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ITAT Indore

Penalty Proceedings can’t be initiated without a specific Charge: ITAT [Read Order]

Taxscan Team

The Indore bench of the Income Tax Appellate Tribunal (ITAT) on Thursday ruled that no penalty proceedings can be initiated on a suspected defaulter...

Past Savings kept in Locker not Unexplained Investment If Source is Explained: ITAT [Read Order]

Streedhan saved by Indian Ladies can’t be treated as Unexplained Investment: ITAT [Read Order]

No Addition If Cash Payment exceeding Monetary Limit was due to Instance of Seller: ITAT [Read...

Silver Articles given to Bride can’t be seized: ITAT Liberally Interprets CBDT Instruction [Read...

Assessee can’t be Penalized for Wrong Statement given by Payee: ITAT [Read Order]

A Division bench of the Indore ITAT including Judicial Member Kul Bharat and Accountant Member Manish Borad ruled that assessee cannot be penalized merely based on wrong statement given by payee. In...

Benefit of CBDT Circular permitting Holding of Gold Jewellery also applicable to Silver Jewellery: ITAT [Read Order]

The Indore bench of the Income Tax Appellate Tribunal (ITAT) has held that the benefit of the circular issued by the Central Board of Direct Taxes (CBDT) permitting the holding of gold jewellery can...

Income from Sale of Plots under a Business Project is Business Income: ITAT [Read Order]

The Indore bench of the Income Tax Appellate Tribunal (ITAT) has held that the selling of plots which is part of a business project can be termed as “adventure in the nature of trade” and the income...

No Addition on the Basis of Statements recorded under S. 133A Income Tax Act: ITAT [Read Order]

The Indore Bench of Income Tax Appellate Tribunal ( ITAT ) in the case of Shri Ashok Vani v. ITO, Ratlam disposing of the appeal completely in favor of the assessee held that there shall be no...

Penalty paid to Stock Exchange is a regular Business Expenditure: ITAT allows Deduction [Read Order]

In an assessee-favor ruling, the Indore Bench of Income Tax Appellate Tribunal (ITAT) has held that penalty paid to stock exchange is a regular business expenditure. The issue before the division...

Re-Assessment based on DVO Report is valid since Original Assessment was completed without waiting for Report due to Statutory Time Limit: ITAT [Read Order]

In the case of ACIT 3(1) versus M/s Mashal Hotels Pvt. Ltd, Indore bench of ITAT ruled that re-Assessment on the basis of DVO Report is valid since the original assessment was completed without...

Gold which have been duly Declared in the Wealth Tax Returns can’t be Seized during Search Operations: ITAT says Search Party can decide whether to follow CBDT Guidelines [Read Order]

While hearing the case of Shri Keshav Lila vs Assistant Commissioner of Income Tax, Indore bench of Income Tax Appellate Tribunal (ITAT) held that the gold which have been duly declared in the wealth...

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