![Form No. 10AB Timeline Extension for S.12A Recognition is Deemed Extension for Approval Renewal u/s 80G (iii) First Provison of Income Tax Act: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/04/Form-No.-10AB-Timeline-Extension-S.12A-Recognition-Deemed-Extension-Approval-Renewal-First-Provison-Income-Tax-ITAT-taxscan.jpg "Form No. 10AB Timeline Extension for S.12A Recognition is Deemed Extension for Approval Renewal u/s 80G (iii) First Provison of Income Tax Act: ITAT [Read Order]")
Form No. 10AB Timeline Extension for S.12A Recognition is Deemed Extension for Approval Renewal u/s 80G (iii) First Provison of Income Tax Act: ITAT [Read Order]
The Chennai bench of the Income Tax Appellate Tribunal (ITAT) noted that the extension timeline provided in Form No. 10AB for Section 12A recognition...
![Section 56(2)(vii)(b)(ii) Income tax Act will not be apply when property purchased for Business use of Partnership firm: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/01/Income-tax-Act-property-Business-Partnership-firm-ITAT-Income-tax-Act-will-not-be-apply-when-property-taxscan-1.jpg "Section 56(2)(vii)(b)(ii) Income tax Act will not be apply when property purchased for Business use of Partnership firm: ITAT [Read Order]")
![No addition based on outcome of Confirmatory Letters when assessee proved genuineness of business transactions: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/01/No-addition-addition-Confirmatory-Letters-addition-based-on-outcome-of-Confirmatory-Letters-when-assessee-Business-Transactions-ITAT-taxscan.jpg "No addition based on outcome of Confirmatory Letters when assessee proved genuineness of business transactions: ITAT [Read Order]")
![ITAT Annual Digest [Part 52]](https://www.taxscan.in/wp-content/uploads/2024/01/ITAT-Annual-digest-52-Taxscan.jpg "ITAT Annual Digest [Part 52]")
No Addition on Account for Sales Suppression shall be made Solely based on Abstract Data issued by Ministry of Textiles: ITAT [Read Order]
The Chennai bench of the Income Tax Appellate Tribunal (ITAT) held that no addition on account for sales suppression shall be made solely based on the abstract data by the Ministry of Textiles. ...
![No Addition on Account for Sales Suppression shall be made Solely based on Abstract Data issued by Ministry of Textiles: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/11/No-Addition-Account-Sales-Suppression-Solely-Abstract-Data-Ministry-of-Textiles-ITAT-TAXSCAN.jpg "No Addition on Account for Sales Suppression shall be made Solely based on Abstract Data issued by Ministry of Textiles: ITAT [Read Order]")
ITAT deletes addition made towards bogus Interest Expenditure based on Sworn Statements as well as Reconciliation Statements filed by Assessee during Course of Assessment Proceedings [Read Order]
The Income Tax Appellate Tribunal (ITAT), Chennai bench deleted the addition made towards the bogus interest expenditure based on sworn statements as well, as reconciliation statements filed by the...
![ITAT deletes addition made towards bogus Interest Expenditure based on Sworn Statements as well as Reconciliation Statements filed by Assessee during Course of Assessment Proceedings [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/11/ITAT-addition-bogus-bogus-Interest-Expenditure-ITAT-deletes-addition-made-towards-bogus-Interest-Expenditure-based-on-Sworn-Statements-taxscan.jpg "ITAT deletes addition made towards bogus Interest Expenditure based on Sworn Statements as well as Reconciliation Statements filed by Assessee during Course of Assessment Proceedings [Read Order]")
ITAT upholds Deletion of Addition towards Disallowance of Interest on Borrowed Capital u/s.36(1)(iii) out of Commercial Expediency [Read Order]
The Chennai Bench of Income Tax Appellate Tribunal (ITAT) has upheld the deletion of addition towards disallowance of interest on borrowed capital under Section 36(1)(iii) of Income Tax Act, 1961 out...
![ITAT upholds Deletion of Addition towards Disallowance of Interest on Borrowed Capital u/s.36(1)(iii) out of Commercial Expediency [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/11/ITAT-Deletion-Addition-Disallowance-Interest-ITAT-upholds-Deletion-of-Addition-towards-Disallowance-of-Interest-Capital.jpg "ITAT upholds Deletion of Addition towards Disallowance of Interest on Borrowed Capital u/s.36(1)(iii) out of Commercial Expediency [Read Order]")
Files Return of Income Belatedly without filing Form No.10B to claim deduction u/s 11 or 12 of Income Tax Act: ITAT directs Re-adjudication in respect of Condonation Petition [Read Order]
The Income Tax Appellate Tribunal (ITAT), Chennai bench directed readjudication in respect of condonation petition filed for belatedly filed return of income without filing Form No.10B to caim...
![Files Return of Income Belatedly without filing Form No.10B to claim deduction u/s 11 or 12 of Income Tax Act: ITAT directs Re-adjudication in respect of Condonation Petition [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/11/Re-adjudication-ITAT-Income-Tax-News-Income-Tax-Tax-News-condonation-directs-re-adjudication-Return-of-Income-Belatedly-TAXSCAN.jpg "Files Return of Income Belatedly without filing Form No.10B to claim deduction u/s 11 or 12 of Income Tax Act: ITAT directs Re-adjudication in respect of Condonation Petition [Read Order]")
Assessment Order passed without examining Taxability of Agricultural Land sold by assessee: ITAT upholds Revision Order [Read Order]
The Income Tax Appellate Tribunal (ITAT) Chennai bench held that the assessing officer passed the assessment order without examining taxability of land sold by the assessee....
![Assessment Order passed without examining Taxability of Agricultural Land sold by assessee: ITAT upholds Revision Order [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/10/Assessment-Order-Taxability-Agricultural-Land-assessee-ITAT-taxscan.jpg "Assessment Order passed without examining Taxability of Agricultural Land sold by assessee: ITAT upholds Revision Order [Read Order]")
Non-Consideration of Evidence on Deduction Claim u/s 54B and Capital Gains Exemption on Sale of Agricultural Land: ITAT remands Matter to AO [Read Order]
The Income Tax Appellate Tribunal (ITAT) Chennai bench remanded the matter before the Assessing officer for re adjudication due to nonconsideration of evidence on deduction claimed under...
![Non-Consideration of Evidence on Deduction Claim u/s 54B and Capital Gains Exemption on Sale of Agricultural Land: ITAT remands Matter to AO [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/Non-Consideration-Evidence-Deduction-Claim-Capital-Gains-Exemption-Sale-of-Agricultural-Land-ITAT-remands-Matter-AO-taxscan.jpg "Non-Consideration of Evidence on Deduction Claim u/s 54B and Capital Gains Exemption on Sale of Agricultural Land: ITAT remands Matter to AO [Read Order]")
Failure to prove the Interest bearing Funds being used for Investments giving rise to exempt Income: ITAT directs Re-computation of Disallowance under Rule 8D(2)(iii) [Read Order]
The Chennai bench of the Income Tax Appellate Tribunal held that AO will re-compute the disallowance only on the investments giving rise to exempt income and exclude the investments which does not...
![Failure to prove the Interest bearing Funds being used for Investments giving rise to exempt Income: ITAT directs Re-computation of Disallowance under Rule 8D(2)(iii) [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/Failure-prove-interest-bearing-funds-investments-rise-exempt-income-ITAT-directs-re-computation-disallowance-taxscan.jpg "Failure to prove the Interest bearing Funds being used for Investments giving rise to exempt Income: ITAT directs Re-computation of Disallowance under Rule 8D(2)(iii) [Read Order]")