ITAT
Stay updated with the latest ITAT judgments, orders, and appellate rulings impacting income tax matters in India.
![ITAT deletes Penalty u/s 271B of Income Tax Act as Turnover was below 2 Crores as Prescribed u/s 44AD [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/10/ITAT-deletes-Penalty-Income-Tax-Act-as-Turnover-was-below-2-Crores-as-Prescribed-TAXSCAN.jpg "ITAT deletes Penalty u/s 271B of Income Tax Act as Turnover was below 2 Crores as Prescribed u/s 44AD [Read Order]")
ITAT deletes Penalty u/s 271B of Income Tax Act as Turnover was below 2 Crores as Prescribed u/s 44AD [Read Order]
The Jaipur Bench of Income Tax Appellate Tribunal (ITAT) has deleted the penalty under Section 271B of the Income Tax Act 1961, as the turnover was...
![Every loss of Revenue as a Consequence of Order of AO cannot be Treated as Prejudicial to Interests of Revenue: ITAT Quashes Revision order u/s 263 of Income Tax Act [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/10/Every-loss-of-Revenue-as-a-Consequence-of-Order-of-AO-Treated-as-Prejudicial-to-Interests-of-Revenue-ITAT-Quashes-Revision-order-TAXSCAN.jpg "Every loss of Revenue as a Consequence of Order of AO cannot be Treated as Prejudicial to Interests of Revenue: ITAT Quashes Revision order u/s 263 of Income Tax Act [Read Order]")
![No enhanced cost paid for Transfer of Textile Spinning Unit acquired through Auction Sale of Bank of Baroda: ITAT allows Depreciation [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/10/No-enhanced-cost-paid-for-Transfer-of-Textile-Spinning-Unit-acquired-through-Auction-Sale-of-Bank-of-Baroda-ITAT-allows-Depreciation-TAXSCAN.jpg "No enhanced cost paid for Transfer of Textile Spinning Unit acquired through Auction Sale of Bank of Baroda: ITAT allows Depreciation [Read Order]")
![Failure to Furnish Purchaser Company Confirmation and Documentary Evidence on Conveyance Deed: ITAT upholds Addition on Capital Gain on Slump Sale of Sugar Unit [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/10/Failure-to-Furnish-Purchaser-Company-Confirmation-and-Documentary-Evidence-on-Conveyance-Deed-ITAT-upholds-Addition-on-Capital-Gain-on-Slump-Sale-of-Sugar-Unit-TAXSCAN-.jpg "Failure to Furnish Purchaser Company Confirmation and Documentary Evidence on Conveyance Deed: ITAT upholds Addition on Capital Gain on Slump Sale of Sugar Unit [Read Order]")
![ITAT deletes Penalty u/s 271AAA of Income Tax Act Due to Lack of Opportunity to Explain Undisclosed Income Source During Search Proceedings [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/10/ITAT-deletes-Income-Tax-Act-Due-to-Lack-of-Opportunity-to-Explain-Undisclosed-Income-Source-During-Search-Proceedings-TAXSCAN.jpg "ITAT deletes Penalty u/s 271AAA of Income Tax Act Due to Lack of Opportunity to Explain Undisclosed Income Source During Search Proceedings [Read Order]")
Rectified Partnership Deed cannot be Invalid when Stamp Paper was issued on Prior Date: ITAT directs AO Verification of Rectified Deed [Read Order]
The Allahabad Bench of Income Tax Appellate Tribunal (ITAT) has directed the Assessing Officer (AO) verification of rectified deed holding that the rectified partnership deed could not be invalid...
![Rectified Partnership Deed cannot be Invalid when Stamp Paper was issued on Prior Date: ITAT directs AO Verification of Rectified Deed [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/10/Rectified-Partnership-Deed-Invalid-when-Stamp-Paper-was-issued-on-Prior-Date-ITAT-directs-AO-Verification-of-Rectified-Deed-TAXSCAN.jpg "Rectified Partnership Deed cannot be Invalid when Stamp Paper was issued on Prior Date: ITAT directs AO Verification of Rectified Deed [Read Order]")
Assessee Discharged Burden u/s 68 and Furnished Written Submission to AO: ITAT deletes Addition [Read Order]
The Delhi bench of the Income Tax Appellate Tribunal (ITAT) held that the assessee had discharged its burden as per Section 68 of the Act, by filing confirmation, affidavit, copy of the income tax...
![Assessee Discharged Burden u/s 68 and Furnished Written Submission to AO: ITAT deletes Addition [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/10/Assessee-Discharged-Burden-Furnished-Written-Submission-to-AO-ITAT-deletes-Addition-TAXSCAN.jpg "Assessee Discharged Burden u/s 68 and Furnished Written Submission to AO: ITAT deletes Addition [Read Order]")
Transaction of shares not being in penny stocks can't be covered by CBDT Circular: ITAT upholds order of DCIT [Read Order]
The Delhi bench of the Income Tax Appellate Tribunal (ITAT) held that Transaction of shares not being in penny stocks canoot be covered by CBDT circular owing to low tax effect It was submitted...
![Transaction of shares not being in penny stocks cant be covered by CBDT Circular: ITAT upholds order of DCIT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/10/Transaction-of-shares-not-being-in-penny-stocks-covered-by-CBDT-Circular-ITAT-upholds-order-of-DCIT-TAXSCAN.jpg "Transaction of shares not being in penny stocks cant be covered by CBDT Circular: ITAT upholds order of DCIT [Read Order]")
Amendment under Finance Act 2015 with regards to TDS on Interest Paid by Cooperative Banks applies Prospectively from 1 june 2015 : ITAT Remands Matter to AO for Re-adjudication [Read Order]
The Bangalore Bench of Income Tax Appellate Tribunal (ITAT) held that amendment made by the Finance Act 2015 is prospective in nature and applicable only from 1 June 2015, and thus remitted the...
![Amendment under Finance Act 2015 with regards to TDS on Interest Paid by Cooperative Banks applies Prospectively from 1 june 2015 : ITAT Remands Matter to AO for Re-adjudication [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/10/Amendment-under-Finance-Act-2015-with-regards-to-TDS-on-Interest-Paid-by-Cooperative-Banks-applies-Prospectively-ITAT-Remands-Matter-to-AO-for-Re-adjudication-TAXSCAN.jpeg "Amendment under Finance Act 2015 with regards to TDS on Interest Paid by Cooperative Banks applies Prospectively from 1 june 2015 : ITAT Remands Matter to AO for Re-adjudication [Read Order]")
Addition u/s 68 unjustified for the credit worthiness of a person having sufficient funds to lend money to others cannot be doubted: ITAT upholds order of CIT(A) [Read Order]
The Delhi bench of the Income Tax Appellate Tribunal (ITAT) held that the onus which lays upon the assessee to explain that the entries made are real and not fictitious, has been duly discharged. ...
![Addition u/s 68 unjustified for the credit worthiness of a person having sufficient funds to lend money to others cannot be doubted: ITAT upholds order of CIT(A) [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/10/Addition-unjustified-for-the-credit-worthiness-of-a-person-having-sufficient-funds-to-lend-money-doubted-ITAT-upholds-order-of-CITA-TAXSCAN.jpg "Addition u/s 68 unjustified for the credit worthiness of a person having sufficient funds to lend money to others cannot be doubted: ITAT upholds order of CIT(A) [Read Order]")
Failure of Assessee to Furnish any Evidence to Support Claim of Deduction u/s 54F of Income Tax Act: ITAT Remands Matter to AO for Re-adjudication [Read Order]
The Hyderabad Bench of Income Tax held that the assessee was not present before the Commissioner of Income Tax Appeals [CIT(A)] in the appellate proceedings and has not filed any document to...
![Failure of Assessee to Furnish any Evidence to Support Claim of Deduction u/s 54F of Income Tax Act: ITAT Remands Matter to AO for Re-adjudication [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/10/Failure-of-Assessee-to-Furnish-any-Evidence-to-Support-Claim-of-Deduction-Income-Tax-Act-ITAT-Remands-Matter-to-AO-for-Re-adjudication-TAXSCAN.jpg "Failure of Assessee to Furnish any Evidence to Support Claim of Deduction u/s 54F of Income Tax Act: ITAT Remands Matter to AO for Re-adjudication [Read Order]")
Addition on Unexplained Expenditure of Income not Justifiable when Income is Estimated u/s 44 AD of Income Tax Act: ITAT Deletes Income Tax Addition [Read Order]
The Bangalore Bench of Income Tax Appellate Tribunal (ITAT) held that addition under Section 69 of the Income Tax Act was not justifiable when the income was estimated under Section 44 A.D of the...
![Addition on Unexplained Expenditure of Income not Justifiable when Income is Estimated u/s 44 AD of Income Tax Act: ITAT Deletes Income Tax Addition [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/10/Addition-on-Unexplained-Expenditure-of-Income-not-Justifiable-when-Income-is-Estimated-Income-Tax-Act-ITAT-Deletes-Income-Tax-Addition-TAXSCAN.jpg "Addition on Unexplained Expenditure of Income not Justifiable when Income is Estimated u/s 44 AD of Income Tax Act: ITAT Deletes Income Tax Addition [Read Order]")