![No addition shall be made without making Independent inquiry from concerned builder regarding purchase of property: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/No-addition-without-Independent-inquiry-concerned-builder-regarding-purchase-property-ITAT-TAXSCAN.jpg "No addition shall be made without making Independent inquiry from concerned builder regarding purchase of property: ITAT [Read Order]")
No addition shall be made without making Independent inquiry from concerned builder regarding purchase of property: ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT) Delhi bench held that no addition should be made without making independent inquiry from concerned builder...
![Reassessment shall not be framed u/s 153C of Income Tax Act, if notice for search proceedings issued u/s 153A of Act: ITAT deletes Penalty [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/Reassessment-Income-Tax-Act-notice-search-proceedings-Act-ITAT-Penalty-TAXSCAN.jpg "Reassessment shall not be framed u/s 153C of Income Tax Act, if notice for search proceedings issued u/s 153A of Act: ITAT deletes Penalty [Read Order]")
![Revision order Passed without Recording Whether Notice Issued is Served to Assessee or Not: ITAT Sets Aside Revision Order [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/Revision-Passed-Recording-Whether-Notice-Assessee-Not-ITAT-Revision-Order-TAXSCAN.jpg "Revision order Passed without Recording Whether Notice Issued is Served to Assessee or Not: ITAT Sets Aside Revision Order [Read Order]")
![Reopening cannot be Merely based on Retracted Statement in the Absence of Tangible Materials: ITAT deletes Addition u/s 153A of Income Tax Act [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/Reopening-Retracted-Statement-Absence-Tangible-Materials-ITAT-Income-Tax-Act-taxscan.jpeg "Reopening cannot be Merely based on Retracted Statement in the Absence of Tangible Materials: ITAT deletes Addition u/s 153A of Income Tax Act [Read Order]")
![Issuing Notices u/s 153C of Income Tax Act shall be from Six AYs immediately Preceding A.Y: ITAT dismiss Appeal [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/Issuing-Notices-Income-Tax-Act-shall-be-from-Six-AYs-immediately-Preceding-ITAT-dismiss-appeal-TAXSCAN.jpg "Issuing Notices u/s 153C of Income Tax Act shall be from Six AYs immediately Preceding A.Y: ITAT dismiss Appeal [Read Order]")
![No addition can be made in hands of Assessee based on Book of Another Firm: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/07/No-addition-addition-No-addition-can-be-made-in-hands-of-Assessee-hands-of-Assessee-Book-Book-of-Another-Firm-taxscan.jpg "No addition can be made in hands of Assessee based on Book of Another Firm: ITAT [Read Order]")
Income Tax Deduction u/s 80IA(4)(iii) Allowable on Obtaining Govt Approval to Industrial Park: Bombay HC [Read Order]
The Bombay High Court ruled that income tax deduction under Section 80IA(4)(iii) allowable on obtaining Government approval to Industrial Park. The Assessing Officer (AO), during the course of the...
![Income Tax Deduction u/s 80IA(4)(iii) Allowable on Obtaining Govt Approval to Industrial Park: Bombay HC [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/07/Income-Tax-Deduction-80IA4iii-Allowable-on-Obtaining-Govt-Approval-to-Industrial-Park-Bombay-HC-TAXSCAN.jpg "Income Tax Deduction u/s 80IA(4)(iii) Allowable on Obtaining Govt Approval to Industrial Park: Bombay HC [Read Order]")
![Mere Determination of Income based on Surmise and Conjecture is Grossly Illegal: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/07/Mere-Determination-of-Income-based-on-Surmise-and-Conjecture-is-Grossly-Illegal-ITAT-TAXSCAN.jpg "Mere Determination of Income based on Surmise and Conjecture is Grossly Illegal: ITAT [Read Order]")
ITAT Deletes Addition Made Towards Share Application Money Recorded in Books of Account on Unabated Assessment Year [Read Order]
The Income Tax Appellate Tribunal (ITAT) of Mumbai Bench deleted the addition made towards share application money recorded in books of account on unabated assessment year. The assessee Morpan...
![ITAT Deletes Addition Made Towards Share Application Money Recorded in Books of Account on Unabated Assessment Year [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/07/ITAT-deletes-addition-Share-Application-Money-Books-of-Account-taxscan.jpg "ITAT Deletes Addition Made Towards Share Application Money Recorded in Books of Account on Unabated Assessment Year [Read Order]")
No penalty shall be levied on profit rate of 8% estimated upon Gross Receipts as per provision of S. 44AD of Income Tax Act: ITAT
The Income Tax Appellate Tribunal (ITAT) Chandigarh Bench ruled that no penalty should be levied on profit rate of 8% estimated upon gross receipts as per provision of Section 44AD of Income Tax Act,...
No Income Tax Addition can be Made Without any Incriminating Materials being Unearthed during Search and Seizure: ITAT [Read Order]
The Delhi Bench of Income Tax Appellate Tribunal (ITAT) held that the addition made by the Assessing Officer (AO) in the absence of any incriminating material found during the search operation...
![No Income Tax Addition can be Made Without any Incriminating Materials being Unearthed during Search and Seizure: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/07/No-Income-Tax-Addition-Without-Incriminating-Materials-Unearthed-Search-Seizure-ITAT-TAXSCAN.jpg "No Income Tax Addition can be Made Without any Incriminating Materials being Unearthed during Search and Seizure: ITAT [Read Order]")
Unsecured Loan Availed not to be Treated as Unexplained Cash Credits u/s 68 of Income Tax Act: ITAT [Read Order]
The Delhi Bench of Income Tax Appellate Tribunal (ITAT) held that the unsecured loan availed by the assessee cannot be treated as unexplained cash credit under Section 68 of the Income Tax Act,1961...
![Unsecured Loan Availed not to be Treated as Unexplained Cash Credits u/s 68 of Income Tax Act: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/07/Unsecured-Loan-Availed-not-to-be-Treated-as-Unexplained-Cash-Credits-Income-Tax-Act-ITAT-TAXSCAN-1.jpg "Unsecured Loan Availed not to be Treated as Unexplained Cash Credits u/s 68 of Income Tax Act: ITAT [Read Order]")