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...
![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]](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]")
![No Addition can be made u/s 153A of the Income Tax Act in the Absence of Seizure of Incriminating Materials during Search Proceedings: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/06/No-Addition-Income-Tax-Act-Seizure-of-Incriminating-Materials-during-Search-Proceedings-Seizure-of-Incriminating-Materials-Search-Proceedings-ITAT-Taxscan.jpg "No Addition can be made u/s 153A of the Income Tax Act in the Absence of Seizure of Incriminating Materials during Search Proceedings: ITAT [Read Order]")
![Material Found from Premises of Third Parties cannot be Utilized against Assessee for making Assessment u/s 143(3) r.w.s. 153A of IT Act :ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/06/Material-Found-from-Premises-Third-Parties-cannot-be-utilized-assessee-for-making-Assessment-ITAT-TAXSCAN.jpg "Material Found from Premises of Third Parties cannot be Utilized against Assessee for making Assessment u/s 143(3) r.w.s. 153A of IT Act :ITAT [Read Order]")
Income from Sale of Agricultural land is not Capital Asset u/s 2(14)(iii) of IT Act, not Taxable: ITAT [Read Order]
The Delhi bench of the Income Tax Appellate Tribunal (ITAT) ruled that the income derived from sale of agricultural land is not capital asset under section 2(14)(iii) of Income Tax ...
![Income from Sale of Agricultural land is not Capital Asset u/s 2(14)(iii) of IT Act, not Taxable: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/06/Income-from-Sale-of-Agricultural-land-is-not-Capital-Asset-ITAT-TAXSCAN.jpg "Income from Sale of Agricultural land is not Capital Asset u/s 2(14)(iii) of IT Act, not Taxable: ITAT [Read Order]")
Addition made by AO u/s 68 of IT Act could not made in Absence of any Incriminating Material: ITAT quashes Order [Read Order]
The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) quashed the order passed by the assessing officer under section 68 of the Income Tax Act,1961 for an addition made in the absence of...
![Addition made by AO u/s 68 of IT Act could not made in Absence of any Incriminating Material: ITAT quashes Order [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/06/IT-Act-could-not-made-Absence-of-any-Incriminating-Material-ITAT-TAXSCAN.jpg "Addition made by AO u/s 68 of IT Act could not made in Absence of any Incriminating Material: ITAT quashes Order [Read Order]")
No Penalty under Section 271AAA(2) when Assessee Disclosed Undisclosed Income in Section 132(4) Statement: ITAT [Read Order]
The New Delhi bench of the Income Tax Appellate Tribunal (ITAT) recently ruled that the penalty cannot be imposed under Section 271AAA(2) when the assessee disclosed undisclosed income in a statement...
![No Penalty under Section 271AAA(2) when Assessee Disclosed Undisclosed Income in Section 132(4) Statement: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/05/Penalty-Assessee-Disclosed-Undisclosed-Income-Assessee-Undisclosed-Income-Statement-ITAT-Taxscan.jpg "No Penalty under Section 271AAA(2) when Assessee Disclosed Undisclosed Income in Section 132(4) Statement: ITAT [Read Order]")
ITAT Deletes Penalty U/S 271(1) (c) On Assessee in Absence of Concealment or Inaccurate Particulars of Income [Read Order]
The Delhi bench of the Income Tax Appellate Tribunal (ITAT) deleted the penalty under Section 271(1) (c) of the Income Tax Act on the assessee in the absence of concealment or inaccurate particulars...
![ITAT Deletes Penalty U/S 271(1) (c) On Assessee in Absence of Concealment or Inaccurate Particulars of Income [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/05/ITAT-Deletes-Penalty-Assessee-Absence-of-Concealment-Inaccurate-Particulars-of-Income-Income-Taxscan.jpg "ITAT Deletes Penalty U/S 271(1) (c) On Assessee in Absence of Concealment or Inaccurate Particulars of Income [Read Order]")
Income Escaped for Assessment not Represented "in the form of an asset": ITAT quashes Addition u/s 153A Towards Bogus Purchase and Disallowance of Salary
The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) has quashed the addition under Section 153A of the Income Tax Act, 1961 towards bogus purchase and disallowance of salary as the income...
Assessment u/s 153C not Valid for Assessment Years not Covered within 6-Year Period: ITAT [Read Order]
The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) has held that the assessment under Section 153C of the Income Tax Act, 1961 would not be valid for the assessment year not covered within the...
![Assessment u/s 153C not Valid for Assessment Years not Covered within 6-Year Period: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/05/Assessment-Assessment-Years-ITAT-taxscan.jpeg "Assessment u/s 153C not Valid for Assessment Years not Covered within 6-Year Period: ITAT [Read Order]")
![Income Tax Assessment u/s 153 A must be based on Incriminating Material: SC [Read Judgement]](https://www.taxscan.in/wp-content/uploads/2023/05/Income-Tax-Assessment-Income-Tax-Assessment-Incriminating-Material-Supreme-Court-Taxscan.jpg "Income Tax Assessment u/s 153 A must be based on Incriminating Material: SC [Read Judgement]")