ITAT Approves Rs. 4.41 Crore Deduction u/s 37 for R&D Unit Operations u/s 35(2)(AB) of Income Tax Act
The Delhi bench of the Income Tax Appellate Tribunal ( ITAT ) granted deduction under Section 37 as Rs. 4.41 crore expenditure justified for Research...
![AO Misconstrued Directions given by PCIT in Revisionary Order regarding Payment of Loans: ITAT directs re adjudication [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/05/AO-Misconstrued-Directions-PCIT-Revisionary-Order-Payment-of-Loans-ITAT-re-adjudication-TAXSCAN.jpg "AO Misconstrued Directions given by PCIT in Revisionary Order regarding Payment of Loans: ITAT directs re adjudication [Read Order]")
![Denial of Virtual Hearing on Ground that it was not in Prescribed Form: Kerala HC quashes Re-Assessment Order under Income Tax Act [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/05/Denial-of-Virtual-Hearing-Ground-Prescribed-Form-Kerala-HC-Re-Assessment-Order-Income-Tax-Act-taxscan.jpg "Denial of Virtual Hearing on Ground that it was not in Prescribed Form: Kerala HC quashes Re-Assessment Order under Income Tax Act [Read Order]")
![Assessee demonstrates Reasonable Cause for Cash Loan Availment u/s 273 B: ITAT deletes Penalty u/s 271D [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/03/demonstrates-Reasonable-Cause-Cash-Loan-Availment-us-273-B-ITAT-Penalty-us-271D-TAXSCAN.jpg "Assessee demonstrates Reasonable Cause for Cash Loan Availment u/s 273 B: ITAT deletes Penalty u/s 271D [Read Order]")
![ITAT quashes Assessment Order passed on Violation of Principles of Natural Justice [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/03/ITAT-Assessment-Order-Violation-of-Principles-of-Natural-Justice-taxscan.jpg "ITAT quashes Assessment Order passed on Violation of Principles of Natural Justice [Read Order]")
Interest earned on deposits kept for Business cannot be taxed as Income from other Sources: ITAT [Read Order]
The Delhi bench of Income Tax Appellate Tribunal ( ITAT ) ruled that interest earned on deposits kept for the purpose of business could not be taxed under income from other sources. The Appeal was...
![Interest earned on deposits kept for Business cannot be taxed as Income from other Sources: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/03/Interest-earned-deposits-Business-Income-from-other-Sources-ITAT-taxscan.jpg "Interest earned on deposits kept for Business cannot be taxed as Income from other Sources: ITAT [Read Order]")
Absence of Generated DIN in Notice of demand u/s 156 of Income Tax Act: ITAT quashes assessment order and Notice demand [Read Order]
In a major ruling, The Income Tax Appellate Tribunal (ITAT) quashed the assessment order and notice of demand under Section 156 of the Income Tax Act, 1961, due to the absence of a generated Document...
![Absence of Generated DIN in Notice of demand u/s 156 of Income Tax Act: ITAT quashes assessment order and Notice demand [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/03/DIN-Notice-of-demand-Income-Tax-Act-ITAT-taxscan.jpg "Absence of Generated DIN in Notice of demand u/s 156 of Income Tax Act: ITAT quashes assessment order and Notice demand [Read Order]")
Non Fulfilment of Conditions Prescribed in Provisions of Section 245C(1) of Income Tax Act: Kerala HC Dismisses Writ Petition
In a single judge verdict of the Kerala High Court rejected the assessee’s writ petition as the conditions prescribed in the provisions of Section 245C(1) of Income Tax Act have not been fulfilled. ...
Non reply to Section 133(6) of the Income Tax Act, Notice cannot necessarily lead to Disallowance of Petty Expenses: ITAT [Read Order]
In a significant ruling the Delhi bench of the Income Tax Appellate Tribunal ( ITAT ) observed that non reply to Section 133(6) of the Income Tax Act, 1961, notice cannot necessarily lead to...
![Non reply to Section 133(6) of the Income Tax Act, Notice cannot necessarily lead to Disallowance of Petty Expenses: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/02/Income-Tax-Act-Notice-necessarily-lead-Disallowance-Petty-Expenses-ITAT-taxscan.jpg "Non reply to Section 133(6) of the Income Tax Act, Notice cannot necessarily lead to Disallowance of Petty Expenses: ITAT [Read Order]")
AO cannot Re-open Assessment to Remedy Error Resulting from Oversight in Assessment Proceeding: Bombay HC [Read Order]
In a recent decision, the Bombay High Court observed that the Assessing Officer ( AO ) cannot re-open assessment to remedy error resulting from oversight in assessment proceeding. The petitioner...
![Punitive damages not allowable as Expenditure: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/01/Punitive-damages-Expenditure-ITAT-Punitive-damages-not-allowable-as-Expenditure-taxscan-1.jpg "Punitive damages not allowable as Expenditure: ITAT [Read Order]")
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 is not mandatory and cannot be initiated by the...
