![Allowing S. 54B Deduction without Verification of Claim amounts to “Erroneous Assessment”: ITAT upholds Revision Order [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/01/Deduction-Verification-Claim-Erroneous-Assessment-ITAT-Revision-Order-TAXSCAN.jpg "Allowing S. 54B Deduction without Verification of Claim amounts to “Erroneous Assessment”: ITAT upholds Revision Order [Read Order]")
Allowing S. 54B Deduction without Verification of Claim amounts to “Erroneous Assessment”: ITAT upholds Revision Order [Read Order]
The Ahmedabad Bench of Income Tax Appellate Tribunal (ITAT) in a recent ruling has upheld the revision order observing that...
![Factoring Charges Allowable as Deduction under Income Tax Act: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/01/Factoring-Charges-Deduction-Income-Tax-Act-ITAT-Inome-Tax-Taxscan.jpg "Factoring Charges Allowable as Deduction under Income Tax Act: ITAT [Read Order]")
![Credit Not Allowable on TDS Deducted on Receipt of Amount of Advance If Corresponding Income was Not Offered to Tax: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/01/TDS-Credit-TDS-TDS-Deducted-Receipt-of-Amount-of-Advance-Amount-of-Advance-Income-Tax-Income-Tax-ITAT-taxscan.jpg "Credit Not Allowable on TDS Deducted on Receipt of Amount of Advance If Corresponding Income was Not Offered to Tax: ITAT [Read Order]")
![Payment for Time charter of ship does not fall under the ambit of royalty and is not taxable under section 9(1)(vi) of the IT Act: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/01/Payment-Time-charter-of-ship-royalty-IT-Act-ITAT-taxscan.jpg "Payment for Time charter of ship does not fall under the ambit of royalty and is not taxable under section 9(1)(vi) of the IT Act: ITAT [Read Order]")
![Interest Allowable to Delay in Refund in case of Self-Assessed Tax u/s 244A(1) of Income Tax Act: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/01/Interest-Refund-Self-Assessed-Tax-us-244A1-Income-Tax-Act-ITAT-TAXSCAN.jpg "Interest Allowable to Delay in Refund in case of Self-Assessed Tax u/s 244A(1) of Income Tax Act: ITAT [Read Order]")
ITAT directs to Allow Capital Gain Exemption Considering Date of Acquisition of Property as per Allotment Letter [Read Order]
A single Bench of Mumbai Income Tax Appellate Tribunal (ITAT), in a recent ruling has directed to allow capital gain exemption considering the date of acquisition of property as per the allotment...
![ITAT directs to Allow Capital Gain Exemption Considering Date of Acquisition of Property as per Allotment Letter [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/01/ITAT-Capital-Gain-Exemption-Acquisition-Property-Allotment-Letter-TAXSCAN.jpg "ITAT directs to Allow Capital Gain Exemption Considering Date of Acquisition of Property as per Allotment Letter [Read Order]")
S. 115JB does not provide Mechanism to Make Disallowance Independently : ITAT directs to Disallow 1% of Exempted Income of Adani Properties
Ahmedabad bench of Income Tax Appellate Tribunal (ITAT) ruled that the section 115JB of Income Tax Act, 1961 does not provide a mechanism to make disallowance independently. The ITAT directed the...
Children Providing Financial Support to Parents out of Moral Responsibility is Common Practice: ITAT deletes Addition [Read Order]
The Pune Branch of Income Tax Appellate Tribunal (ITAT) deleted the addition made by the Assessing Officer of ₹3,00,000 on the opinion that Children Providing Financial Support to Parents out of...
![Children Providing Financial Support to Parents out of Moral Responsibility is Common Practice: ITAT deletes Addition [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/01/Children-Providing-Financial-Parents-Moral-Responsibility-Common-Practice-ITAT-TAXSCAN.jpg "Children Providing Financial Support to Parents out of Moral Responsibility is Common Practice: ITAT deletes Addition [Read Order]")
Income Tax Deduction cannot be Disallowed due to Bonafide Mistake or Error on the part of the Taxpayer: ITAT [Read Order]
The Chandigarh Bench of Income Tax Appellate Tribunal (ITAT) ruled that Income Tax Deduction under section 80IC of Income Tax Act, 1961 cannot be disallowed due to the bonafide mistake or error on...
![Income Tax Deduction cannot be Disallowed due to Bonafide Mistake or Error on the part of the Taxpayer: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/01/Income-Tax-Deduction-Bonafide-Mistake-Income-Tax-Taxpayer-ITAT-taxscan.jpg "Income Tax Deduction cannot be Disallowed due to Bonafide Mistake or Error on the part of the Taxpayer: ITAT [Read Order]")
![No Late Fee for TDS Default for AY 2013-14: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/01/Late-Fee-Tds-TDS-Default-ITAT-Income-Tax-taxscan.jpg "No Late Fee for TDS Default for AY 2013-14: ITAT [Read Order]")
No Addition in respect of Un-signed, Unstamped, Satakhat and is found from CD of computer of a Third Person Not related to Assessee: ITAT [Read Order]
The Surat bench of Income Tax Appellate Tribunal (ITAT) has recently held that no addition could be made in respect of un-signed, unstamped, Satakhat, and it was found from the CD of the computer of...
![No Addition in respect of Un-signed, Unstamped, Satakhat and is found from CD of computer of a Third Person Not related to Assessee: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/01/respect-Un-signed-Unstamped-Satakhat-CD-of-computer-Assessee-ITAT-TAXSCAN-1.jpg "No Addition in respect of Un-signed, Unstamped, Satakhat and is found from CD of computer of a Third Person Not related to Assessee: ITAT [Read Order]")
Receipt from Fortis Mutual Fund being Investment made from NRE Account of Non-Resident Indian Not Taxable in India: ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT) recently held that receipt from fortis mutual fund being investment made from Non Resident External account of Non –Resident Indian not taxable in India. ...
![Receipt from Fortis Mutual Fund being Investment made from NRE Account of Non-Resident Indian Not Taxable in India: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/01/Receipt-Mutual-FundInvestment-NRE-Non-Resident-Taxable-ITAT-TAXSCAN.jpg "Receipt from Fortis Mutual Fund being Investment made from NRE Account of Non-Resident Indian Not Taxable in India: ITAT [Read Order]")