![No Failure to Disclose Material Facts fully: ITAT invalidates Assessment Reopened after Four Years [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/ITAT-invalidates-assessment-reopened-ITAT-assessment-taxscan.jpg "No Failure to Disclose Material Facts fully: ITAT invalidates Assessment Reopened after Four Years [Read Order]")
No Failure to Disclose Material Facts fully: ITAT invalidates Assessment Reopened after Four Years [Read Order]
The Kolkata Bench of Income Tax Appellate Tribunal (ITAT) has invalidated assessment reopened after four years as there was no failure to disclose...
![AO Must Verify Source of Cash Deposits Made During Demonetization Period: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/AO-Verify-Source-Cash-Deposits-Demonetization-Period-ITAT-taxscan.jpg "AO Must Verify Source of Cash Deposits Made During Demonetization Period: ITAT [Read Order]")
![Issuance of notice u/s 148 of Income Tax Act for Reassessment shall not be made without Reasonable Belief: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/07/Issuance-notice-Income-Tax-Act-Reassessment-Reasonable-Belief-ITAT-taxscan.jpg "Issuance of notice u/s 148 of Income Tax Act for Reassessment shall not be made without Reasonable Belief: ITAT [Read Order]")
![Income Accrued in Year under Consideration shall be viewed as Real Income and Subject to Tax: ITAT sustains addition [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/07/Income-Accrued-Year-Consideration-Real-Income-Subject-Tax-taxscan.jpg "Income Accrued in Year under Consideration shall be viewed as Real Income and Subject to Tax: ITAT sustains addition [Read Order]")
![CIT(A) upholds addition of VSI Contribution and Sale of Sugar at Concessional Rate without appreciating Facts and Law: ITAT directs Fresh Adjudication [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/07/CITA-CITA-upholds-addition-CITA-upholds-addition-of-VSI-CITA-upholds-addition-of-VSI-Contribution-taxscan.jpg "CIT(A) upholds addition of VSI Contribution and Sale of Sugar at Concessional Rate without appreciating Facts and Law: ITAT directs Fresh Adjudication [Read Order]")
Only Profit Element of Bogus Purchase can be Added to Taxable Income Under Income Tax Act when Assessee Reconciled the Stock: Bombay HC [Read Order]
The Bombay High Court has held that only the profit element of a bogus purchase can be added to taxable income under the Income Tax Act, 1961 when the assessee reconciled the stock. The appellant...
![Only Profit Element of Bogus Purchase can be Added to Taxable Income Under Income Tax Act when Assessee Reconciled the Stock: Bombay HC [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/07/Profit-Element-of-Bogus-Purchase-Bogus-Purchase-Income-Tax-Act-Bombay-High-Court-Assessee-Taxable-Income-Under-Income-Tax-Act-Taxscan.jpg "Only Profit Element of Bogus Purchase can be Added to Taxable Income Under Income Tax Act when Assessee Reconciled the Stock: Bombay HC [Read Order]")
 ITAT upholds disallowance made u/s 35(1)(ii) of Income Tax Act towards donation given to School of Human Genetics and Population [Read Order]
The Income Tax Appellate Tribunal (ITAT) Kolkata Bench upheld disallowance made under Section 35(1)(ii) of Income Tax Act, 1961 towards donation given to school of Human Genetics and Population ...
![Â ITAT upholds disallowance made u/s 35(1)(ii) of Income Tax Act towards donation given to School of Human Genetics and Population [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/07/ITAT-upholds-disallowance-Income-Tax-Act-towards-donation-donation-given-to-School-of-Human-Genetics-and-Population-Income-Tax-Act-School-of-Human-Genetics-and-Population-taxscan.jpg "Â ITAT upholds disallowance made u/s 35(1)(ii) of Income Tax Act towards donation given to School of Human Genetics and Population [Read Order]")
Penalty Can't be Sustained on Fact that Notice Issued doesn't Disclose Specific Charge: ITAT deletes Penalty Imposed u/s 271(1)(c) of Income Tax Act [Read Order]
The Delhi bench of the Income Tax Appellate Tribunal (ITAT) held that the penalty cannot be sustained on the fact that the notice issued doesn’t disclose a specific charge, the penalty imposed under...
![Penalty Cant be Sustained on Fact that Notice Issued doesnt Disclose Specific Charge: ITAT deletes Penalty Imposed u/s 271(1)(c) of Income Tax Act [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/07/Penalty-Fact-Notice-Issued-Disclose-Specific-Charge-ITAT-Penalty-Imposed-Income-Tax-Act-ITAT.jpg "Penalty Cant be Sustained on Fact that Notice Issued doesnt Disclose Specific Charge: ITAT deletes Penalty Imposed u/s 271(1)(c) of Income Tax Act [Read Order]")
Revisionary Powers u/s 263 of Income Tax Act not prevails if AO Conducts Inquiry and Verification during Assessment: ITAT quashes Revision Order [Read Order]
The Pune Bench of Income Tax Appellate Tribunal has quashed the revisionary order passed by the Principal Commissioner of Income Tax (PCIT) under Section 263 of the Income Tax Act, 1961. The ITAT...
![Revisionary Powers u/s 263 of Income Tax Act not prevails if AO Conducts Inquiry and Verification during Assessment: ITAT quashes Revision Order [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/07/Revisionary-Powers-Income-Tax-Act-not-prevails-if-AO-Conducts-Inquiry-and-Verification-during-Assessment-ITAT-quashes-Revision-Order-TAXSCAN.jpg "Revisionary Powers u/s 263 of Income Tax Act not prevails if AO Conducts Inquiry and Verification during Assessment: ITAT quashes Revision Order [Read Order]")
Incorrect Claim of Deduction or Expenses Made in ITR does not Amount to Concealment of Income or Furnishing Inaccurate Particulars: ITAT sets aside NFAC Order [Read Order]
The Pune Bench of Income Tax Appellate Tribunal (ITAT) held that rejection of incorrect claim of deduction or expense made in the ITR, do not ispo facto tantamount to concealment of income or...
![Incorrect Claim of Deduction or Expenses Made in ITR does not Amount to Concealment of Income or Furnishing Inaccurate Particulars: ITAT sets aside NFAC Order [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/07/Incorrect-Claim-Incorrect-Claim-of-Deduction-Incorrect-Claim-Deduction-Expenses-taxscan.jpg "Incorrect Claim of Deduction or Expenses Made in ITR does not Amount to Concealment of Income or Furnishing Inaccurate Particulars: ITAT sets aside NFAC Order [Read Order]")
Mere Non-production of Evidence by the Creditor of Assessee doesn't result in Addition of Income: ITAT allows Appeal [Read Order]
The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) held that mere non-production of evidence by the creditor of the assessee doesn’t result in the addition of income. The assessee is a...
![Mere Non-production of Evidence by the Creditor of Assessee doesnt result in Addition of Income: ITAT allows Appeal [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/07/Mere-Non-production-Evidence-Creditor-Assessee-result-Addition-Income-ITAT-Appeal-TAXSCAN.jpg "Mere Non-production of Evidence by the Creditor of Assessee doesnt result in Addition of Income: ITAT allows Appeal [Read Order]")
Benefits of Exemption of Income Tax to Charitable Organization cannot be Deprived due to Technical Lapses: ITAT Condones Delay of 1098 Days [Read Order]
The Ahmedabad Bench of Income Tax Appellate Tribunal (ITAT) held that a charitable organization should not be deprived of the benefit of exemption available to it under Section 11 of the Income Tax...
![Benefits of Exemption of Income Tax to Charitable Organization cannot be Deprived due to Technical Lapses: ITAT Condones Delay of 1098 Days [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/07/Benefits-Exemption-Income-Tax-Charitable-Organization-Deprived-due-Technical-Lapses-ITAT-Condones-Delay-TAXSCAN.jpg "Benefits of Exemption of Income Tax to Charitable Organization cannot be Deprived due to Technical Lapses: ITAT Condones Delay of 1098 Days [Read Order]")