Attention SFT Filers! Meet Deadline of 31st May 2023 to avoid Penalty
This is an attention post to the Statement of Financial Transactions Filers (SFT) who have not yet filed the same for the Financial Year 2023-24. The...
![ITAT deletes Addition u/s 69 on Amount Validly Explained as Professional Income [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/05/ITAT-deletes-Addition-Amount-Validly-Explained-as-Professional-Income-Addition-taxscan.jpg "ITAT deletes Addition u/s 69 on Amount Validly Explained as Professional Income [Read Order]")
![ITAT deletes Penalty u/s 271B of Income Tax Act for Bonafide Belief on Treating Gross Commission as Turnover [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/05/ITAT-deletes-Penalty-us-271B-of-Income-Tax-Act-Treating-Gross-Commission-Turnover-TAXSCAN.jpg "ITAT deletes Penalty u/s 271B of Income Tax Act for Bonafide Belief on Treating Gross Commission as Turnover [Read Order]")
![No Penalty u/s 271B of Income Tax Act when there is Reasonable Cause for not getting Audited u/s 44AB: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/05/Penalty-Income-Tax-Act-Reasonable-Cause-for-not-getting-Audited-ITAT-Taxscan.jpg "No Penalty u/s 271B of Income Tax Act when there is Reasonable Cause for not getting Audited u/s 44AB: ITAT [Read Order]")
![Penalty u/s 271B Not Leviable If Assessee was under Bonafide Belief that Books of Accounts Need Not be Audited: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/03/Penalty-Assessee-Bonafide-Bonafide-Belief-Books-of-Accounts-Audited-ITAT-Income-Tax-Taxscan.jpg "Penalty u/s 271B Not Leviable If Assessee was under Bonafide Belief that Books of Accounts Need Not be Audited: ITAT [Read Order]")
Income Tax Penalty can’t be Levied Even If Audit Carried Out After Receipt of Re-Assessment Notice [Read Order]
The Mumbai Income tax appellate tribunal (ITAT) has recently held that income tax penalty could not be levied even if the audit was carried out after receipt of re-assessment notice. Assessee Lata...
![Income Tax Penalty can’t be Levied Even If Audit Carried Out After Receipt of Re-Assessment Notice [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/02/Income-Tax-Penalty-Audit-Re-Assessment-Notice-TAXSCAN.jpg "Income Tax Penalty can’t be Levied Even If Audit Carried Out After Receipt of Re-Assessment Notice [Read Order]")
Income Tax Penalty cannot be Levied If Tax Audit was not done for a Reasonable Cause but Filed before Completion of Assessment [Read Order]
The Chennai Bench of Income Tax Appellate Tribunal (ITAT) recently held that the income tax penalty cannot be levied if tax audit was not done for a reasonable cause but filed before completion of...
![Income Tax Penalty cannot be Levied If Tax Audit was not done for a Reasonable Cause but Filed before Completion of Assessment [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/02/Income-Tax-Penalty-Tax-Audit-Reasonable-Cause-Assessment-TAXSCAN.jpg "Income Tax Penalty cannot be Levied If Tax Audit was not done for a Reasonable Cause but Filed before Completion of Assessment [Read Order]")
Failure to Audit Books of Account as per S. 44AB Not Bonafide Mistake when Assessee having Advice of Chartered Accountant : ITAT upholds Penalty [Read Order]
The Pune bench of Income Tax Appellate (ITAT) upheld the penalty imposed by the lower authorities under section 271B of the Income Tax Act, 1961. The bench stated that the assessee has been...
![Failure to Audit Books of Account as per S. 44AB Not Bonafide Mistake when Assessee having Advice of Chartered Accountant : ITAT upholds Penalty [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/01/Audit-Books-of-Account-Chartered-Accountant-ITAT-Income-tax-Penalty-Advice-of-Chartered-Accountant-taxscan.jpg "Failure to Audit Books of Account as per S. 44AB Not Bonafide Mistake when Assessee having Advice of Chartered Accountant : ITAT upholds Penalty [Read Order]")
ITAT deletes Disallowance u/s 40A(3) when assessee made payment in cash not directly to the seller [Read Order]
The Ahmedabad Income Tax Appellate Tribunal (ITAT) deleted disallowance under section 40A(3) of the Income Tax Appellate Tribunal when assessee made payment in cash not directly to the seller. ...
![ITAT deletes Disallowance u/s 40A(3) when assessee made payment in cash not directly to the seller [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/01/ITAT-Disallowance-ITAT-deletes-Disallowance-assessee-payment-payment-in-cash-seller-Income-Tax-taxscan-.jpg "ITAT deletes Disallowance u/s 40A(3) when assessee made payment in cash not directly to the seller [Read Order]")
CIT(A) can't disallow Deduction claimed u/s 80P(2)(d) When Assessee filed Independent Auditor’s Report under Maharashtra Co-operative Societies Act: ITAT [Read Order]
The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has held that CIT(A) can't disallow deduction claimed u/s 80P(2)(d) of the Income Tax Act,1961 when assessee filed an independent...
![CIT(A) cant disallow Deduction claimed u/s 80P(2)(d) When Assessee filed Independent Auditor’s Report under Maharashtra Co-operative Societies Act: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/12/CITA-Deduction-claimed-Assessee-Independent-Auditors-Report-under-Maharashtra-Co-operative-Societies-Act-ITAT-TAXSCAN.jpg "CIT(A) cant disallow Deduction claimed u/s 80P(2)(d) When Assessee filed Independent Auditor’s Report under Maharashtra Co-operative Societies Act: ITAT [Read Order]")
No Due Verification of Records by AO: ITAT allows deletion of Addition on Unexplained Cash Deposits [Read Order]
The Ahmedabad Bench of the Income Tax Appellate Tribunal (ITAT), allowed deletion of addition on unexplained cash deposits as there was no due verification of records by Assessing Officer (AO). On...
![No Due Verification of Records by AO: ITAT allows deletion of Addition on Unexplained Cash Deposits [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/12/No-due-verification-of-records-by-AO-ITAT-allows-deletion-of-addition-on-unexplained-cash-deposits-TAXSCAN.jpg "No Due Verification of Records by AO: ITAT allows deletion of Addition on Unexplained Cash Deposits [Read Order]")
![CIT(A) cant disallow a Claim of Business Loss in the Presence of Evidence: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/12/CITA-disallow-a-Claim-of-Business-Loss-in-the-Presence-of-Evidence-ITAT-TAXSCAN.jpg "CIT(A) cant disallow a Claim of Business Loss in the Presence of Evidence: ITAT [Read Order]")