Latest Income Tax News, Updates & Judgments

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Penalty for ‘Inaccurate Particulars’ Sustained: ITAT upholds ₹12.45 Lakh Levy on Stock Broker [Read Order]

The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has upheld the levy of penalty under Section 271(1)(c) of the Income Tax Act, 1961,...

Interest-Free Advances from Share Capital Don not Attract Notional Tax: ITAT [Read Order]

Satisfaction Note without Date Supplied to Petitioner after 2 years : Gujarat HC Quashes Notice u/s...

Income Tax Assistant Took ₹600 Bribe in 2011: Patna HC Upholds 1-Year Imprisonment in 2025 [Read...

PCIT found to have Erred in Exercising Revisionary Powers u/s 263: ITAT sets aside Revisionary Order...

ITAT Restores Rectification Appeal u/s 154 to CIT(A) to Avoid Multiplicity, Orders Re-evaluation of Capital Gain Addition [Read Order]

The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) has restored an appeal to the Commissioner of Income Tax (Appeals) after holding that issues arising from a rectification order under ...

Approval for S. 148 Notice by Incompetent Authority renders Re-assessment Void ab initio: ITAT Quashes Assessment [Read Order]

The Delhi Bench of the Income Tax AppellateTribunal (ITAT) has quashed reassessment proceedings for two assessment years after holding the notices under Section 148 invalid in law. The Bench regarded...

Only Profit Element Taxable in Bogus Purchase Cases : ITAT Reduces Gross Profit Addition to 11% [Read Order]

The Income Tax Appellate Tribunal (ITAT) Bench at New Delhi has held that in cases involving alleged bogus purchases obtained through accommodation entries, only the profit element can be brought to...

Satisfaction Note Lacked Reference of Income Escapement in the Form of Assets Worth ₹50 Lacs: ITAT quashes Reassessment Beyond 6 Yrs [Read Order]

The Chennai Bench of the Income Tax AppellateTribunal (ITAT) ruled that the AO must record a "Satisfaction Note" expressly stating that they possess evidence of escaped income which was represented...

S. 153C cannot be invoked against Searched Person: ITAT Rules Assessment required u/s 153A, dismisses Revenue Appeal [Read Order]

The Bangalore Bench of the Income Tax Appellate Tribunal (ITAT) ruled that the Assessing Officer (AO) must initiate proceedings under Section 153A for searched persons and held that Section 153C ...

Unauthenticated Excel Sheets and Emails Sent by Lenders deemed "Dumb Documents" for interest Addition: ITAT quashes order [Read Order]

The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) held that loose papers, printouts, or emails not forming part of the assessee’s regular books and lacking independent corroboration were ...

Assessment quashed without granting Liberty of Reopening to AO: ITAT rectifies order as per SC Judgement [Read Order]

The Chandigarh Bench of the Income TaxAppellate Tribunal (ITAT) ruled that failing to provide the Assessing Officer (AO) liberty to initiate reassessment proceedings, as held by the Supreme Courtin...

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