Adwaid M S
Adwaid M S is a BBA-LL.B (Hons.) student at Government Law College Kozhikode with a deep passion for Space and Sports Laws, combining his legal acumen with a keen interest in quizzing and intellectual pursuits.
![ITAT quashes ₹1.26Cr Addition: No Need to Prove ‘Source of Source’ for Pre-2013 Loans [Read Order]](https://images.taxscan.in/h-upload/2025/06/26/500x300_2054642-loan-itat-taxscan.webp "ITAT quashes ₹1.26Cr Addition: No Need to Prove ‘Source of Source’ for Pre-2013 Loans [Read Order]")
ITAT quashes ₹1.26Cr Addition: No Need to Prove ‘Source of Source’ for Pre-2013 Loans [Read Order]
The Income Tax Appellate Tribunal (ITAT) Mumbai Bench has set aside an addition of ₹1.26 crore made under Section 68 of the Income Tax Act against...
![Accountant’s Negligence: Uneducated Taxpayer wins Second Chance, ITAT condones 87-Day Delay [Read Order]](https://images.taxscan.in/h-upload/2025/06/26/250x150_2054644-accountants-negligence-uneducated-taxpayer-taxpayer-wins-second-chance-itat-taxscan.webp "Accountant’s Negligence: Uneducated Taxpayer wins Second Chance, ITAT condones 87-Day Delay [Read Order]")
![ITAT Deletes Addition u/s 68, Rules Assessee Proved Source of Funds for Land Purchases in Earlier Years [Read Order]](https://images.taxscan.in/h-upload/2025/06/25/250x150_2054400-land-purchases-source-of-funds-assessee-taxscan.webp "ITAT Deletes Addition u/s 68, Rules Assessee Proved Source of Funds for Land Purchases in Earlier Years [Read Order]")
![ITAT Upholds CIT(A) Order: No Addition u/s 68 for Share Capital and Unsecured Loans as Assessee Proves Identity, Creditworthiness, and Genuineness [Read Order]](https://images.taxscan.in/h-upload/2025/06/25/250x150_2054392-share-capital-and-unsecured-loans-taxscan.webp "ITAT Upholds CIT(A) Order: No Addition u/s 68 for Share Capital and Unsecured Loans as Assessee Proves Identity, Creditworthiness, and Genuineness [Read Order]")
India Launches EV Manufacturing Portal: Global Automakers Can Import Premium EVs at Slashed 15% Customs Duty Under SPMEPCI Scheme [Read Order]
India has taken a major step to attract global electric vehicle (EV) manufacturers by launching an online portal under the SPMEPCI scheme, making it easier for international companies to enter the...
![India Launches EV Manufacturing Portal: Global Automakers Can Import Premium EVs at Slashed 15% Customs Duty Under SPMEPCI Scheme [Read Order]](https://images.taxscan.in/h-upload/2025/06/25/500x300_2054244-ev-manufacturing-portal-india-launches-global-automakers-spmepci-scheme-taxscan-2.webp "India Launches EV Manufacturing Portal: Global Automakers Can Import Premium EVs at Slashed 15% Customs Duty Under SPMEPCI Scheme [Read Order]")
ITAT Holds 10% Tolerance Limit u/s 56(2)(x) Applicable Retrospectively, Cuts Addition in Property Valuation Case [Read Order]
In a significant ruling, the Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has held that the enhanced 10% tolerance limit under section 56(2)(x) of the Income Tax Act applies...
![ITAT Holds 10% Tolerance Limit u/s 56(2)(x) Applicable Retrospectively, Cuts Addition in Property Valuation Case [Read Order]](https://images.taxscan.in/h-upload/2025/06/23/500x300_2053169-itat-tolerance-limit-taxscan.webp "ITAT Holds 10% Tolerance Limit u/s 56(2)(x) Applicable Retrospectively, Cuts Addition in Property Valuation Case [Read Order]")
ITAT Sets Aside Penalty Order, Cites Denial of Fair Hearing Due to Improper E-Notice Delivery [Read Order]
The Income Tax Appellate Tribunal (ITAT) Lucknow has canceled a penalty order against a Raebareli taxpayer, ruling that authorities failed to provide a fair hearing by ignoring the assessee's...
![ITAT Sets Aside Penalty Order, Cites Denial of Fair Hearing Due to Improper E-Notice Delivery [Read Order]](https://images.taxscan.in/h-upload/2025/06/23/500x300_2053117-d0358ca8-9bcc-47a4-aadb-5f709f3e4963.webp "ITAT Sets Aside Penalty Order, Cites Denial of Fair Hearing Due to Improper E-Notice Delivery [Read Order]")
ITAT Upholds Tax on Unsold Inventory as 'Income from House Property,' Directs Recalculation of ALV Based on Market Rates [Read Order]
The Ahmedabad Bench of the Income Tax Appellate Tribunal (ITAT) has upheld the taxability of unsold flats held as stock-in-trade under the head "Income from House Property," while remanding the...
![ITAT Upholds Tax on Unsold Inventory as Income from House Property, Directs Recalculation of ALV Based on Market Rates [Read Order]](https://images.taxscan.in/h-upload/2025/06/23/500x300_2053072-itat-itat-mumbai-income-from-house-property-business-assets-taxscan.webp "ITAT Upholds Tax on Unsold Inventory as Income from House Property, Directs Recalculation of ALV Based on Market Rates [Read Order]")
ITAT Slams CIT(A) for Denial of Natural Justice, Restores Unsecured Loan Addition Case to AO for Fresh Hearing [Read Order]
The Income Tax Appellate Tribunal (ITAT) Mumbai has strongly criticized the Commissioner of Income Tax (Appeals) for denying a fair hearing to a taxpayer, calling it a violation of natural justice....
![ITAT Slams CIT(A) for Denial of Natural Justice, Restores Unsecured Loan Addition Case to AO for Fresh Hearing [Read Order]](https://images.taxscan.in/h-upload/2025/06/23/500x300_2053079-itat-itat-slams-cita-cita-for-denial-of-natural-justice-denial-of-natural-justice-natural-justice-taxscan.webp "ITAT Slams CIT(A) for Denial of Natural Justice, Restores Unsecured Loan Addition Case to AO for Fresh Hearing [Read Order]")
ITAT Directs Fresh Assessment in Petrol Pump Case, Cites Denial of Natural Justice Over Electronic Notices [Read Order]
The Income Tax Appellate Tribunal (ITAT) Lucknow Bench has ordered tax authorities to conduct a fresh assessment in the case of a Kanpur petrol pump owner, ruling that the taxpayer's right to...
![ITAT Directs Fresh Assessment in Petrol Pump Case, Cites Denial of Natural Justice Over Electronic Notices [Read Order]](https://images.taxscan.in/h-upload/2025/06/23/500x300_2053053-petroleum-companies-dealer-tax-petroleum-companies-tax-petroleum-dealer-tax-gst-on-petroleum-dealer-petroleum-dealer-gst-taxscan.webp "ITAT Directs Fresh Assessment in Petrol Pump Case, Cites Denial of Natural Justice Over Electronic Notices [Read Order]")