![No Errors or Infirmities Found in Assessment Order Prejudicial to Revenue’s Interest: ITAT sets aside order passed by PCIT u/s 263 of Income Tax Act [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/03/Found-Assessment-Order-Prejudicial-to-Revenues-Interest-ITAT-PCIT-us-263-of-Income-Tax-Act-TAXSCAN.jpg "No Errors or Infirmities Found in Assessment Order Prejudicial to Revenue’s Interest: ITAT sets aside order passed by PCIT u/s 263 of Income Tax Act [Read Order]")
No Errors or Infirmities Found in Assessment Order Prejudicial to Revenue’s Interest: ITAT sets aside order passed by PCIT u/s 263 of Income Tax Act [Read Order]
The Delhi bench of the Income Tax Appellate Tribunal ( ITAT ) recently made a significant decision, overturning an order passed by the Principal...
![ITAT directs AO to re-compute book profit u/s 115JB of Income Tax Act by giving opportunity of being heard to assessee [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/03/Exemption-Income-Tax-Act-Income-Tax-activities-of-Trust-Trust-Nature-of-Trade-Trade-Commerce-taxscan-Business-ITAT.jpg "ITAT directs AO to re-compute book profit u/s 115JB of Income Tax Act by giving opportunity of being heard to assessee [Read Order]")
![ITAT deletes Additions made on account of Salary Payment in Cash without having any Documents [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/03/ITAT-ITAT-Delhi-Income-Tax-Salary-payment-in-cash-legality-Documented-salary-payments-taxscan.jpg "ITAT deletes Additions made on account of Salary Payment in Cash without having any Documents [Read Order]")
Allotment of enquiry shares to subscribers is outside scope of Section 56(2)(viib) of Income Tax Act : ITAT [Read Order]
The Delhi bench of the Income Tax Appellate Tribunal ( ITAT ) observed that allotment of enquiry shares to subscribers was outside scope of Section 56(2) ( viib ) of the Income Tax Act, 1961 The...
![Allotment of enquiry shares to subscribers is outside scope of Section 56(2)(viib) of Income Tax Act : ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/02/ITAT-Delhi-Income-Tax-Act-ITAT-ruling-on-share-allotment-Tax-treatment-of-share-subscribers-Income-Tax-Act-and-share-issuance-Taxscan.jpg "Allotment of enquiry shares to subscribers is outside scope of Section 56(2)(viib) of Income Tax Act : ITAT [Read Order]")
Disclosure of Address and Identity of Shareholders not Sufficient u/s 68 of Income Tax: ITAT Dismisses Appeal [Read Order]
The Delhi bench of the Income Tax Appellate Tribunal ( ITAT ) dismissed an appeal, emphasizing that the mere disclosure of addresses and identities of shareholders was not sufficient under section 68...
![Disclosure of Address and Identity of Shareholders not Sufficient u/s 68 of Income Tax: ITAT Dismisses Appeal [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/01/ITAT-Delhi-Income-Tax-Tax-news-identity-of-shareholders-taxscan.jpg "Disclosure of Address and Identity of Shareholders not Sufficient u/s 68 of Income Tax: ITAT Dismisses Appeal [Read Order]")
Provisions of Deemed Dividend u/s 2(22)(e) of Income Tax Act can only be invoked against Shareholder: ITAT [Read Order]
An estimated addition of 10% (Rs.48,53,306/-) to the assessee's income was made due to lacking account books and vouchers. The Commissioner of Income Tax (Appeals) examined and deleted the addition...
![Provisions of Deemed Dividend u/s 2(22)(e) of Income Tax Act can only be invoked against Shareholder: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/12/Deemed-Dividend-Provisions-Income-Tax-Act-Shareholder-ITAT-Income-Tax-TAXSCAN.jpg "Provisions of Deemed Dividend u/s 2(22)(e) of Income Tax Act can only be invoked against Shareholder: ITAT [Read Order]")
Reopening of Assessment after Four Years while there was No New Tangible Material Evidence: ITAT quashes Assessment Order [Read Order]
The Delhi Bench of Income Tax Appellate Tribunal (ITAT) held that the assumption of jurisdiction for reopening the assessment by the Assessing Officer is bad in law and notice under Section 148 of...
![Reopening of Assessment after Four Years while there was No New Tangible Material Evidence: ITAT quashes Assessment Order [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/Reopening-Assessment-Tangible-Material-Evidence-ITAT-Assessment-Order-Income-Tax-taxscan.jpg "Reopening of Assessment after Four Years while there was No New Tangible Material Evidence: ITAT quashes Assessment Order [Read Order]")
Excess Stock and Excess Cash found during Survey Proceedings are recorded in Books of Account: ITAT Upholds surrendered income as Business Income [Read Order]
The Income Tax Appellate Tribunal (ITAT) Pune Bench while upholding the business income which surrendered after the survey proceeding and observed that excess stock and excess cash found during...
![Excess Stock and Excess Cash found during Survey Proceedings are recorded in Books of Account: ITAT Upholds surrendered income as Business Income [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/07/Excess-Stock-Excess-Cash-found-during-Survey-Proceedings-are-recorded-in-Books-of-Account-ITAT-Upholds-surrendered-income-as-Business-Income-.jpg "Excess Stock and Excess Cash found during Survey Proceedings are recorded in Books of Account: ITAT Upholds surrendered income as Business Income [Read Order]")
ITAT upholds addition made on account of Unverifiable Unsecured loan due to failure to Prove Creditworthiness of Lenders [Read Order]
The Income Tax Appellate Tribunal (ITAT) Delhi Bench upheld the addition made on account of unverifiable unsecured loan due to failure to prove creditworthiness of lenders. The assessee Kirat...
![ITAT upholds addition made on account of Unverifiable Unsecured loan due to failure to Prove Creditworthiness of Lenders [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/07/ITAT-upholds-addition-made-on-account-of-Unverifiable-Unsecured-loan-due-to-failure-to-Prove-Creditworthiness-of-Lenders-TAXSCAN.jpg "ITAT upholds addition made on account of Unverifiable Unsecured loan due to failure to Prove Creditworthiness of Lenders [Read Order]")
No Addition can be Made if AO Failed to Discharge Secondary Onus of Disproving Documentary Evidences Filed by Assessee : ITAT Deletes Income Tax Addition
The Delhi bench of Income Tax Appellate Tribunal (ITAT) held that the Assessing Officer (AO), has failed to discharge the secondary onus of demolishing/disproving the genuineness of the...
