Cash Deposited in Bank account of Assessee, is not sufficient for Formation of "Belief of Escapement of Income" by AO: ITAT sets aside Assessment Order
The Income Tax Appellate Tribunal (ITAT), Ahmedabad Bench, has recently, in an appeal filed before it, while setting aside an assessment order, held...
![Once Ad-hoc Addition is made and Estimate is reduced by Tribunal, No Penalty on Concealment of Income u/S 271 (1)(c) of Income Tax Act: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/04/Tribunal-Penalty-on-Concealment-of-Income-Penalty-Concealment-of-Income-Income-Tax-Act-ITAT-taxscan.jpg "Once Ad-hoc Addition is made and Estimate is reduced by Tribunal, No Penalty on Concealment of Income u/S 271 (1)(c) of Income Tax Act: ITAT [Read Order]")
![Re-Opening of Assessment Impossible Beyond 4 Years, once Assessment Completed u/s 143(3): ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/04/Re-Opening-of-Assessment-Impossible-Assessment-Completed-ITAT-TAXSCAN.jpg "Re-Opening of Assessment Impossible Beyond 4 Years, once Assessment Completed u/s 143(3): ITAT [Read Order]")
![Foreign Exchange Fluctuation loss incurred in Business of Healthcare Cannot be allowed as Revenue Expenditure: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/04/Foreign-Exchange-Fluctuation-loss-Business-of-Healthcare-Revenue-Expenditure-ITAT-TAXSCAN1.jpg "Foreign Exchange Fluctuation loss incurred in Business of Healthcare Cannot be allowed as Revenue Expenditure: ITAT [Read Order]")
![Activities carried out by Rajasthan Para-Medical Council not Commercial, Liable for Registration u/S 12AA of Income Tax Act: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/04/Rajasthan-Para-Medical-Council-Registration-Income-Tax-Act-ITAT-TAXSCAN.jpg "Activities carried out by Rajasthan Para-Medical Council not Commercial, Liable for Registration u/S 12AA of Income Tax Act: ITAT [Read Order]")
![Forfeiture of Earnest Money is Expenditure: ITAT deletes Disallowance [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/04/Forfeiture-of-Earnest-Money-is-Expenditure-ITAT-Disallowance-TAXSCAN.jpg "Forfeiture of Earnest Money is Expenditure: ITAT deletes Disallowance [Read Order]")
Employer Contribution u/s 43B of Income Tax Act is allowable if Payment is done Before Filing of Returns u/s 139(1): ITAT quashes Addition [Read Order]
The employer's contribution under Section 43B of the Income Tax Act, 1961 is acceptable if the payment is made prior to the filing of returns, according to a recent decision by the Income Tax...
![Employer Contribution u/s 43B of Income Tax Act is allowable if Payment is done Before Filing of Returns u/s 139(1): ITAT quashes Addition [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/04/Employer-Contribution-income-tax-act-payment-filing-of-returns-ITAT-Taxscan.jpg "Employer Contribution u/s 43B of Income Tax Act is allowable if Payment is done Before Filing of Returns u/s 139(1): ITAT quashes Addition [Read Order]")
Assessee Misguided by Professional in Appellate Proceedings: ITAT remands Farmer's Exemption Claim u/s 54F [Read Order]
The Income Tax Appellate Tribunal (ITAT), Delhi Bench, has recently, in an appeal filed before it, on finding out that the assesee was misguided by the professional in appellate proceedings, remanded...
![Assessee Misguided by Professional in Appellate Proceedings: ITAT remands Farmers Exemption Claim u/s 54F [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/04/Misguided-by-Professional-in-Appellate-Proceedings-ITAT-Exemption-Claim-TAXSCAN.jpg "Assessee Misguided by Professional in Appellate Proceedings: ITAT remands Farmers Exemption Claim u/s 54F [Read Order]")
Return of Income and Statement in Form-67 Filed within Due Date: ITAT directs Granting of Foreign Tax Credit [Read Order]
The Income Tax Appellate Tribunal (ITAT), Visakhapatnam Bench, has recently, in an appeal filed before it, directed the granting of foreign tax credit, on the ground that the return of income and...
![Return of Income and Statement in Form-67 Filed within Due Date: ITAT directs Granting of Foreign Tax Credit [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/04/Return-of-Income-and-Statement-in-Form-67-Filed-ITAT-Foreign-Tax-Credit-TAXSCAN.jpg "Return of Income and Statement in Form-67 Filed within Due Date: ITAT directs Granting of Foreign Tax Credit [Read Order]")
![Revisional Power u/s 263 of Income Tax Act cannot be used to Reopen Assessment: ITAT allows Appeal [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/04/Revisional-Power-Income-Tax-Act-Reopen-Assessment-ITAT-Assessment-appeal-taxscan.jpg "Revisional Power u/s 263 of Income Tax Act cannot be used to Reopen Assessment: ITAT allows Appeal [Read Order]")
ITAT Upholds Deletion of Additions Made on Account of Share Application/Capital Received as Unexplained Cash Credits u/s 68 Income Tax Act [Read Order]
The Income Tax Appellate Tribunal (ITAT), upheld the deletion of additions made on account of share application or capital received as unexplained cash credits under Section 68 of the Income Tax Act...
![ITAT Upholds Deletion of Additions Made on Account of Share Application/Capital Received as Unexplained Cash Credits u/s 68 Income Tax Act [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/04/ITAT-Upholds-Deletion-of-Additions-ITAT-Share-Application-Capital-Share-Capital-Unexplained-Cash-Credits-Income-Tax-Act-ITAT-Upholds-Deletion-Additions-Made-on-Account-of-Share-Application-Taxscan.jpg "ITAT Upholds Deletion of Additions Made on Account of Share Application/Capital Received as Unexplained Cash Credits u/s 68 Income Tax Act [Read Order]")
