![Books of account being audited and no pointing out of defect before initiation of proceedings u/s 147 proves findings by AO was based on wrong assumption of facts: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/Books-of-account-being-audited-and-pointing-out-of-defect-before-initiation-of-proceedings-findings-by-AO-wrong-assumption-of-facts-ITAT-TAXSCAN.jpg "Books of account being audited and no pointing out of defect before initiation of proceedings u/s 147 proves findings by AO was based on wrong assumption of facts: ITAT [Read Order]")
Books of account being audited and no pointing out of defect before initiation of proceedings u/s 147 proves findings by AO was based on wrong assumption of facts: ITAT [Read Order]
The Ahmedabad bench of the Income Tax Appellate Tribunal (ITAT) held that proceedings under Section 147 of the Income Tax Act being initiated by AO...
![Sufficiency or Correctness of Material need not be Considered at the Stage of Recording Reasons: ITAT upholds Reassessment u/s 147 of Income Tax Act [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/Sufficiency-Sufficiency-or-Correctness-of-Material-Sufficiency-or-Correctness-of-Material-need-not-be-Considered-at-the-Stage-of-Recording-Reasons-ITAT-taxscan.jpg "Sufficiency or Correctness of Material need not be Considered at the Stage of Recording Reasons: ITAT upholds Reassessment u/s 147 of Income Tax Act [Read Order]")
![Request of 10-days Adjournment to file SCN Response not Considered by Income Tax Dept: Delhi HC sets aside Assessment Order [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/Request-Adjournment-SCN-Response-SCN-Income-Tax-Dept-Delhi-High-Court-Assessment-Order-taxscan.jpg "Request of 10-days Adjournment to file SCN Response not Considered by Income Tax Dept: Delhi HC sets aside Assessment Order [Read Order]")
![Unsecured Loans and Share Application Money cannot be Bogus in the Absence of Evidence as to Identity and Creditworthiness of Creditors and Genuineness of Transaction: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/Loans-Share-Application-Money-Bogus-Absence-Evidence-Identity-Creditworthiness-Creditors-Genuineness-Transaction-ITAT-TAXSCAN.jpg "Unsecured Loans and Share Application Money cannot be Bogus in the Absence of Evidence as to Identity and Creditworthiness of Creditors and Genuineness of Transaction: ITAT [Read Order]")
AO can initiate Reassessment Proceedings based on information from Investigation Wing: ITAT dismisses Appeal [Read Order]
The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) held that the Assessing Officer can initiate reassessment proceedings based on the information from the investigation wing. The...
![AO can initiate Reassessment Proceedings based on information from Investigation Wing: ITAT dismisses Appeal [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/AO-Reassessment-Proceedings-based-on-information-from-Investigation-Wing-ITAT-TAXSCAN.jpg "AO can initiate Reassessment Proceedings based on information from Investigation Wing: ITAT dismisses Appeal [Read Order]")
Deletion of Income Tax Addition on Account of Unexplained Investment due to Absence of Documents and Evidences: ITAT upholds CIT(A) Order [Read Order]
The Ahmedabad Bench of Income Tax Appellate Tribunal (ITAT) held that the Revenue was unable to demonstrate documents or evidence, as to the basis with the AO for treating the assessee to have...
![Deletion of Income Tax Addition on Account of Unexplained Investment due to Absence of Documents and Evidences: ITAT upholds CIT(A) Order [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/Income-Tax-Addition-Income-Tax-Account-of-Unexplained-Investment-Unexplained-Investment-Documents-and-Evidences-Documents-Evidences-ITAT-CITA-Order-taxscan.jpg "Deletion of Income Tax Addition on Account of Unexplained Investment due to Absence of Documents and Evidences: ITAT upholds CIT(A) Order [Read Order]")
Capital Gain Deduction u/s 54 Allowable in the Year of Handing Over of Possession, not in the Year of Payment of Consideration: ITAT [Read Order]
The Delhi Bench of Income Tax Appellate Tribunal (ITAT) has held that the capital gain deduction under Section 54 of the Income Tax Act, 1961 could be allowable in the year of handing over of...
![Capital Gain Deduction u/s 54 Allowable in the Year of Handing Over of Possession, not in the Year of Payment of Consideration: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/Capital-Gain-Deduction-Year-Handing-Possession-Year-Payment-Consideration-ITAT-TAXSCAN.jpg "Capital Gain Deduction u/s 54 Allowable in the Year of Handing Over of Possession, not in the Year of Payment of Consideration: ITAT [Read Order]")
Deduction on Actual cost allowable before imposition of Tax on entire amount received from Sale of land: ITAT directs fresh Adjudication [Read Order]
The Indore bench of the Income Tax Appellate Tribunal (ITAT) held that the deduction on actual cost is allowable before the imposition of tax on the entire amount received from the sale of land. A...
![Deduction on Actual cost allowable before imposition of Tax on entire amount received from Sale of land: ITAT directs fresh Adjudication [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/Deduction-on-Actual-cost-imposition-of-Tax-Deduction-amount-received-from-Sale-of-land-ITAT-directs-fresh-Adjudication-Sale-of-land-taxscan.jpg "Deduction on Actual cost allowable before imposition of Tax on entire amount received from Sale of land: ITAT directs fresh Adjudication [Read Order]")
AO's failure to verify Nature and Source of Income: ITAT upholds Revision Order of Pr. CIT [Read Order]
The Raipur branch of the Income Tax Appellate Tribunal (ITAT) upheld the revision order issued by the Principal Commissioner of Income Tax (Pr. CIT) under Section 263 of Income Tax Act, 1961 on...
![AOs failure to verify Nature and Source of Income: ITAT upholds Revision Order of Pr. CIT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/Reopening-Reopening-Case-initiated-failure-Cash-deposits-AO-taxscan-1.jpg "AOs failure to verify Nature and Source of Income: ITAT upholds Revision Order of Pr. CIT [Read Order]")
Relief to Ultratech: Assesment Proceeding cannot be Reopened u/s 147 of Income Tax Act by AO due to Mere 'Change in Opinion' [Read Order]
The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) held that the Assessing Officer (AO) has not laid his hands on any new material post original assessment, reopening of assessment is nothing...
![Relief to Ultratech: Assesment Proceeding cannot be Reopened u/s 147 of Income Tax Act by AO due to Mere Change in Opinion [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/Relief-to-Ultratech-Assesment-Proceeding-cannot-be-Reopened-Ultratech-Income-Tax-Income-Tax-taxscan.jpg "Relief to Ultratech: Assesment Proceeding cannot be Reopened u/s 147 of Income Tax Act by AO due to Mere Change in Opinion [Read Order]")