![ITAT Upholds CIT(A) Decision Deleting Addition for Alleged Bogus Purchases, Citing Genuine Sales and Statement Retraction [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/12/ITAT-Ahmedabad-income-tax-Bogus-Purchases-Citing-Genuine-Sales-Taxscan.jpg "ITAT Upholds CIT(A) Decision Deleting Addition for Alleged Bogus Purchases, Citing Genuine Sales and Statement Retraction [Read Order]")
ITAT Upholds CIT(A) Decision Deleting Addition for Alleged Bogus Purchases, Citing Genuine Sales and Statement Retraction [Read Order]
The Ahmedabad Bench of Income Tax Appellate Tribunal ( ITAT ) upheld the Commissioner of Income Tax(Appeals)[CIT(A)]'s decision deleting the addition...
![Reassessment Based on Insight Portal Information must be u/s 147/148, Not Section 153C: Delhi HC [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/12/Delhi-HC-Delhi-High-Court-Reassessment-Based-on-Insight-Portal-Reassessment-Insight-Portal-Information-taxscan.jpg "Reassessment Based on Insight Portal Information must be u/s 147/148, Not Section 153C: Delhi HC [Read Order]")
![Treatment of Interest on Noida Land Acquisition Compensation under Dispute: ITAT directs AO to Consider Matter Afresh [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/11/ITAT-Delhi-Income-Tax-Interest-on-Compensation-taxscan.jpg "Treatment of Interest on Noida Land Acquisition Compensation under Dispute: ITAT directs AO to Consider Matter Afresh [Read Order]")
![Section 147 and 153C of Income Tax can be Applied Interchangeably: ITAT upholds Reassessment u/s 147 in Bogus Purchase Matter [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/12/Section-147-153C-of-Income-Tax-Applied-Interchangeably-ITAT-Reassessment-Bogus-Purchase-Matter-taxscan.jpg "Section 147 and 153C of Income Tax can be Applied Interchangeably: ITAT upholds Reassessment u/s 147 in Bogus Purchase Matter [Read Order]")
![ITAT sets aside CIT(A) Order in Unexplained Income Case Involving Suspicious Mother-Son Transaction [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/11/ITAT-ITAT-Kolkata-Income-Tax-unexplained-income-case-Income-Tax-Appellate-Tribunal-TAXSCAN.jpg "ITAT sets aside CIT(A) Order in Unexplained Income Case Involving Suspicious Mother-Son Transaction [Read Order]")
Incomplete Disclosure of Seized Material and Statements: Karnataka HC quashes Income Tax Assessment Order u/s 147 [Read Order]
In a recent ruling, the Karnataka High Court quashed the assessment order under Section 147 of the Income Tax Act, 1961, due to incomplete disclosure of seized materials and statements by the...
![Incomplete Disclosure of Seized Material and Statements: Karnataka HC quashes Income Tax Assessment Order u/s 147 [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/11/Karnataka-HC-Karnataka-High-Court-Karnataka-HC-quashes-Income-Tax-Income-Tax-Assessment-Order-Income-Tax-Assessment-taxscan.jpg "Incomplete Disclosure of Seized Material and Statements: Karnataka HC quashes Income Tax Assessment Order u/s 147 [Read Order]")
Relief to Revenue: Delhi HC Affirms AO’s Reassessment u/s 147 on basis of Third-Party search Findings [Read Order]
The Delhi High Court recently remitted matter back to the file of the Income Tax Appellate Tribunal (ITAT) observing that a jurisdictional Assessing Officer (AO) may initiate reassessment...
![Relief to Revenue: Delhi HC Affirms AO’s Reassessment u/s 147 on basis of Third-Party search Findings [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/11/Relief-to-Revenue-Delhi-HC-Affirms-basis-of-Third-Party-Third-Party-search-Findings-AOs-Reassessment-search-Findings-Affirms-AOs-Reassessment-taxscan.jpg "Relief to Revenue: Delhi HC Affirms AO’s Reassessment u/s 147 on basis of Third-Party search Findings [Read Order]")
![ITAT dismisses Revenue Appeal on Ground of CBDT Circular on Low Tax Effect [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/11/ITAT-Income-Tax-ITAT-Ahmedabad-Income-Tax-Appellate-Tribunal-low-tax-effect-TAXSCAN.jpg "ITAT dismisses Revenue Appeal on Ground of CBDT Circular on Low Tax Effect [Read Order]")
ITAT deletes Disallowance of Trading Loss on Alleged Penny Stock Shares Due to Insufficient Evidence of Price Manipulation [Read Order]
The Ahmedabad Bench of the Income Tax Appellate Tribunal (ITAT) deleted the disallowance of trading losses claimed by the assessee on alleged penny stock shares, citing insufficient evidence of price...
![ITAT deletes Disallowance of Trading Loss on Alleged Penny Stock Shares Due to Insufficient Evidence of Price Manipulation [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/11/ITAT-Disallowance-Trading-Loss-Penny-Stock-Shares-Insufficient-Evidence-Price-Manipulation-taxscan.jpg "ITAT deletes Disallowance of Trading Loss on Alleged Penny Stock Shares Due to Insufficient Evidence of Price Manipulation [Read Order]")
ITAT Remands Case to CIT(A) for Reassessment, Allowing Assessee Another Opportunity to Substantiate Rs. 51.20 Lacs Cash Credit [Read Order]
The Chennai Bench of Income Tax Appellate Tribunal ( ITAT ) remanded the case to the Commissioner of Income Tax (Appeals) [CIT(A)] for reassessment, allowing the assessee another opportunity to...
![ITAT Remands Case to CIT(A) for Reassessment, Allowing Assessee Another Opportunity to Substantiate Rs. 51.20 Lacs Cash Credit [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/11/ITAT-Chennai-ITAT-Income-Tax-Cash-Credit-taxscan.jpg "ITAT Remands Case to CIT(A) for Reassessment, Allowing Assessee Another Opportunity to Substantiate Rs. 51.20 Lacs Cash Credit [Read Order]")
ITAT Restores Matter to AO for Fresh Assessment, allowing Assessee to Submit Additional Evidence [Read Order]
The Delhi Bench of Income Tax Appellate Tribunal ( ITAT ) restored the matter to the Assessing Officer (AO) for a fresh assessment, allowing the assessee to submit additional evidence. Simmi...
![ITAT Restores Matter to AO for Fresh Assessment, allowing Assessee to Submit Additional Evidence [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/11/ITAT-ITAT-Delhi-Income-Tax-Appellate-Tribunal-fresh-assessment-taxscan.jpg "ITAT Restores Matter to AO for Fresh Assessment, allowing Assessee to Submit Additional Evidence [Read Order]")
AO adds ₹15 Lakh for Alleged Fake Loan given Based on Third-Party Information: ITAT deletes Addition Citing Genuine Transaction [Read Order]
The Surat Bench of Income Tax Appellate Tribunal ( ITAT ) deleted Rs. 15 Lakh addition alleged accommodation entries in the form of loans based on third-party information citing that the transaction...
![AO adds ₹15 Lakh for Alleged Fake Loan given Based on Third-Party Information: ITAT deletes Addition Citing Genuine Transaction [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/10/ITAT-ITAT-Surath-Fake-Loan-ITAT-Deletes-Addition-Genuine-Transaction-ITAT-deletes-15-lakh-addition-taxscan.jpg "AO adds ₹15 Lakh for Alleged Fake Loan given Based on Third-Party Information: ITAT deletes Addition Citing Genuine Transaction [Read Order]")