Failure to Furnish Proper ITR: ITAT upholds penalty u/s 271(1) (c) of Income Tax Act
The Mumbai bench of the Income Tax Appellate Tribunal ( ITAT ) upheld a penalty imposed under Section 271(1) (c) of the Income Tax Act, 1961, for...
![Levying/collecting fees for guarantee from MLIs not profit motive: ITAT allows benefit of section 11 & 12 of Income Tax Act [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/01/ITAT-Mumbai-Member-Lending-Institutions-Collection-of-fees-Levy-fees-for-guarantee-Taxation-on-guarantee-fees-Income-Tax-taxscan-1.jpg "Levying/collecting fees for guarantee from MLIs not profit motive: ITAT allows benefit of section 11 & 12 of Income Tax Act [Read Order]")
![Foreign Exchange Loss cannot be Included in Cost of Project: ITAT directs to allow a Deduction [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/01/Foreign-Exchange-Loss-Cost-of-Project-ITAT-Deduction-TAXSCAN.jpg "Foreign Exchange Loss cannot be Included in Cost of Project: ITAT directs to allow a Deduction [Read Order]")
![Claim of 50 % Depreciation on Sample Flat used for less than 180 Days is Allowable: ITAT deletes Disallowance [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/01/Claim-of-50-Depreciation-Sample-Flat-ITAT-Disallowance-TAXSAN.jpg "Claim of 50 % Depreciation on Sample Flat used for less than 180 Days is Allowable: ITAT deletes Disallowance [Read Order]")
![ITAT Annual Digest 2023 [Part-14]](https://www.taxscan.in/wp-content/uploads/2024/01/ITAT-cases-2023-Tax-tribunal-updates-Annual-tax-analysis-Income-tax-appeals-ITAT-decisions-2023-ITAT-Cases-Income-Tax-TAXSCAN.jpg "ITAT Annual Digest 2023 [Part-14]")
Benefit of Accumulation of Income u/s 11(2) shall be allowed when Audit Report in Form 10 is filed along with ITR: ITAT [Read Order]
The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) held that the benefit of accumulation of income under Section 11(2) of the Income Tax Act, 1961 shall be allowed when the audit report in...
![Benefit of Accumulation of Income u/s 11(2) shall be allowed when Audit Report in Form 10 is filed along with ITR: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/12/Income-Audit-Report-Benefit-of-Accumulation-of-Income-itr-Income-Tax-Returns-itat-mumbai-itat-taxscan.jpg "Benefit of Accumulation of Income u/s 11(2) shall be allowed when Audit Report in Form 10 is filed along with ITR: ITAT [Read Order]")
ITAT quashes Confirmation of Income Tax Addition u/s 56(2)(vii)(b) solely for Payment made only by other Co-Owner before Registration [Read Order]
The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) quashed the confirmation of addition under Section 56(2)(vii)(b) of the Income Tax Act, done solely for payment made by other co-owner...
![ITAT quashes Confirmation of Income Tax Addition u/s 56(2)(vii)(b) solely for Payment made only by other Co-Owner before Registration [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/12/ITAT-itat-mumbai-Confirmation-of-Income-Tax-Payment-Co-owner-Registration-Income-Tax-Addition-taxscan.jpg "ITAT quashes Confirmation of Income Tax Addition u/s 56(2)(vii)(b) solely for Payment made only by other Co-Owner before Registration [Read Order]")
Stamp Duty Value on Date of Allotment to be taken instead of Registration u/s Section 56(2)(vii)(b) of IT Act: ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT), Mumbai Bench held that stamp duty value on the date of allotment is to be taken for the purposes of Section 56(2)(vii)(b) of the Income Tax Act, instead of...
![Stamp Duty Value on Date of Allotment to be taken instead of Registration u/s Section 56(2)(vii)(b) of IT Act: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/12/Stamp-Duty-Value-Stamp-Duty-Registration-ITAT-itat-mumbai-Date-of-Allotment-IT-act-taxscan.jpg "Stamp Duty Value on Date of Allotment to be taken instead of Registration u/s Section 56(2)(vii)(b) of IT Act: ITAT [Read Order]")
Unsold flats categorized as Stock in Trade should be assessed as 'Business Income,' not 'Income from House Property: ITAT quashes Revision Order [Read Order]
The Income Tax Appellate Tribunal (ITAT), Mumbai bench, while quashing the revision order, held that unsold flats categorized as stock in trade should be assessed as business income, not income from...
![Unsold flats categorized as Stock in Trade should be assessed as Business Income, not Income from House Property: ITAT quashes Revision Order [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/11/Unsold-flats-Stock-in-Trade-should-be-assessed-as-Business-Income-Income-House-Property-ITAT-Revision-Order-TAXSCAN.jpg "Unsold flats categorized as Stock in Trade should be assessed as Business Income, not Income from House Property: ITAT quashes Revision Order [Read Order]")
Relief to Portfolio: ITAT Deletes Income Tax Addition against Consignment Agent on Account of Purchase Return [Read Order]
The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) has granted relief to portfolio deleting the income tax addition against the consignment agent on account of purchase return. The assessee,...
![Relief to Portfolio: ITAT Deletes Income Tax Addition against Consignment Agent on Account of Purchase Return [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/11/Relief-Relief-to-Portfolio-ITAT-Income-Tax-Addition-ITAT-Deletes-Income-Tax-Addition-Consignment-Agent-Purchase-Return-taxscan.jpg "Relief to Portfolio: ITAT Deletes Income Tax Addition against Consignment Agent on Account of Purchase Return [Read Order]")
Disallowance of Claim of Write Off made in individual Entity's Financials Prior to Amalgamation cannot be added as Income in hands of Assessee: ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT), Mumbai Bench, held that the disallowance of the claim of write-off made in an individual entity's financials prior to amalgamation could not be added as...
![Disallowance of Claim of Write Off made in individual Entitys Financials Prior to Amalgamation cannot be added as Income in hands of Assessee: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/10/Disallowance-of-claim-of-write-off-individual-entitys-financials-prior-to-amalgamation-ITAT-INCOME-TAX-INCOME-TAX-ACT-income-in-hands-Disallowance-write-off-TAXSCAN.jpg "Disallowance of Claim of Write Off made in individual Entitys Financials Prior to Amalgamation cannot be added as Income in hands of Assessee: ITAT [Read Order]")
Entries in books of account of Individual Entity Prior to Amalgamation cannot be part of additions made u/s 153A of IT Act in hands of assessee: ITAT deletes Addition [Read Order]
The Income Tax Appellate Tribunal (ITAT), Mumbai Bench, held that entries in the books of account prior to amalgamation could not be part of additions made under Section 153A of the Income Tax Act,...
![Entries in books of account of Individual Entity Prior to Amalgamation cannot be part of additions made u/s 153A of IT Act in hands of assessee: ITAT deletes Addition [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/10/Entries-in-books-of-account-Individual-Entity-Amalgamation-IT-Act-ITAT-taxscan.jpg "Entries in books of account of Individual Entity Prior to Amalgamation cannot be part of additions made u/s 153A of IT Act in hands of assessee: ITAT deletes Addition [Read Order]")