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![Provisions of Deemed Gift u/s 56(2)(vii)(b) of Income Tax Act cannot be Applied Retrospectively: ITAT [Read Order] Provisions of Deemed Gift u/s 56(2)(vii)(b) of Income Tax Act cannot be Applied Retrospectively: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/03/Deemed-Gift-Gift-Income-Tax-Act-Income-Tax-Tax-Taxscan.jpg)
Provisions of Deemed Gift u/s 56(2)(vii)(b) of Income Tax Act cannot be Applied Retrospectively: ITAT [Read Order]
The Delhi bench of Income Tax Appellate Tribunal ( ITAT ) has recently held that provisions of deemed gift under section 56(2)(vii)(b) of Income Tax...



![Vehicles form part of Plant and Machinery: ITAT allows Depreciation on Hired Cars [Read Order] Vehicles form part of Plant and Machinery: ITAT allows Depreciation on Hired Cars [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/03/Vehicles-Plant-and-Machinery-ITAT-Depreciation-Hired-Cars-Taxscan.jpg)
![ITAT deletes Addition against ESPN Star Sports [Read Order] ITAT deletes Addition against ESPN Star Sports [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/03/ITAT-ESPN-Star-Sports-Star-Sports-Income-Tax-Tax-Taxscan.jpg)
![Ceremonial Expenses performed as part of Tradition shall be Allowable as Business Expenditure: ITAT [Read Order] Ceremonial Expenses performed as part of Tradition shall be Allowable as Business Expenditure: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/03/Ceremonial-Expenses-Tradition-Allowable-Business-Expenditure-Business-Expenditure-ITAT-Taxscan.jpg)
![2% TDS u/s 194C Applicable to CAM Charges, S. 194I Not Applicable: ITAT [Read Order] 2% TDS u/s 194C Applicable to CAM Charges, S. 194I Not Applicable: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/03/TDS-CAM-Charges-ITAT-Income-Tax-Tax-Taxscan.jpg)
![Conditions of Invoking Revisional Jurisdiction u/s 263 Not Satisfied: ITAT deletes Proceedings Against Saif Partners India IV Limited [Read Order] Conditions of Invoking Revisional Jurisdiction u/s 263 Not Satisfied: ITAT deletes Proceedings Against Saif Partners India IV Limited [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/03/Revisional-Jurisdiction-ITAT-Proceedings-Saif-Partners-India-IV-Limited-Taxscan.jpg)
![Income Tax Addition cannot be made Merely Based on Assumption and Presumption: ITAT [Read Order] Income Tax Addition cannot be made Merely Based on Assumption and Presumption: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/03/Income-Tax-Addition-Income-Tax-Assumption-Presumption-ITAT-Taxscan.jpg)
![ITAT grants Partial Tax Relief to Adani Power Ltd [Read Order] ITAT grants Partial Tax Relief to Adani Power Ltd [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/03/ITAT-Partial-Tax-Relief-Adani-Power-Ltd-Taxscan.jpg)
![Taxability of Amount received under Arbitration Settlement: ITAT upholds Addition [Read Order] Taxability of Amount received under Arbitration Settlement: ITAT upholds Addition [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/03/ITAT-Delhi-Taxability-of-Amount-received-under-Arbitration-Settlement-ITAT-Addition-Arbitration-Settlement-Taxscan.jpeg)
![Mere putting of seal as approving Statement is not sufficient: ITAT quashes Reassessment proceedings [Read Order] Mere putting of seal as approving Statement is not sufficient: ITAT quashes Reassessment proceedings [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/03/ITAT-Reassessment-Income-Tax-Tax-Taxscan.jpg)
![AO Travelled beyond Jurisdiction: ITAT quashes Disallowance on Lottery Expenses [Read Order] AO Travelled beyond Jurisdiction: ITAT quashes Disallowance on Lottery Expenses [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/03/Jurisdiction-ITAT-Lottery-Expenses-Income-Tax-Tax-Taxscan.jpg)
![Assessment and Rectification Order does not contain DIN and Order number is Invalid: ITAT [Read Order] Assessment and Rectification Order does not contain DIN and Order number is Invalid: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/03/Assessment-Rectification-Order-DIN-Order-number-ITAT-Taxscan.jpg)