![Reopening After 4 years in the Absence of Tangible Material Amounts to Change of Opinion Only: ITAT quashes Reopening u/s 147 of Income Tax Act [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/Reopening-Tangible-Material-ITAT-Income-Tax-Act-Income-Tax-Tangible-Material-Amounts-to-Change-of-Opinion-Taxscan.jpg "Reopening After 4 years in the Absence of Tangible Material Amounts to Change of Opinion Only: ITAT quashes Reopening u/s 147 of Income Tax Act [Read Order]")
Reopening After 4 years in the Absence of Tangible Material Amounts to Change of Opinion Only: ITAT quashes Reopening u/s 147 of Income Tax Act [Read Order]
The Ahmedabad Bench of Income Tax Appellate Tribunal (ITAT) has quashed the reopening under Section 147 of the Income Tax Act 1961 holding that...
![Income Tax Not Leviable if no Right over Income Accrues upon Transfer of Development Rights: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/Income-Tax-Not-Leviable-Right-over-Income-Accrues-upon-Transfer-of-Development-Rights-ITAT-TAXSCAN.jpg "Income Tax Not Leviable if no Right over Income Accrues upon Transfer of Development Rights: ITAT [Read Order]")
![ITAT allows 10% of Cash Deposits as Taxable Income in Absence of Evidence of Source u/s 69A of IT Act [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/ITAT-Cash-Deposits-Taxable-Income-Absence-Evidence-Source-IT-Act-TAXSCAN.jpg "ITAT allows 10% of Cash Deposits as Taxable Income in Absence of Evidence of Source u/s 69A of IT Act [Read Order]")
![Nirma Ltd. entitles to Additional Compensation for Delay in Issuing Refund u/s 244A of Income Tax Act: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/07/Nirma-0Ltd-Additional-Compensation-Delay-Refund-Income-Tax-Act-ITAT-taxscan.jpg "Nirma Ltd. entitles to Additional Compensation for Delay in Issuing Refund u/s 244A of Income Tax Act: ITAT [Read Order]")
![Exemption u/s 11 should not be Denied Merely on Account of Delay in Furnishing the Audit Report in Form No. 10B: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/06/Exemption-Delay-Furnishing-the-Audit-Report-Audit-Report-Form-No.-10B-ITAT-Taxscan.jpg "Exemption u/s 11 should not be Denied Merely on Account of Delay in Furnishing the Audit Report in Form No. 10B: ITAT [Read Order]")
Adjustment Against Bad and Doubtful Debts Amounts to Actual Writing Off of Bad Debts: ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT) of Ahmedabad bench has held that adjustment against bad and doubtful debts amounts to actual writing off of bad debts. Integra Engineering India Ltd., the...
![Adjustment Against Bad and Doubtful Debts Amounts to Actual Writing Off of Bad Debts: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/05/Adjustment-Adjustment-Against-Bad-and-Doubtful-Debts-Doubtful-Debts-Bad-Debts-ITAT-Income-Tax-taxscan.jpg "Adjustment Against Bad and Doubtful Debts Amounts to Actual Writing Off of Bad Debts: ITAT [Read Order]")
Compensation from Builder in lieu of Consumer Court Order is Capital Receipt, No Income Tax: ITAT quashes Revision Proceedings [Read Order]
The Ahmedabad Bench of Income Tax Appellate Tribunal ( ITAT ) held that no income tax is to be levied on compensation from builders in lieu of a consumer court order as the same is in the nature of...
![Compensation from Builder in lieu of Consumer Court Order is Capital Receipt, No Income Tax: ITAT quashes Revision Proceedings [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/03/Compensation-Builder-in-lieu-Consumer-Court-Consumer-Court-Order-Capital-Receipt-Income-Tax-ITAT-Revision-Proceedings-Taxscan.jpg "Compensation from Builder in lieu of Consumer Court Order is Capital Receipt, No Income Tax: ITAT quashes Revision Proceedings [Read Order]")
Appeal via Electronic Mode is Procedural Requirement, Non-Compliance cannot be Hindrance to Justice: ITAT [Read Order]
The Ahmedabad bench of the Income Tax Appellate Tribunal ( ITAT ) held that non-compliance of appeal via electronic mode cannot be a hindrance to justice as it was a procedural requirement. Shri...
![Appeal via Electronic Mode is Procedural Requirement, Non-Compliance cannot be Hindrance to Justice: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/01/Appeal-Electronic-Mode-Non-Compliance-Justice-ITAT-Taxscan.jpg "Appeal via Electronic Mode is Procedural Requirement, Non-Compliance cannot be Hindrance to Justice: ITAT [Read Order]")
Genuineness and Creditworthiness of Creditor proven with Bank Statement and Other Evidence, Income Addition u/s 68 not allowable: ITAT
The Ahmedabad bench of the Income Tax Appellate Tribunal ( ITAT ) has held that income addition under section 68 of the Income Tax Act,1961 is not allowable when the genuineness and Creditworthiness...
Trading Loss incurred cannot be held Bogus merely based on Modus Operandi unearthed from Third Party without cogent materials: ITAT [Read Order]
The Ahmedabad bench of the Income Tax Appellate Tribunal ( ITAT ) has held that trading loss incurred cannot be held bogus merely based on modus operandi unearthed from third party without cogent...
![Trading Loss incurred cannot be held Bogus merely based on Modus Operandi unearthed from Third Party without cogent materials: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/12/Trading-Loss-Bogus-ITAT-cogent-material-taxscan.jpg "Trading Loss incurred cannot be held Bogus merely based on Modus Operandi unearthed from Third Party without cogent materials: ITAT [Read Order]")
Loan received represents Unexplained Cash Loan Credit Books of Accounts: ITAT deletes Addition of Rs 1 Crore [Read Order]
The Income Tax Appellate Tribunal (ITAT), Ahmedabad Bench deleted addition of Rupees One Crore as Loan received represents unexplained cash loan credit books of accounts. The only issue raised by...
![Loan received represents Unexplained Cash Loan Credit Books of Accounts: ITAT deletes Addition of Rs 1 Crore [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/09/Cash-Loan-Books-of-Accounts-ITAT-taxscan.jpeg "Loan received represents Unexplained Cash Loan Credit Books of Accounts: ITAT deletes Addition of Rs 1 Crore [Read Order]")
Failure to file Form No.10B Electronically: ITAT upholds Denial of Exemption claimed u/s 11 and 12 [Read Order]
The Income Tax Appellate Tribunal (ITAT), Ahmedabad bench has up held the denial of exemption claimed under sections 11 and 12 since failure to file Form No.10B electronically. The appellant, Shri...
![Failure to file Form No.10B Electronically: ITAT upholds Denial of Exemption claimed u/s 11 and 12 [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/07/Form-No.10B-ITAT-claim-taxscan.jpeg "Failure to file Form No.10B Electronically: ITAT upholds Denial of Exemption claimed u/s 11 and 12 [Read Order]")