Delayed Payment on Balance Amount of Self Assessment Tax not amount to Tax Arrear under DTVSV Act: Bombay HC [Read Order]
The Bombay High Court (HC) has held that delayed payment on the balance amount of self-assessment tax does not amount to tax arrears under Direct Tax...
![Disallowance made by AO u/s 40(a)(ia) for non-deduction of TDS and recovery of rent from assessee by holding company are not sustainable: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/Disallowance-AO-non-deduction-of-TDS-and-recovery-of-rent-from-assessee-by-holding-company-sustainable-ITAT-TAXSCAN.jpg "Disallowance made by AO u/s 40(a)(ia) for non-deduction of TDS and recovery of rent from assessee by holding company are not sustainable: ITAT [Read Order]")
![Govt Grants Received in Lieu of FRP need not be Reduced from Cost of Capital Assets: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/Govt-Received-Lieu-FRP-Reduced-Cost-Capital-Assets-ITAT-TAXSCAN.jpg "Govt Grants Received in Lieu of FRP need not be Reduced from Cost of Capital Assets: ITAT [Read Order]")
![Application of Section 147 of Income Tax Act by AO having Tangible Material in Possession indicating Escapement of Income Chargeable to Tax is Valid: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/Application-Income-Tax-Act-AO-Tangible-Material-Possession-Escapement-Income-Chargeable-Tax-Valid-ITAT-TAXSCAN.jpg "Application of Section 147 of Income Tax Act by AO having Tangible Material in Possession indicating Escapement of Income Chargeable to Tax is Valid: ITAT [Read Order]")
Mere adoption of information from Officer of investigation wing of Income Tax Dept cannot be characterized as bonafide belief of AO in absence of cogent material: ITAT quashes order of CIT(A)
The Delhi bench of the Income Tax Appellate Tribunal (ITAT) he that alleged information from other officer of the dept. has to be reckoned as abstract, ba and bare one and thus has no rational...
Foreign Tax Credit cannot be Denied if Form 67 Prescribed under Rule 128 of Income Tax Rules not Filed but filed before Completion of Assessment: ITAT [Read Order]
The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) has held that the foreign Tax Credit (FTC) could not be denied if form no.67 prescribed under rule 128 of the Income Tax Rules were not filed...
![Foreign Tax Credit cannot be Denied if Form 67 Prescribed under Rule 128 of Income Tax Rules not Filed but filed before Completion of Assessment: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/Foreign-Tax-Credit-Denied-Rule-128-Income-Tax-Filed-filed-Completion-Assessment-ITAT-TAXSCAN.jpg "Foreign Tax Credit cannot be Denied if Form 67 Prescribed under Rule 128 of Income Tax Rules not Filed but filed before Completion of Assessment: ITAT [Read Order]")
Survey cannot be based only for treating on-money when purchaser as well as registered sale documents state amount of purchase clearly without contradiction: ITAT deletes addition [Read Order]
The Ahmedabad bench of the Income Tax Appellate Tribunal held that the survey cannot be only based for treating the said amount as on-money and when the purchaser as well as registered sale documents...
![Survey cannot be based only for treating on-money when purchaser as well as registered sale documents state amount of purchase clearly without contradiction: ITAT deletes addition [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/Survey-sale-documents-contradiction-ITAT-ITAT-deletes-addition-addition-income-tax-act-taxscan.jpg "Survey cannot be based only for treating on-money when purchaser as well as registered sale documents state amount of purchase clearly without contradiction: ITAT deletes addition [Read Order]")
Deduction u/s 11 of Income Tax Act shall not be denied, if Audit Report filed along with Return of Income is available in during assessment proceedings: ITAT upholds Order of CIT(A) [Read Order]
The Income Tax Appellate Tribunal (ITAT) Ahmedabad bench held that deduction under Section 11 of Income Tax Act, 1961 should not be denied, if an audit report filed along with return of income is...
![Deduction u/s 11 of Income Tax Act shall not be denied, if Audit Report filed along with Return of Income is available in during assessment proceedings: ITAT upholds Order of CIT(A) [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/Deduction-Income-Tax-Act-denied-Audit-Report-Return-Income-available-assessment-proceedings-ITAT-TAXSCAN.jpg "Deduction u/s 11 of Income Tax Act shall not be denied, if Audit Report filed along with Return of Income is available in during assessment proceedings: ITAT upholds Order of CIT(A) [Read Order]")
Disallowances on Delay in making Payment towards PF & ESI can't be initiated when Payment is made before filling of ITR: ITAT [Read Order]
The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) held that the disallowances on grounds of delay in making the payments towards the Provident fund (PF) and Employees state insurance (ESI)...
![Disallowances on Delay in making Payment towards PF & ESI cant be initiated when Payment is made before filling of ITR: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/Disallowances-on-Delay-PF-and-ESI-Payment-filling-of-ITR-ITAT-Delay-in-making-Payment-towards-PF-and-ESI-taxscan.jpg "Disallowances on Delay in making Payment towards PF & ESI cant be initiated when Payment is made before filling of ITR: ITAT [Read Order]")
ITAT upholds Assessment Order passed u/s 143(3) of Income Tax Act based on intimation made by section 143(1) of Act [Read Order]
The Income Tax Appellate Tribunal (ITAT) Bangalore bench upheld the assessment order passed under Section 143(3) of Income Tax Act, 1961 based on the intimation made by section 143(1) of the Income...
![ITAT upholds Assessment Order passed u/s 143(3) of Income Tax Act based on intimation made by section 143(1) of Act [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/ITAT-assesment-assesment-order-income-tax-act-taxscan.jpg "ITAT upholds Assessment Order passed u/s 143(3) of Income Tax Act based on intimation made by section 143(1) of Act [Read Order]")
Disallowance of Contingent Liability shall not be Entertained as it does not form part of P&L Account: ITAT [Read Order]
The Delhi bench of the Income Tax Appellate Tribunal (ITAT) held that the disallowances of contingent liability shall not be entertained as it does not form part of the profit &loss account. ...
![Disallowance of Contingent Liability shall not be Entertained as it does not form part of P&L Account: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/Disallowance-Contingent-Liability-Entertained-as-P-L-Account-ITAT-TAXSCAN.jpg "Disallowance of Contingent Liability shall not be Entertained as it does not form part of P&L Account: ITAT [Read Order]")