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Commission Rate on Accommodation Entries: ITAT Directs AO to Apply 0.15% Instead of 1% [Read Order]

The Kolkata Bench of Income Tax Appellate Tribunal ( ITAT ) directed the Assessing Officer ( AO ) to apply a 0.15% commission rate for accommodation...

ITAT remands Income Tax Penalty matter despite Negligence of Assessee [Read Order]

Taxation of Agricultural Income under Charitable Trusts under the Income Tax Act, 1961

ITAT upholds Addition of Rs. 70.95 Lakh u/s 69A due to Assessee's Non-Compliance [Read Order]

Surcharge on Income Tax Applicable only on Income Exceeding Rs. 50 Lakhs: ITAT [Read Order]

Details Furnished by Assessee not Considered by AO: ITAT remands Addition of Rs.117.01 Lakhs [Read Order]

In a recent ruling, the Chennai bench of the Income Tax Appellate Tribunal remanded the case of an addition of ₹117 Lakhs back to the commissioner of for fresh adjudication. The assessee appealed...

Revenue Challenges ₹2.41 Crore Deletion by CIT(A): ITAT Confirms Stamp Paper Purchases for Customer as Source, Dismisses Appeal [Read Order]

The Chennai Bench of Income Tax Appellate Tribunal (ITAT) confirmed the deletion of Rs. 2.41 crore by asserting the Stamp Paper purchases as the source of income of the assessee and dismissed the...

Stock Record Discrepancies: ITAT restricts Profit Estimation to 5% of Purchase Transactions of Petroleum Firm [Read Order]

In a recent judgment by the ITAT Panaji, the Tribunal restricted the profit estimation to 5% of the purchase transactions for a petroleum firm facing stock record discrepancies. A petroleum firm,...

Creditors Written Off and Discount Receipts Linked to Business Income Taxable at Only 8% of Their Value: ITAT [Read Order]

The Chennai Bench of Income Tax Appellate Tribunal (ITAT) directed the Assessing Officer (AO) to modify the addition citing that only 8% of creditors written off and discount receipts linked to...

Hotel Accommodation Above ₹7,500 Classified as "Specified Premises": CBIC Implements GST Council Recommendations [Read Order]

The Ministry of Finance has issued Notification No. 05/2025-Central Tax (Rate), dated January 16, 2025, announcing significant changes in the Goods and Services Tax ( GST ) compliance framework,...

ITAT Provides Relief in ₹118 Lakhs Cash Deposit Case: Lowers Income Estimation to 2% Margin for Ticket Agent [Read Order]

In a recent case, the Chennai Bench of the Income Tax Appellate Tribunal (ITAT) relieved a ticket agent by lowering the income estimation to a 2% margin. The assessee made the appeal to the ITAT...

Delay in Filing Appeal Due to Multiple PANs: ITAT Restores Case to AO for Fresh Hearing [Read Order]

The Kolkata Bench of Income Tax Appellate Tribunal(ITAT) restored a case to the Assessing Officer (AO) for a fresh hearing after the assessee, faced delays in filing its appeal due to multiple...

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