Intimation u/s 143(1) Neither contain Adjustment, Nor Demand nor Reduction of Refund regarding Exclusion of MEIS Licence from Book Profits u/s 115JB: ITAT directs Denovo Adjudication
The Delhi Bench of Income Tax Appellate Tribunal (ITAT) has directed Denovo adjudication as the intimation under Section 143(1) of the Income Tax Act...
![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]")
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]")
Issuance of Notice for Reopening Income Tax Assessment by ITO not having Territorial jurisdiction is invalid: ITAT [Read Order]
The Bangalore Bench of Income Tax Appellate Tribunal (ITAT) held that reopening of the assessment recorded by an Authority, who does not having territorial jurisdiction over the assessee is bad in...
![Issuance of Notice for Reopening Income Tax Assessment by ITO not having Territorial jurisdiction is invalid: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/Issuance-of-notice-for-reopening-income-tax-assessment-by-ITO-territorial-jurisdiction-is-invalid-ITAT-TAXSCAN.jpg "Issuance of Notice for Reopening Income Tax Assessment by ITO not having Territorial jurisdiction is invalid: ITAT [Read Order]")