applicable if Assessee has plausible Explanation regarding Source of Jewellery Found during Search : ITAT deletes Addition [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/06/Assessee-plausible-Explanation-regarding-Source-of-Jewelry-Found-during-Search-ITAT-deletes-Addition-TAXSCAN.jpg "Section 69A of IT Act not applicable if Assessee has plausible Explanation regarding Source of Jewellery Found during Search : ITAT deletes Addition [Read Order]")
![ITAT deletes ex parte Addition u/s 68 of Income Tax Act made during COVID 19 Pandemic [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/01/Customs-Duty-No-Customs-Duty-on-Import-Import-Covid-19-Vaccine-Covid-19-Vaccine-to-India-CBIC-Import-taxscan.jpg "ITAT deletes ex parte Addition u/s 68 of Income Tax Act made during COVID 19 Pandemic [Read Order]")
Application for Registration u/s 80G(5)(vi) of IT Act not allowable, if Trust constructs Building deriving Funds from Trust on Land Owned by Trustees: ITAT [Read Order]
The Pune bench of Income Tax Appellate Tribunal (ITAT) has recently held that application for registration under Section 80G(5)(vi) of Income Tax Act, 1961 should not be allowable, if trust...
![Application for Registration u/s 80G(5)(vi) of IT Act not allowable, if Trust constructs Building deriving Funds from Trust on Land Owned by Trustees: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/06/Application-for-Registration-IT-ActTrust-constructs-Building-deriving-Funds-from-Trust-on-Land-Owned-by-Trustees-ITAT-TAXSCAN.jpg "Application for Registration u/s 80G(5)(vi) of IT Act not allowable, if Trust constructs Building deriving Funds from Trust on Land Owned by Trustees: ITAT [Read Order]")
