![Carat Wise Stock Maintenance is Sufficient Compliance to Genuine Purchases in Diamond Trade :ITAT Deletes Addition [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/06/Carat-Wise-Stock-Maintenance-Carat-Wise-Stock-Genuine-Purchases-Diamond-Trade-Trade-ITAT-Deletes-Addition-ITAT-Addition-Taxscan.jpg "Carat Wise Stock Maintenance is Sufficient Compliance to Genuine Purchases in Diamond Trade :ITAT Deletes Addition [Read Order]")
Carat Wise Stock Maintenance is Sufficient Compliance to Genuine Purchases in Diamond Trade :ITAT Deletes Addition [Read Order]
The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) has deleted the addition holding carat wise stock maintenance was sufficient compliance to...
![Assessment Order u/s147 of Income Tax Act is Appealable Order: Calcutta HC Dismisses WP [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/06/Income-Tax-Act-is-Appealable-Order-Calcutta-HC-Dismisses-WP-HC-TAXSCAN.jpg "Assessment Order u/s147 of Income Tax Act is Appealable Order: Calcutta HC Dismisses WP [Read Order]")
![ITAT Deletes Addition to Income of Elderly Agriculturist Based on Adequate Justification and Proper Account Maintenance [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/06/ITAT-Deletes-Addition-to-Income-of-Elderly-Agriculturist-Based-on-Adequate-Justification-and-Proper-Account-Maintenance-TAXSCAN.jpg "ITAT Deletes Addition to Income of Elderly Agriculturist Based on Adequate Justification and Proper Account Maintenance [Read Order]")
![Reassessment Proceedings u/s 147 of IT Act completed without Proper Hearing : ITAT directs Re-adjudication [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/06/Reassessment-proceedings-Reassessment-IT-Act-ITAT-directs-re-adjudication-taxscan.jpg "Reassessment Proceedings u/s 147 of IT Act completed without Proper Hearing : ITAT directs Re-adjudication [Read Order]")
![Sale Consideration of Agricultural Land Assessed to Tax without Adjusting the Cost of Acquisition: Delhi HC dismisses Petition, Directs to Seek Statutory Remedy [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/06/Sale-Consideration-of-Agricultural-Land-Sale-Consideration-Agricultural-Land-Tax-Adjusting-the-Cost-of-Acquisition-Cost-of-Acquisition-Delhi-HC-dismisses-Petition-Delhi-High-Court-taxscan.jpg "Sale Consideration of Agricultural Land Assessed to Tax without Adjusting the Cost of Acquisition: Delhi HC dismisses Petition, Directs to Seek Statutory Remedy [Read Order]")
Credit Entries Appearing in Current & Savings Accounts are Gross Receipts from Business Transactions, 8% Profit Rate Applicable: ITAT
The Chennai bench of the Income Tax Appellate Tribunal (ITAT) has recently held that credit entries appearing in current and saving accounts are gross receipts from business transactions hence 8%...
![Assessment Order without Issuing proper Notice: ITAT quashes Assessment Order and Addition [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/05/Assessment-Order-Issuing-proper-Notice-ITAT-quashes-Assessment-Order-ITAT-quashes-Addition-taxscan.jpg "Assessment Order without Issuing proper Notice: ITAT quashes Assessment Order and Addition [Read Order]")
AO violates Principles of Natural Justice by refusing Accommodation Request showing Failure to disclose Sale Consideration: Delhi HC directs Re-Adjudication [Read Order]
A Division Bench of Justice Rajiv Shakdher and Justice Girish Kathpalia of Delhi High Court has set aside the order assessment order passed under Section 148A(d) of the Income Tax Act, 1961. Also,...
![AO violates Principles of Natural Justice by refusing Accommodation Request showing Failure to disclose Sale Consideration: Delhi HC directs Re-Adjudication [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/05/AO-Accommodation-request-sale-consideration-Delhi-HC-Readjudication-Principles-of-natural-justice-violation-of-principles-of-natural-justice-Taxscan.jpg "AO violates Principles of Natural Justice by refusing Accommodation Request showing Failure to disclose Sale Consideration: Delhi HC directs Re-Adjudication [Read Order]")
Section 245C (1) Application under Income Tax Act, not Maintainable in Absence of Case for Relevant AY: Delhi HC [Read Order]
The Delhi High Court ruled that Section 245C (1) application under the Income Tax Act is not maintainable in the absence of a case for the relevant Assessment years (AY). The petitioner, Bishan...
![Section 245C (1) Application under Income Tax Act, not Maintainable in Absence of Case for Relevant AY: Delhi HC [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/05/Income-Tax-Act-Application-under-Income-Tax-Act-not-Maintainable-in-Absence-of-Case-for-Relevant-AY-Delhi-High-Court-Taxscan.jpg "Section 245C (1) Application under Income Tax Act, not Maintainable in Absence of Case for Relevant AY: Delhi HC [Read Order]")
Retaining Explanation to Section 245A of the Income Tax Act serves the purpose of explaining the scope of Section 245A, literal interpretation is sufficient: Delhi HC
In a recent judgment, the Delhi High Court ruled that the Retaining Explanation to Section 245A of the Income Tax Act serves the purpose of explaining the scope of Section 245A of the Income Tax Act...
Assessment Order passed u/s 147 of Income Tax Act against Non-Existing Entity is Void Ab Initio: ITAT [Read Order]
The Delhi bench of Income Tax Appellate Tribunal (ITAT) has recently held that assessment order passed under Section 147 of the Income Tax Act, 1961 against non-existing entities is void ab...
![Assessment Order passed u/s 147 of Income Tax Act against Non-Existing Entity is Void Ab Initio: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/05/Assessment-Order-Income-Tax-Act-Non-Existing-Entity-Void-Ab-Initio-ITAT.jpg "Assessment Order passed u/s 147 of Income Tax Act against Non-Existing Entity is Void Ab Initio: ITAT [Read Order]")
ITAT quashes Ex-parte Order due to Non-Service of Notice, grants Assessee Opportunity of Hearing [Read Order]
The Ahmedabad bench of the Income Tax Appellate Tribunal (ITAT) recently quashed an ex-parte order due to the non-service of notice and granted the assessee the opportunity of hearing. The...
![ITAT quashes Ex-parte Order due to Non-Service of Notice, grants Assessee Opportunity of Hearing [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/05/ITAT-ITAT-quashes-Ex-parte-Order-Ex-parte-Order-Non-Service-of-Notice-Assessee-Opportunity-of-Hearing-Notice-Assessee-Opportunity-of-Hearing-taxscan.jpg "ITAT quashes Ex-parte Order due to Non-Service of Notice, grants Assessee Opportunity of Hearing [Read Order]")