![Additions u/s 40A(3) of Income Tax Act cant be Initiated by AO without Furnishing Necessary Evidences: ITAT orders for Re-Consideration [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/Additions-Income-Tax-Act-Income-Tax-Income-Tax-Act-cant-be-Initiated-by-AO-without-Furnishing-Necessary-Evidences-AO-ITAT-Taxscan.jpg "Additions u/s 40A(3) of Income Tax Act cant be Initiated by AO without Furnishing Necessary Evidences: ITAT orders for Re-Consideration [Read Order]")
Additions u/s 40A(3) of Income Tax Act can't be Initiated by AO without Furnishing Necessary Evidences: ITAT orders for Re-Consideration [Read Order]
The Bangalore bench of the Income Tax Appellate Tribunal (ITAT) held that additions under Section 40A(3) of the Income Tax Act, 1961 cannot be...
![Registration u/s 12AA of Income Tax Act cant be denied if Charitable Trust is genuinely performing its object of imparting Education: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/Registration-Income-Tax-Act-Income-Tax-Charitable-Trust-Trust-imparting-Education-Education-ITAT-Taxscan.jpg "Registration u/s 12AA of Income Tax Act cant be denied if Charitable Trust is genuinely performing its object of imparting Education: ITAT [Read Order]")
![No Addition u/s 68 of Income Tax Act can be Made if Investor of the Assessee Company proves its Source of Investment: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/Income-Tax-Act-Income-Tax-Investor-Company-proves-its-Source-of-Investment-Company-Source-of-Investment-Investment-Taxscan.jpg "No Addition u/s 68 of Income Tax Act can be Made if Investor of the Assessee Company proves its Source of Investment: ITAT [Read Order]")
![AO is Duty Bound to Specify the Defects in Books of Account before Rejection u/s 145(3) of Income Tax Act: ITAT deletes Income Tax Addition [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/Duty-Bound-Books-of-Account-Income-Tax-Act-Income-Tax-ITAT-Deletes-Income-Tax-Addition-ITAT-Income-Tax-Addition-Taxscan.jpg "AO is Duty Bound to Specify the Defects in Books of Account before Rejection u/s 145(3) of Income Tax Act: ITAT deletes Income Tax Addition [Read Order]")
Income Tax Penalty u/s 271(1)(c) Not Leviable After Offering Concealed Income under IDS Scheme: ITAT [Read Order]
The Mumbai Income Tax Appellate Tribunal (ITAT) ruled that concealed income under Section 271(1)(c) is not leviable if it is offered under the Income Disclosure Scheme (IDS) and ruled in favor of an...
![Income Tax Penalty u/s 271(1)(c) Not Leviable After Offering Concealed Income under IDS Scheme: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/Income-Tax-Penalty-Income-Tax-Penalty-Offering-Concealed-Income-under-IDS-Scheme-Concealed-Income-IDS-Scheme-ITAT-IDS-Taxscan.jpg "Income Tax Penalty u/s 271(1)(c) Not Leviable After Offering Concealed Income under IDS Scheme: ITAT [Read Order]")
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No Income Tax Deduction Allowable for Commission Payments Without Examination/Verification of Agreement between Payer and Dealers: ITAT [Read Order]
The Bangalore Bench of Income Tax Appellate Tribunal (ITAT) held that the Assessment Order allowing deduction of commission payments has been passed without verification, which should have been made,...
![No Income Tax Deduction Allowable for Commission Payments Without Examination/Verification of Agreement between Payer and Dealers: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/Income-Tax-Deduction-Income-Tax-Deduction-Commission-Payments-Commission-Examination-Verification-Agreement-between-Payer-and-Dealers-Payer-and-Dealers-ITAT-Taxscan.jpg "No Income Tax Deduction Allowable for Commission Payments Without Examination/Verification of Agreement between Payer and Dealers: ITAT [Read Order]")
Violation of Natural Justice Principles: Allahabad HC imposes Costs of Rs 10,000 on Income Tax Authority [Read Order]
The Allahabad High Court imposed costs of Rupees 10,000/- on the Income Tax Authority for violation of natural justice principles. The petitioner, M/s M.L. Chains, deals in the business of gold...
![Violation of Natural Justice Principles: Allahabad HC imposes Costs of Rs 10,000 on Income Tax Authority [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/Violation-of-Natural-Justice-Principles-Natural-Justice-Principles-Allahabad-High-Court-Income-Tax-Authority-Income-Tax-Taxscan.jpg "Violation of Natural Justice Principles: Allahabad HC imposes Costs of Rs 10,000 on Income Tax Authority [Read Order]")
CBDT Chairman releases Handbook of the Board for Advance Rulings to Provide General Guidance and Assistance to Taxpayers
The Chairman of Central Board of Direct Taxes (CBDT) has released a Handbook of the Board for Advance Rulings to provide general guidance and assistance on the scheme of Advance Rulings under the...
Principle of Mutuality not Applicable on Income Earned by Clubs through its Assets and Resources, from Persons who are not Members, Income Tax Applicable: Supreme Court [Read Judgement]
In a major decision the Supreme Court has ruled that the principle of mutuality is not applicable on income earned by clubs through its assets and resources, from persons who are not members and...
![Principle of Mutuality not Applicable on Income Earned by Clubs through its Assets and Resources, from Persons who are not Members, Income Tax Applicable: Supreme Court [Read Judgement]](https://www.taxscan.in/wp-content/uploads/2023/08/Principle-Mutuality-Income-Clubs-Assets-Persons-Income-Tax-Supreme-Court-TAXSCAN.jpg "Principle of Mutuality not Applicable on Income Earned by Clubs through its Assets and Resources, from Persons who are not Members, Income Tax Applicable: Supreme Court [Read Judgement]")
Income Tax Not Leviable if no Right over Income Accrues upon Transfer of Development Rights: ITAT [Read Order]
The Ahemdabad Bench of Income Tax Appellate Tribunal (ITAT) held that assessee did not get the right over the income as per accrual accounting system as provided under the provisions of section 145...
![Income Tax Not Leviable if no Right over Income Accrues upon Transfer of Development Rights: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/Income-Tax-Not-Leviable-Right-over-Income-Accrues-upon-Transfer-of-Development-Rights-ITAT-TAXSCAN.jpg "Income Tax Not Leviable if no Right over Income Accrues upon Transfer of Development Rights: ITAT [Read Order]")