Judgement

The ITAT deleted a Section 271B tax audit penalty, holding that the assessee's bona fide belief and consistent tax treatment constituted a reasonable cause under Section 273B.

ITAT Deletes Section 271B Penalty for Non-Filing of Tax Audit Report Due to Bona Fide Belief

Articles

A complete guide on taxability of bonus shares in India covering allotment rules, cost of acquisition, holding period, and capital gains on sale.

Taxability of Bonus Shares in India: Complete Guide on Income Tax and Capital Gains

The ITAT Bangalore deleted the Rs 2.34 crore GST Refund addition, holding it non-taxable income since GST was not debited to the profit and loss account.

ITAT Rules GST Refund Is Not Taxable Income; Deletes Rs 2.34 Crore Addition on Recovery-of-Asset Principle

The Income Tax Appellate Tribunal (ITAT) Delhi condoned a delay of 1486 days in filing an appeal before the CIT(A), observing that the assessee was not properly served with assessment proceedings and the assessment order.

ITAT Condones 1486 Days Delay in Filing Appeal Holding Assessee Was Denied Opportunity Due to Non-Service of Assessment Order

Section 250(6) mandates reasoned findings even in ex parte appellate proceedings.

ITAT Remands Rs 6 Crore Section 68 Addition After Finding CIT(A)’s Ex-Parte Order Non-Speaking 

Recorded sales supported by books cannot be treated as unexplained money.

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ITAT Deletes Section 271B Penalty for Non-Filing of Tax Audit Report Due to Bona Fide Belief

Taxability of Bonus Shares in India: Complete Guide on Income Tax and Capital Gains

ITAT Rules GST Refund Is Not Taxable Income; Deletes Rs 2.34 Crore Addition on Recovery-of-Asset Principle

ITAT Condones 1486 Days Delay in Filing Appeal Holding Assessee Was Denied Opportunity Due to Non-Service of Assessment Order

ITAT Remands Rs 6 Crore Section 68 Addition After Finding CIT(A)’s Ex-Parte Order Non-Speaking

ITAT Deletes Rs 33 Lakh Addition, Holds Genuine Sales Cannot Be Treated as Unexplained Money Merely on CBIC Information