Penalty Proceedings u/s 271AAB(1A) is not Mandatory and can't be initiated by AO without Specifying Default of Assessee: ITAT
The Jaipur bench of the Income Tax Appellate Tribunal (ITAT) held that the penalty proceedings under Section 271AAB(1A) of the Income Tax Act, 1961...
![Merely on basis of Statement of Director of Vendor Company, Addition u/s 69B cant be made ignoring facts of Assessee Company: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/11/Merely-on-basis-of-Statement-Director-of-Vendor-Company-Vendor-Vendor-Company-taxscan.jpg "Merely on basis of Statement of Director of Vendor Company, Addition u/s 69B cant be made ignoring facts of Assessee Company: ITAT [Read Order]")
![Addition u/s 153C of Income Tax Act without Incriminating Material is Invalid: Delhi HC [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/10/Income-Tax-Act-Incriminating-Material-Income-Tax-Delhi-Highcourt-taxscan.jpg "Addition u/s 153C of Income Tax Act without Incriminating Material is Invalid: Delhi HC [Read Order]")
![Income Tax Addition on Amount already Surrendered by Partnership Firm in Settlement Application accepted by Settlement Commission: ITAT Dismisses Appeal [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/10/Income-Tax-Addition-Amount-Surrendered-Partnership-Firm-Settlement-Application-accepted-Settlement-Commission-ITAT-Dismisses-Appeal-TAXSCAN.jpg "Income Tax Addition on Amount already Surrendered by Partnership Firm in Settlement Application accepted by Settlement Commission: ITAT Dismisses Appeal [Read Order]")
Maintenance of Cash of company at Residence mixed with Cash of Family Members during Search Proceeding: ITAT Deletes Addition u/s 69A of Income Tax Act [Read Order]
The Delhi Bench of Income Tax Appellate Tribunal (ITAT) has deleted the addition under Section 69A of the Income Tax Act 1961 as it was imposed based upon the maintenance of cash of company at...
![Maintenance of Cash of company at Residence mixed with Cash of Family Members during Search Proceeding: ITAT Deletes Addition u/s 69A of Income Tax Act [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/10/Maintenance-Cash-of-company-Residence-mixed-Cash-of-Family-Members-Search-Proceeding-ITAT-Deletes-Income-Tax-Act-TAXSCAN.jpg "Maintenance of Cash of company at Residence mixed with Cash of Family Members during Search Proceeding: ITAT Deletes Addition u/s 69A of Income Tax Act [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]")
Proper Procedure and Application of Mind shall be made while granting Approval u/s 153D of Income Tax Act: ITAT [Read Order]
The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) while granting relief to the assessee held that proper procedure and application of mind shall be made while granting approval under...
![Proper Procedure and Application of Mind shall be made while granting Approval u/s 153D of Income Tax Act: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/10/Proper-Procedure-and-Application-of-Mind-granting-Approval-Income-Tax-Act-ITAT-TAXSCAN.jpg "Proper Procedure and Application of Mind shall be made while granting Approval u/s 153D of Income Tax Act: ITAT [Read Order]")
Non-Attendance of Summons cannot be Sole reason for Disallowance u/s 69C of the Income Tax Act when Sufficient Evidence is Produced to Prove Genuineness of Purchases: ITAT [Read Order]
The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) has held that non-attendance of summons could not be the sole reason for disallowance under Section 69C of the Income Tax Act 1961, when...
![Non-Attendance of Summons cannot be Sole reason for Disallowance u/s 69C of the Income Tax Act when Sufficient Evidence is Produced to Prove Genuineness of Purchases: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/Non-Attendance-Summons-Disallowance-Income-Tax-Act-Sufficient-Evidence-Genuineness-Purchases-ITAT-taxscan.jpg "Non-Attendance of Summons cannot be Sole reason for Disallowance u/s 69C of the Income Tax Act when Sufficient Evidence is Produced to Prove Genuineness of Purchases: ITAT [Read Order]")
No addition can be made on completed assessment in absence of Incriminating Material found during course of Search: ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT) Chennai bench held that no addition could be made on completed assessment in absence of the incriminating material found during the course of search. ...
![No addition can be made on completed assessment in absence of Incriminating Material found during course of Search: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/No-addition-No-addition-can-be-made-on-completed-assessment-in-absence-of-Incriminating-Material-assessment-in-absence-of-Incriminating-Material-Incriminating-Material-ITAT-taxscan.jpg "No addition can be made on completed assessment in absence of Incriminating Material found during course of Search: ITAT [Read Order]")
Initiation of Assessment Proceedings on Non-Consideration of Seized Documents by AO: ITAT Upholds Revision Order [Read Order]
The Chennai Bench of Income Tax Appellate Tribunal (ITAT) held that The seized documents are never examined by the Assessing Officer (AO) as is apparent from the assessment order and to counter the...
![Initiation of Assessment Proceedings on Non-Consideration of Seized Documents by AO: ITAT Upholds Revision Order [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/Initiation-of-Assessment-Proceedings-Assessment-Proceedings-Non-Consideration-of-Seized-Documents-AO-taxscan.jpg "Initiation of Assessment Proceedings on Non-Consideration of Seized Documents by AO: ITAT Upholds Revision Order [Read Order]")
Receipts from Sale of land used for Agricultural purposes by Assessee engaged in Agricultural Operations not liable for Tax as Capital Gains: ITAT [Read Order]
The Chennai bench of the Income Tax Appellate Tribunal (ITAT) held land in question cannot be treated as non-agricultural land and to be treated as agricultural land not liable for tax on capital...
![Receipts from Sale of land used for Agricultural purposes by Assessee engaged in Agricultural Operations not liable for Tax as Capital Gains: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/Receipts-Sale-land-agricultural-assessee-agricultural-operations-tax-Capital-Gains-ITAT-TAXSCAN.jpg "Receipts from Sale of land used for Agricultural purposes by Assessee engaged in Agricultural Operations not liable for Tax as Capital Gains: ITAT [Read Order]")