![Taxpayer discharges Burden to prove Identity, Creditworthiness and Genuineness of Loan Creditors: ITAT deletes Income Tax Addition of 1.17Cr u/s 68 [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/06/ITAT-Income-Tax-Income-Tax-Addition-Taxpayer-ITAT-mumbai-Section-68-of-the-Income-Tax-Act-taxscan.jpg "Taxpayer discharges Burden to prove Identity, Creditworthiness and Genuineness of Loan Creditors: ITAT deletes Income Tax Addition of 1.17Cr u/s 68 [Read Order]")
Taxpayer discharges Burden to prove Identity, Creditworthiness and Genuineness of Loan Creditors: ITAT deletes Income Tax Addition of 1.17Cr u/s 68 [Read Order]
The Mumbai bench of the Income Tax Appellate Tribunal ( ITAT ) deleted the addition of 1.17 crore under Section 68 of the Income Tax Act, 1961...
![Source for Deposits made in Demonetisation Period Substantiated: ITAT deletes addition u/s 68 of Income Tax Act [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/04/ITAT-ITAT-Mumbai-Income-tax-Demonetisation-deposits-Section-68-of-income-tax-act-taxscan.jpg "Source for Deposits made in Demonetisation Period Substantiated: ITAT deletes addition u/s 68 of Income Tax Act [Read Order]")
![Payment Made for Employees Contribution after Due Date cannot be Allowed as Deduction : ITAT Directs to Restrict Disallowance [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/07/Payment-Made-for-Employees-Contribution-after-Due-Date-cannot-be-Allowed-as-Deduction-ITAT-Directs-to-Restrict-Disallowance-.jpg "Payment Made for Employees Contribution after Due Date cannot be Allowed as Deduction : ITAT Directs to Restrict Disallowance [Read Order]")
![Revisional Power u/s 263 of Income Tax Act cannot be used to Reopen Assessment: ITAT allows Appeal [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/04/Revisional-Power-Income-Tax-Act-Reopen-Assessment-ITAT-Assessment-appeal-taxscan.jpg "Revisional Power u/s 263 of Income Tax Act cannot be used to Reopen Assessment: ITAT allows Appeal [Read Order]")
![Business Profits of Current Year accrue only at the Year End: ITAT deletes Addition u/s 2(22)(e) [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/03/Business-Profits-ITAT-Addition-TAXSCAN.jpg "Business Profits of Current Year accrue only at the Year End: ITAT deletes Addition u/s 2(22)(e) [Read Order]")
![AO shall consider Valid Revised Return while Completing Assessment: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/01/AO-Revised-Return-Completing-Assessment-ITAT-TAXSCAN.jpg "AO shall consider Valid Revised Return while Completing Assessment: ITAT [Read Order]")
No Wealth Tax If Assessee used Building for Construction / Set Up of Office and Service Centre: ITAT [Read Order]
The Kolkata bench of Income Tax Appellate Tribunal ( ITAT ) in Dongfang Electric (India) P Ltd vs. DCWT ruled that No Wealth Tax if Assessee used the building for construction or set up of office and...
![No Wealth Tax If Assessee used Building for Construction / Set Up of Office and Service Centre: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2017/10/Wealth-Tax-Taxscan.jpg "No Wealth Tax If Assessee used Building for Construction / Set Up of Office and Service Centre: ITAT [Read Order]")
Assessing Officer cannot Review his Own Order by invoking Sec 147 of the Income Tax Act: ITAT [Read Order]
Kolkata bench of Income Tax Appellate Tribunal (ITAT) recently held that the Assessing Officer (AO) does not have any power to review his own order which has already been passed by him by invoking...
![Assessing Officer cannot Review his Own Order by invoking Sec 147 of the Income Tax Act: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2018/01/Assessing-Officer-ITAT-Taxscan.jpg "Assessing Officer cannot Review his Own Order by invoking Sec 147 of the Income Tax Act: ITAT [Read Order]")
Amusement Tax paid before the Due Date of Filing of Income Tax Return is Eligible for Deduction: ITAT [Read Order]
The Kolkata bench of Income Tax Appellate Tribunal recently ruled that Amusement Tax paid before the due date of filing of Income Tax Return is eligible for deduction under the Income tax Act, 1961. ...
![Amusement Tax paid before the Due Date of Filing of Income Tax Return is Eligible for Deduction: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2017/08/GST-Returns-Taxscan.jpg "Amusement Tax paid before the Due Date of Filing of Income Tax Return is Eligible for Deduction: ITAT [Read Order]")
Interest Income from Nationalized Banks is Business Income, Eligible for 80-P Deduction: ITAT [Read Order]
Kolkata bench of Income Tax Appellate Tribunal (ITAT) has recently held that interest income earned from nationalized banks shall be treated as business income for which deduction under Section 80P of...
![Interest Income from Nationalized Banks is Business Income, Eligible for 80-P Deduction: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2017/11/Business-Income-Taxscan.jpg "Interest Income from Nationalized Banks is Business Income, Eligible for 80-P Deduction: ITAT [Read Order]")