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...
![Corpus Specific Voluntary Contribution is a Capital Receipt and cant be offered to Tax in case of Trust not Registered u/s 12A: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/12/Capital-Receipt-ITAT-Income-Tax-Appellate-Tribunal-TAXSCAN.jpg "Corpus Specific Voluntary Contribution is a Capital Receipt and cant be offered to Tax in case of Trust not Registered u/s 12A: ITAT [Read Order]")
![Deduction u/s 115JB shall be allowed when Farmer and Trade Advances are actually Written off in Books of Account: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/11/Deduction-Farmer-Farmer-and-Trade-Farmer-and-Trade-Advances-Written-off-taxscan.jpg "Deduction u/s 115JB shall be allowed when Farmer and Trade Advances are actually Written off in Books of Account: ITAT [Read Order]")
![Unsold flats categorized as Stock in Trade should be assessed as Business Income, not Income from House Property: ITAT quashes Revision Order [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/11/Unsold-flats-Stock-in-Trade-should-be-assessed-as-Business-Income-Income-House-Property-ITAT-Revision-Order-TAXSCAN.jpg "Unsold flats categorized as Stock in Trade should be assessed as Business Income, not Income from House Property: ITAT quashes Revision Order [Read Order]")
![Levy of Interest u/s. 115P and DDT Liability u/s. 115O does not Arise out of Assessment Order u/s.143(3) of Income Tax Act: ITAT Quashes Revision Order [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/11/ITAT-Quashes-Revision-Order-Revision-Order-ITAT-Quashes-ITAT-News-Tax-News-Income-Tax-News-Quashes-Revision-Order-TAXSCAN.jpg "Levy of Interest u/s. 115P and DDT Liability u/s. 115O does not Arise out of Assessment Order u/s.143(3) of Income Tax Act: ITAT Quashes Revision Order [Read Order]")
Suspension of Airline Operations for a Particular period due to losses does not amount to Cessation of Business: ITAT deletes Addition made towards disallowance of expenditure [Read Order]
The Income Tax Appellate Tribunal (ITAT), Delhi bench during deleting the addition made towards the disallowance of the expenditure held that suspension of airline operations for a particular period...
![Suspension of Airline Operations for a Particular period due to losses does not amount to Cessation of Business: ITAT deletes Addition made towards disallowance of expenditure [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/11/Suspension-Airline-Operations-Particular-period-losses-amount-Cessation-of-Business-ITAT-disallowance-of-expenditure-taxscan.jpg "Suspension of Airline Operations for a Particular period due to losses does not amount to Cessation of Business: ITAT deletes Addition made towards disallowance of expenditure [Read Order]")
![Delhi HC Stays Time Barred Notice Issued u/s 148 of Income Tax Act [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/11/Delhi-High-Court-Delhi-High-Court-Stays-Time-Barred-Notice-Stays-Time-Barred-Notice-Time-Barred-Notice-Notice-Income-Tax-Act-Income-Tax-Tax-News-TAXSCAN.jpg "Delhi HC Stays Time Barred Notice Issued u/s 148 of Income Tax Act [Read Order]")
ITAT quashes reassessment framed u/s.143(3) of Income Tax Act beyond 4 years on absence of establishing failure on part of assessee [Read Order]
The Income Tax Appellate Tribunal (ITAT), Chennai bench quashed reassessment framed under section 143(3) of the Income Tax Act, 1961 beyond 4 years in absence of establishing failure on part of...
![ITAT quashes reassessment framed u/s.143(3) of Income Tax Act beyond 4 years on absence of establishing failure on part of assessee [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/11/ITAT-ITAT-quashes-reassessment-Income-Tax-Act-failure-assessee-taxscan.jpg "ITAT quashes reassessment framed u/s.143(3) of Income Tax Act beyond 4 years on absence of establishing failure on part of assessee [Read Order]")
Relief to SIL Investments: Delhi HC upholds Deletion of Disallowance u/s 80M of Income Tax Act [Read Order]
The Delhi High Court upheld the deletion of disallowance under Section 80M of the Income Tax Act, 1961 thereby granting relief to SIL Investments Ltd. The respondent/assessee filed its Return of...
![Relief to SIL Investments: Delhi HC upholds Deletion of Disallowance u/s 80M of Income Tax Act [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/11/Relief-to-SIL-Investments-Delhi-HC-Deletion-Disallowance-80M-Income-Tax-Act-TAXSCAN.jpg "Relief to SIL Investments: Delhi HC upholds Deletion of Disallowance u/s 80M of Income Tax Act [Read Order]")
ITAT deletes TDS demand against Resident Transporter of goods as Payment was less than Threshold Limit [Read Order]
The Chennai Bench of Income Tax Appellate Tribunal (ITAT) has deleted the Tax Deducted at Source (TDS) demand against resident transporter of goods as payment was less than the threshold limit. ...
![ITAT deletes TDS demand against Resident Transporter of goods as Payment was less than Threshold Limit [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/11/ITAT-TDS-Resident-Transporter-Payment-Threshold-Limit-TAXSCAN.jpg "ITAT deletes TDS demand against Resident Transporter of goods as Payment was less than Threshold Limit [Read Order]")
No Addition can be made u/s 153A in absence of Incriminating Material found during course of Search conducted u/s 132 of Income Tax Act: ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT), Chandigarh bench, held that no addition could be made under Section 153A of the Income Tax Act, 1961, in the absence of incriminating material found during...
![No Addition can be made u/s 153A in absence of Incriminating Material found during course of Search conducted u/s 132 of Income Tax Act: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/10/No-Addition-Incriminating-Material-during-course-Search-conducted-Income-Tax-Act-ITAT-TAXSCAN.jpg "No Addition can be made u/s 153A in absence of Incriminating Material found during course of Search conducted u/s 132 of Income Tax Act: ITAT [Read Order]")
Appeal against Assessment order passed u/s 143:Â Kerala HC directs to deposit Pre deposit of Assessed Tax [Read Order]
The Kerala High Court in a recent judgement has directed the petitioner assessee to deposit a deposit of assessed tax for appeal against the assessment order passed under section 143 of the Income...
