![Cash Source Seized by CBI from Corporate Office Sufficiently Explained: ITAT deletes Income Tax Addition of Rs. 89 lakhs u/s 69 [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/06/Cash-Source-Seized-ITAT-ITAT-delhi-CBI-Corporate-Office-Income-Tax-Section-69-of-the-Income-Tax-Act-Central-Bureau-of-Investigation-taxscan.jpg "Cash Source Seized by CBI from Corporate Office Sufficiently Explained: ITAT deletes Income Tax Addition of Rs. 89 lakhs u/s 69 [Read Order]")
Cash Source Seized by CBI from Corporate Office Sufficiently Explained: ITAT deletes Income Tax Addition of Rs. 89 lakhs u/s 69 [Read Order]
The Delhi bench of the Income Tax Appellate Tribunal ( ITAT ) deleted the addition of Rs. 89 lakhs under Section 69 of the Income Tax Act, 1961 after...
![Freight Reduction, Telecommunication Charges and Expenses Recovery w.r.t. Migration/JTS from Total Turnover is Eligible for Deduction u/s 10AA of Income Tax Act: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/06/ITAT-Delhi-Total-Turnover-is-Eligible-for-Deduction-Telecommunication-Charges-Freight-Reduction-taxscan.jpg "Freight Reduction, Telecommunication Charges and Expenses Recovery w.r.t. Migration/JTS from Total Turnover is Eligible for Deduction u/s 10AA of Income Tax Act: ITAT [Read Order]")
![Foreign Exchange Fluctuations have direct Nexus over Export Sales, would be Eligible for Deduction u/s 10A of Income Tax Act: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/06/ITAT-Income-Tax-Act-Income-Tax-Appellate-Tribunal-ITAT-delhi-Foreign-Exchange-Income-Tax-taxscan.jpg "Foreign Exchange Fluctuations have direct Nexus over Export Sales, would be Eligible for Deduction u/s 10A of Income Tax Act: ITAT [Read Order]")
![Profit of Business Undertaking in Proportion of Export Turnover to Total Turnover would be Eligible for Deduction u/s 10 A of Income Tax Act: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/06/58bfc8d2-c4b6-44f0-b028-075b10fc79f3.jpg "Profit of Business Undertaking in Proportion of Export Turnover to Total Turnover would be Eligible for Deduction u/s 10 A of Income Tax Act: ITAT [Read Order]")
![Taxpayer fails to Construct Residential House within Prescribed Time: ITAT disallows Section 54 Deduction under Income Tax Act [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/06/ITAT-Delhi-ITAT-disallows-Section-54-Income-Tax-Act-Taxpayer-Fails-to-Construct-Residential-House-taxscan.jpeg "Taxpayer fails to Construct Residential House within Prescribed Time: ITAT disallows Section 54 Deduction under Income Tax Act [Read Order]")
Approval Granted u/s 153 D clearly indicates Approving Authority neither Examined Assessment Records nor Seized Materials: ITAT quashes Assessment Order [Read Order]
The Delhi bench of the Income Tax Appellate Tribunal ( ITAT ) quashed the assessment order, stating that the approval granted under Section 153D clearly indicates the approving authority neither...
![Approval Granted u/s 153 D clearly indicates Approving Authority neither Examined Assessment Records nor Seized Materials: ITAT quashes Assessment Order [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/06/Section-153D-Income-tax-act-Assessment-Order-Assessment-records-ITAT-taxscan.jpg "Approval Granted u/s 153 D clearly indicates Approving Authority neither Examined Assessment Records nor Seized Materials: ITAT quashes Assessment Order [Read Order]")
JCIT issues Penalty Order under Income Tax Act beyond Limitation, Deemed Invalid: ITAT deletes Penalty [Read Order]
The Delhi bench of the Income Tax Appellate Tribunal ( ITAT ) deleted the penalty, noting that the Joint Commissioner of Income Tax ( JCIT ) ought to have passed the order on or before 31.03.2015,...
![JCIT issues Penalty Order under Income Tax Act beyond Limitation, Deemed Invalid: ITAT deletes Penalty [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/06/JCIT-Income-Tax-Income-Tax-Act-ITAT-ITAT-Delhi-taxscan.jpg "JCIT issues Penalty Order under Income Tax Act beyond Limitation, Deemed Invalid: ITAT deletes Penalty [Read Order]")
Assessment/Reassessment in a Search-Related Case Cannot Be Passed Without Proper Approval by Competent Authority: ITAT [Read Order]
In a significant case, the Income Tax Appellate Tribunal ( ITAT ) of the New Delhi bench held that assessment or reassessment in a search-related case cannot be passed without proper approval of the...
![Assessment/Reassessment in a Search-Related Case Cannot Be Passed Without Proper Approval by Competent Authority: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/06/ITAT-income-tax-income-tax-ITAT-delhi-Search-related-case-Competent-authority-TAXSCAN.jpg "Assessment/Reassessment in a Search-Related Case Cannot Be Passed Without Proper Approval by Competent Authority: ITAT [Read Order]")
Treating Cash Deposit During Demonetization as unexplained cash without rejecting Books of account is Invalid: ITAT [Read Order]
In a recent case, the New Delhi of the Income Tax Appellate Tribunal ( ITAT ) held that treating the cash deposit as unexplained cash without rejecting the books of account is invalid. Pilani...
![Treating Cash Deposit During Demonetization as unexplained cash without rejecting Books of account is Invalid: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/06/ITAT-Income-Tax-Appellate-Tribunal-ITAT-delhi-Cash-Deposit-taxscan.jpg "Treating Cash Deposit During Demonetization as unexplained cash without rejecting Books of account is Invalid: ITAT [Read Order]")
![Invalid Notice issued prior to Filing of ITR: ITAT quashes Assessment order [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/06/ITAT-income-tax-appellate-tribunal-ITR-filling-Invalid-notices-Invalid-notice-issues-TAXSCAN.jpg "Invalid Notice issued prior to Filing of ITR: ITAT quashes Assessment order [Read Order]")
Payments on 'Transactional Charges' not covered u/s 194J(1)(ba) of Income Tax Act: ITAT deletes Penalty [Read Order]
The New Delhi bench of the Income Tax Appellate Tribunal ( ITAT ) deleted the penalty order passed by the Commissioner of Income Tax ( Appeal ) ( CIT(A) ) under section 271C. of the Income Tax...
![Payments on Transactional Charges not covered u/s 194J(1)(ba) of Income Tax Act: ITAT deletes Penalty [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/06/097164cd-1ac6-4369-a337-9642d092d668.jpg "Payments on Transactional Charges not covered u/s 194J(1)(ba) of Income Tax Act: ITAT deletes Penalty [Read Order]")
![ITAT directs to verify Peak Credits in Undisclosed Bank Account of ICICI Bank [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/06/ITAT-Delhi-Income-tax-Tax-news-ICICI-Bank-Undisclosed-Bank-Account-taxscan.jpg "ITAT directs to verify Peak Credits in Undisclosed Bank Account of ICICI Bank [Read Order]")