![CIT(A) may Suo moto initiates Enhancement Proceedings if necessary; Not out of Jurisdiction: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/07/CITA-moto-initiates-Enhancement-Not-Jurisdiction-ITAT-TAXSCAN.jpg "CIT(A) may Suo moto initiates Enhancement Proceedings if necessary; Not out of Jurisdiction: ITAT [Read Order]")
CIT(A) may Suo moto initiates Enhancement Proceedings if necessary; Not out of Jurisdiction: ITAT [Read Order]
The Chennai bench of the Income Tax Appellate Tribunal (ITAT) has made a ruling stating that the Commissioner of Income Tax (Appeals) [CIT(A)] has...
![Special Auditor rightly follows SA-505 Prescribed by ICAI and such Report cannot be merely rejected by AO if it is Contrary to Appraisal Report Submitted by Investigation Wing: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/07/Special-Auditor-ITAT-Special-Auditor-rightly-follows-SA-505-ICAI-Appraisal-Report-Investigation-Wing-taxscan.jpg "Special Auditor rightly follows SA-505 Prescribed by ICAI and such Report cannot be merely rejected by AO if it is Contrary to Appraisal Report Submitted by Investigation Wing: ITAT [Read Order]")
![Ex Parte Order of CIT(A) Sent to email address of former Chartered Accountant of assessee: ITAT Condones Delay and directs Re adjudication [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/06/Ex-Parte-Order-CITA-email-address-Chartered-Accountant-assessee-ITAT-Readjudication-TAXSCAN-.jpg "Ex Parte Order of CIT(A) Sent to email address of former Chartered Accountant of assessee: ITAT Condones Delay and directs Re adjudication [Read Order]")
![No penalty shall be imposed u/s 271B of Income Tax Act on reason of Return not Appearing E-Filing Portal: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/06/No-penalty-shall-be-imposed-Income-Tax-Act-reason-of-Return-not-Appearing-E-Filing-Portal-E-Filing-Portal-ITAT-Taxscan.jpg "No penalty shall be imposed u/s 271B of Income Tax Act on reason of Return not Appearing E-Filing Portal: ITAT [Read Order]")
Subsidy received from Government of India to encourage the Deployment of Biomass Co-Generation system in Industries is Capital Receipt : ITAT
The Chennai bench of Income Tax Appellate Tribunal (ITAT) has recently held that subsidy received from the Government of India to encourage the development of biomass co-operation system in...
![Carbon Credit Receipt is Capital Receipt: ITAT deletes Income Tax Addition [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/05/Carbon-Credit-Receipt-is-Capital-Receipt-Carbon-Credit-Receipt-Capital-Receipt-ITAT-deletes-Income-Tax-Addition-ITAT-Income-Tax-Addition-Taxscan.jpg "Carbon Credit Receipt is Capital Receipt: ITAT deletes Income Tax Addition [Read Order]")
![AO cannot Change Method followed by Assessee from DCF Method to NAV Method: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/03/AO-Method-Assessee-DCF-Method-NAV-Method-ITAT-TAXSCAN.jpg "AO cannot Change Method followed by Assessee from DCF Method to NAV Method: ITAT [Read Order]")
Firm Eligible to Deduct Profit from Sale of Flats Declared as Stock-in-Trade to Partners u/s 80IB (10) of Income Tax Act: ITAT [Read Order]
The Chennai Bench of Income Tax Appellate Tribunal ( ITAT ) has held that the firm shall be eligible to deduct profit from the sale of flats which are declared as stock-in-trade to partners under...
![Firm Eligible to Deduct Profit from Sale of Flats Declared as Stock-in-Trade to Partners u/s 80IB (10) of Income Tax Act: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/03/Firm-Profit-Sale-of-Flats-Stock-in-Trade-Partners-Income-Tax-Act-ITAT-Taxscan.jpg "Firm Eligible to Deduct Profit from Sale of Flats Declared as Stock-in-Trade to Partners u/s 80IB (10) of Income Tax Act: ITAT [Read Order]")
Income Tax Deduction u/s 10AA of Income Tax Act cannot be Availed without Tax Audit Report: ITAT [Read Order]
The Chennai Bench of Income Tax Appellate Tribunal ( ITAT ) has held that the Income Tax deduction under Section 10AA of the Income Tax Act 1961 could not be availed without filing a tax audit...
![Income Tax Deduction u/s 10AA of Income Tax Act cannot be Availed without Tax Audit Report: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/03/Income-Tax-Deduction-Income-Tax-Income-Tax-Act-Tax-Audit-Report-ITAT-Taxscan.jpg "Income Tax Deduction u/s 10AA of Income Tax Act cannot be Availed without Tax Audit Report: ITAT [Read Order]")
Forex Loss from Trade Debtors/Creditors is Operating in Nature, No Tax Deduction: ITAT [Read Order]
The Chennai bench of the Income Tax Appellate Tribunal (ITAT) has held that the foreign exchange loss can be treated as operating in nature when the loss was in connection with debtors and creditors...
![Forex Loss from Trade Debtors/Creditors is Operating in Nature, No Tax Deduction: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/12/Forex-Loss-from-Trade-Debtors-Creditors-is-Operating-in-Nature-No-Tax-Deduction-ITAT-TAXSCAN.jpg "Forex Loss from Trade Debtors/Creditors is Operating in Nature, No Tax Deduction: ITAT [Read Order]")