![Section 56(2)(vii) not Applicable to Individual Receiving Sum from HUF as its Member: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/05/Section-562vii-not-Applicable-to-Individual-Receiving-Sum-from-HUF-as-its-Member-ITAT-TAXSCAN.jpg "Section 56(2)(vii) not Applicable to Individual Receiving Sum from HUF as its Member: ITAT [Read Order]")
Section 56(2)(vii) not Applicable to Individual Receiving Sum from HUF as its Member: ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT), Surat Bench, has recently, in an appeal filed before it, held that section 56(2) (vii) is not applicable to...
![Interest Income from Co-operative Bank Credited to Reserves in Balance Sheet Eligible for Deduction u/s 80P(2)(d) of Income Tax Act: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/05/INTERE1.jpg "Interest Income from Co-operative Bank Credited to Reserves in Balance Sheet Eligible for Deduction u/s 80P(2)(d) of Income Tax Act: ITAT [Read Order]")
![Fee u/s 234E of Income Tax Act is Leviable Only for Default Committed after June 1st 2015: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/05/Income-Tax-Act-is-Leviable-Income-Tax-Act-Fee-Income-Tax-Default-Committed-ITAT-taxscan.jpg "Fee u/s 234E of Income Tax Act is Leviable Only for Default Committed after June 1st 2015: ITAT [Read Order]")
![ITAT quashes Ex Parte order passed due to Mistake of Service of Notice to Email of Assessess Counsel [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/05/ITAT-quashes-Ex-Parte-order-passed-due-to-Mistake-of-Service-of-Notice-ITAT-quashes-Ex-Parte-order-ITAT-Ex-Parte-order-Service-Notice-Assessess-Counsel-Taxscan.jpg "ITAT quashes Ex Parte order passed due to Mistake of Service of Notice to Email of Assessess Counsel [Read Order]")
![Failure of Assessee to Comply with Provisions of Section 269T: ITAT upholds Penalty u/s 271E [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/05/Failure-of-Assessee-to-Comply-with-Provisions-of-Section-269T-ITAT-upholds-Penalty-us-271E-TAXSCAN.jpg "Failure of Assessee to Comply with Provisions of Section 269T: ITAT upholds Penalty u/s 271E [Read Order]")
Admissibility of Employees' Contribution Payment of ESIc/PF Beyond the Due Date: ITAT remands the matter to AO to clarify the usage of ‘every month’ [Read Order]
This appeal by the assessee is directed against order dated 15.11.2022 passed by the Commissioner of Income-tax – National Faceless Appeal Centre (NFAC) for assessment year 2020-21 in relation to the...
![Admissibility of Employees Contribution Payment of ESIc/PF Beyond the Due Date: ITAT remands the matter to AO to clarify the usage of ‘every month’ [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/05/admissibility-Employees-contribution-payment-ESIc-PF-Due-Date-ITAT-Taxscan.jpg "Admissibility of Employees Contribution Payment of ESIc/PF Beyond the Due Date: ITAT remands the matter to AO to clarify the usage of ‘every month’ [Read Order]")
Unsecured Loan Taken at Higher Rate for Commercial Expediency Admissible under Section 57(iii): ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT), Ahmedabad Bench, has recently in an appeal filed before it, held that unsecured loan taken at higher rate for commercial expediency is admissible under...
![Unsecured Loan Taken at Higher Rate for Commercial Expediency Admissible under Section 57(iii): ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/05/Loan-Taken-Higher-Rate-for-Commercial-Expediency-Admissible-Section-57iii-ITAT-TAXSCAN.jpg "Unsecured Loan Taken at Higher Rate for Commercial Expediency Admissible under Section 57(iii): ITAT [Read Order]")
Employees of State Government Undertaking cannot be treated as State Government Employee: ITAT upholds Restricting Exemption made u/s 10(10) & s.10(10AA) of Income Tax Act
The Hyderabad Bench of the Income Tax Appellate Tribunal (ITAT) has recently held that employees of state government undertakings could not be treated as state government employees. Therefore the...
Delay Beyond Assessee's Control in E-verification/Filing Belated Return: ITAT deletes Penalty Levied u/s 271F [Read Order]
The Income Tax Appellate Tribunal (ITAT), Chennai Bench, has recently, in an appeal filed before it, while deleting a penalty levied under Section 271F, on account of a delay in E-verification/...
![Delay Beyond Assessees Control in E-verification/Filing Belated Return: ITAT deletes Penalty Levied u/s 271F [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/05/E-verification-Filing-Belated-Return-ITAT-Penalty-TAXSCAN2.jpg "Delay Beyond Assessees Control in E-verification/Filing Belated Return: ITAT deletes Penalty Levied u/s 271F [Read Order]")
![No Addition u/s 40A (3) without Doubt of Genuineness of Payment: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/05/Genuineness-of-Payment-Addition-Doubt-of-Genuineness-of-Payment-ITAT-Taxscan.jpg "No Addition u/s 40A (3) without Doubt of Genuineness of Payment: ITAT [Read Order]")
Addition u/s 69C cannot be Imposed on Trading in Scrips on Account of Share Price Movement: ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT), Mumbai Bench, has recently, in an appeal filed before it, held that an addition under Section 69C of the Income Tax Act cannot be imposed on trading in...
![Addition u/s 69C cannot be Imposed on Trading in Scrips on Account of Share Price Movement: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/05/Imposed-on-Trading-in-Scrips-on-Account-of-Share-Price-Movement-ITAT-TAXSCAN.jpg "Addition u/s 69C cannot be Imposed on Trading in Scrips on Account of Share Price Movement: ITAT [Read Order]")
Reopening of Assessment on Change of Opinion: ITAT quashes Penalty against Assessee who correctly Declared Income [Read Order]
The Income Tax Appellate Tribunal (ITAT), Ahmedabad Bench, has recently, in an appeal filed before it, on the reopening of an assessment based on change of opinion, quashed the penalty against the...
![Reopening of Assessment on Change of Opinion: ITAT quashes Penalty against Assessee who correctly Declared Income [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/04/Reopening-of-Assessment-Change-of-Opinion-ITAT-Penalty-Assessee-Declared-Income-TAXSCAN.jpg "Reopening of Assessment on Change of Opinion: ITAT quashes Penalty against Assessee who correctly Declared Income [Read Order]")