![No Penalty to be Levied u/s 271(1)(b) for non-compliance of Section 142(1) of Income Tax Act: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/02/No-Penalty-Penalty-Income-Tax-Act-ITAT-Income-Tax-tax-taxscan.jpg "No Penalty to be Levied u/s 271(1)(b) for non-compliance of Section 142(1) of Income Tax Act: ITAT [Read Order]")
No Penalty to be Levied u/s 271(1)(b) for non-compliance of Section 142(1) of Income Tax Act: ITAT [Read Order]
The Jodhpur Bench of Income Tax Appellate Tribunal (ITAT) has held that no penalty shall be levied under Section 271(1)(b) of the Income Tax Act 1961...
![Mere Change of Opinion does not provide Jurisdiction to AO to Initiate Proceeding u/s 147: Bombay HC [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/02/Change-of-Opinion-Jurisdiction-AO-Proceeding-Bombay-High-Court-taxscan-.jpg "Mere Change of Opinion does not provide Jurisdiction to AO to Initiate Proceeding u/s 147: Bombay HC [Read Order]")
![Inaction of AO in Disposing Adjournment Petition: ITAT Deletes Penalty for Non-Compliance with Notice u/s 142(1) [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/01/Adjournment-Petition-Petition-ITAT-Penalty-Notice-taxscan-1.jpg "Inaction of AO in Disposing Adjournment Petition: ITAT Deletes Penalty for Non-Compliance with Notice u/s 142(1) [Read Order]")
![ITAT deletes Addition on Proof of Identity and Creditworthiness of Shareholders and Genuineness of Transactions [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/12/ITAT-Proof-of-Identity-Creditworthiness-of-Shareholders-Genuineness-of-Transactions-Transactions-Taxscan-.jpg "ITAT deletes Addition on Proof of Identity and Creditworthiness of Shareholders and Genuineness of Transactions [Read Order]")
![Absence of Valid Reasons and Tangible Materials: ITAT quashes Re-Assessment [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/12/Income-Tax-Tangible-Materials-ITAT-Re-Assessment-taxscan.jpg "Absence of Valid Reasons and Tangible Materials: ITAT quashes Re-Assessment [Read Order]")
![Reassessment u/s 147 simply relied on the Non-PAN AIR information is not valid: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/11/Reassessment-Non-PAN-AIR-information-non-PAN-AIR-ITAT-income-tax-taxscan.jpg "Reassessment u/s 147 simply relied on the Non-PAN AIR information is not valid: ITAT [Read Order]")
Due explanation of ground of receipt of Share Application Money: Gujarat HC quashes Reassessment [Read Order]
The Gujarat High Court quashed re assessment order as there was due explanation of ground of receipt of share application money. The petitioner, Gujarat Natural Resources Limited a company,...
![Due explanation of ground of receipt of Share Application Money: Gujarat HC quashes Reassessment [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/11/Share-Application-Money-Gujarat-HC-Reassessment-TAXSCAN.jpg "Due explanation of ground of receipt of Share Application Money: Gujarat HC quashes Reassessment [Read Order]")
Section 153C to be Applied for Assessment Proceedings Based on Material Seized from Third Party: ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT), Mumbai Bench, has recently, in an appeal filed before it, held that section 153c is to be applied for assessment proceedings, based on material seized from...
![Section 153C to be Applied for Assessment Proceedings Based on Material Seized from Third Party: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/11/Assessment-ITAT-taxscan.jpg "Section 153C to be Applied for Assessment Proceedings Based on Material Seized from Third Party: ITAT [Read Order]")
![Additions already made by AO on Capital Gain: ITAT quashes Order u/s 263 by PCIT [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/10/AO-Capital-Gain-ITAT-PCIT-taxscan.jpg "Additions already made by AO on Capital Gain: ITAT quashes Order u/s 263 by PCIT [Read Order]")
Penal Interest due to delay in Payment of Lease amount: ITAT directs to Capitalize under Project Expenses [Read Order]
The Income Tax Appellate Tribunal (ITAT), New Delhi Bench directed to capitalize under project expenses as there was Penal Interest due to delay in payment of lease amount. The assessee company,...
![Penal Interest due to delay in Payment of Lease amount: ITAT directs to Capitalize under Project Expenses [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/10/Penal-Interest-Payment-Lease-amount-ITAT-Project-Expenses-taxscan.jpg "Penal Interest due to delay in Payment of Lease amount: ITAT directs to Capitalize under Project Expenses [Read Order]")
![Misconception regarding Block period: Madras HC dismisses Appeal [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/10/Madras-HC-appeal-taxscan.jpeg "Misconception regarding Block period: Madras HC dismisses Appeal [Read Order]")
![No Proof of Delivery and Service of Notice: ITAT deletes Penalty [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/10/Service-Notice-ITAT-Penalty-taxscan.jpeg "No Proof of Delivery and Service of Notice: ITAT deletes Penalty [Read Order]")