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![S. 40A (3) of Income Tax Act shall not be a hindrance in Business Operations: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2018/04/ITAT-Taxscan.jpg "S. 40A (3) of Income Tax Act shall not be a hindrance in Business Operations: ITAT [Read Order]")
S. 40A (3) of Income Tax Act shall not be a hindrance in Business Operations: ITAT [Read Order]
The Cuttack bench of Income Tax Appellate Tribunal ( ITAT ) set aside the order of CIT (A) Â in the case of Sabita Panda versus ITO, Puri Ward wherein...
![Penalty u/s 271B can’t be initiated for non-furnishing of Tax Audit Report within Due Date: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2018/04/Audit-Taxscan.jpg "Penalty u/s 271B can’t be initiated for non-furnishing of Tax Audit Report within Due Date: ITAT [Read Order]")
![Re-Assessment merely on the basis of Tax Audit Filed before the Assessing Officer during Scrutiny Proceedings is Invalid: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2018/04/Tax-Audit-Taxscan.jpg "Re-Assessment merely on the basis of Tax Audit Filed before the Assessing Officer during Scrutiny Proceedings is Invalid: ITAT [Read Order]")
![Leasehold Rights being Intangible Assets are not eligible for Depreciation: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2017/08/Depreciation-Taxscan.jpg "Leasehold Rights being Intangible Assets are not eligible for Depreciation: ITAT [Read Order]")
![Interest on Fixed Deposits on Money Received in respect of Share Capital is not Assessable as ‘Other Income’: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2018/03/Share-Capital-Taxscan.jpg "Interest on Fixed Deposits on Money Received in respect of Share Capital is not Assessable as ‘Other Income’: ITAT [Read Order]")
Penalty Proceedings without Application of Mind by Assessing Officer is Invalid: ITAT [Read Order]
The Cuttack bench of Income Tax Appellate Tribunal (ITAT) has recently ruled that penalty proceeding initiated without the application of mind by the Assessing Officer is invalid. In the present case...
![Penalty Proceedings without Application of Mind by Assessing Officer is Invalid: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2016/12/No-Penalty-Taxscan.jpg "Penalty Proceedings without Application of Mind by Assessing Officer is Invalid: ITAT [Read Order]")