Genuineness of Source of Cash Deposit having Direct Relationship with Withdrawal cannot be Questioned without any Shred of Evidences Adverse to Assessment: ITAT sets aside Revisional Order
The Delhi Bench of Income Tax Appellate Tribunal (ITAT) held that source of cash deposit in the instant case is having direct relationship with the...
![Section 263 cant be invoked when Expenditure incurred on CSR is allowed by AO as Deduction u/s 80G of Income Tax Act: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/invoked-Expenditure-incurred-CSR-allowed-AO-Deduction-Income-Tax-Act-ITAT-taxscan.jpg "Section 263 cant be invoked when Expenditure incurred on CSR is allowed by AO as Deduction u/s 80G of Income Tax Act: ITAT [Read Order]")
![Excess income declared during survey proceedings and credited to P&L Account not to be treated as Unexplained Income: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/Excess-income-survey-proceedings-credited-PL-Account-treated-Unexplained-Income-ITAT-TAXSCAN.jpg "Excess income declared during survey proceedings and credited to P&L Account not to be treated as Unexplained Income: ITAT [Read Order]")
![PCIT cant exercise revisionary jurisdiction u/s 263 where AO has taken a Plausible view of Evidences produced by Assessee: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/revisionary-jurisdiction-Evidences-produced-by-Assessee-ITAT-PCIT-taxscan.jpg "PCIT cant exercise revisionary jurisdiction u/s 263 where AO has taken a Plausible view of Evidences produced by Assessee: ITAT [Read Order]")
Form 3CM and Form 3CL issued by DSIR is not mandatory for allowing deduction u/s 35(1)(i) of Income Tax Act: ITAT quashes Revision Order [Read Order]
The Income Tax Appellate Tribunal (ITAT) Mumbai held that Form 3CM and Form 3CL issued by DSIR is not mandatory for allowing deduction under Section 35(1)(i) of Income Tax Act, 1961.Thus the bench...
![Form 3CM and Form 3CL issued by DSIR is not mandatory for allowing deduction u/s 35(1)(i) of Income Tax Act: ITAT quashes Revision Order [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/Form-3CM-and-Form-3CL-issued-by-DSIR-deduction-Income-Tax-Act-ITAT-quashes-Revision-Order-TAXSCAN.jpg "Form 3CM and Form 3CL issued by DSIR is not mandatory for allowing deduction u/s 35(1)(i) of Income Tax Act: ITAT quashes Revision Order [Read Order]")
![Act of AO Prejudicial to Interests of Revenue: ITAT upholds Revision Order of PCIT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/Act-AO-Prejudicial-Interests-Revenue-ITAT-Revision-PCIT-TAXSCAN-1.jpg "Act of AO Prejudicial to Interests of Revenue: ITAT upholds Revision Order of PCIT [Read Order]")
Failure of AO to Consider Sale of Scrap is Erroneous and Prejudicial to Interest of Revenue: ITAT Allows Exercise of Revisionary Power to PCIT [Read Order]
The Pune Bench of Income Tax Appellate Tribunal (ITAT) held that failure of Assessing Officer (AO) in non-consideration of sale of scrap in the total revenue is erroneous and prejudicial to interest...
![Failure of AO to Consider Sale of Scrap is Erroneous and Prejudicial to Interest of Revenue: ITAT Allows Exercise of Revisionary Power to PCIT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/Failure-of-AO-to-Consider-Sale-of-Scrap-Interest-of-Revenue-Sale-of-Scrap-ITAT-Allows-Exercise-of-Revisionary-Power-to-PCIT-ITAT-taxscan.jpg "Failure of AO to Consider Sale of Scrap is Erroneous and Prejudicial to Interest of Revenue: ITAT Allows Exercise of Revisionary Power to PCIT [Read Order]")
Violation of Natural Justice Principles: Allahabad HC imposes Costs of Rs 10,000 on Income Tax Authority [Read Order]
The Allahabad High Court imposed costs of Rupees 10,000/- on the Income Tax Authority for violation of natural justice principles. The petitioner, M/s M.L. Chains, deals in the business of gold...
![Violation of Natural Justice Principles: Allahabad HC imposes Costs of Rs 10,000 on Income Tax Authority [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/Violation-of-Natural-Justice-Principles-Natural-Justice-Principles-Allahabad-High-Court-Income-Tax-Authority-Income-Tax-Taxscan.jpg "Violation of Natural Justice Principles: Allahabad HC imposes Costs of Rs 10,000 on Income Tax Authority [Read Order]")
Order passed by AO in Absence of Proper Inquiry shall be liable to Revision u/s 263 of Income Tax Act: ITAT [Read Order]
The Jaipur bench of the Income Tax Appellate Tribunal (ITAT) held that the order passed by the assessing officer in the absence of proper inquiry shall be liable to revision under Section 263 of the...
![Order passed by AO in Absence of Proper Inquiry shall be liable to Revision u/s 263 of Income Tax Act: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/Order-AO-Proper-Inquiry-Order-passed-by-AO-in-Absence-of-Proper-Inquiry-Revision-taxscan.jpg "Order passed by AO in Absence of Proper Inquiry shall be liable to Revision u/s 263 of Income Tax Act: ITAT [Read Order]")
Compensation Paid for Non-Fulfilment of Contractual Obligation Deemed Non-Penal as No Infringement or Violation of Law Involved: ITAT upholds Deduction [Read Order]
The Income Tax Appellate Tribunal (ITAT), Kolkata has upheld the deduction for expenditure incurred by the appellant, for non-fulfilment of a contractual obligation, deeming it as non-penal and not...
![Compensation Paid for Non-Fulfilment of Contractual Obligation Deemed Non-Penal as No Infringement or Violation of Law Involved: ITAT upholds Deduction [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/Non-Fulfilment-of-Contractual-Obligation-Compensation-Paid-Non-Fulfilment-Contractual-Obligation-Infringement-Violation-of-Law-ITAT-upholds-Deduction-ITAT-Deduction-taxscan.jpg "Compensation Paid for Non-Fulfilment of Contractual Obligation Deemed Non-Penal as No Infringement or Violation of Law Involved: ITAT upholds Deduction [Read Order]")
No Revision Order can be passed u/s 263 of Income Tax Act without issuing Show Cause Notice regarding issues in Assessment Order: ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT) Surat bench held that no revision order could be passed under Section 263 of Income Tax Act ,1961 without issuing show cause notice regarding issues in the...
![No Revision Order can be passed u/s 263 of Income Tax Act without issuing Show Cause Notice regarding issues in Assessment Order: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/Revision-Order-Income-Tax-Act-Show-Cause-Notice-Assessment-Order-ITAT-Income-Tax-taxscan.jpg "No Revision Order can be passed u/s 263 of Income Tax Act without issuing Show Cause Notice regarding issues in Assessment Order: ITAT [Read Order]")