Power Charges Provision Based On Actual Bills Not A Contingent Liability: ITAT Rejects CPC Disallowance u/s 143(1) [Read Order]
The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) considered the issue regarding the allowance of a provision created toward payment of...
Unsecured Loans Amounting to Rs. 6 Cr from Unreliable Companies in Dispute: ITAT Rejects Appeal Following AO's Remand Report [Read Order]
The Income Tax Appellate Tribunal (ITAT), Mumbai Bench, rejected an appeal by the Department, whose dispute concerns the deletion of the INR 6,00,00,000/- addition made under Section 68 of the Income...
ITAT Upholds 6% Profit Estimation on Alleged Bogus Diamond Purchases, Dismisses Cross Appeals [Read Order]
The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has upheld the estimation of profit on alleged non-genuine diamond purchases and dismissed cross appeals filed by both the assessee and ...
lTAT Grants Relief to Tata AIG on Co-Insurance Fees, Employee Bonus Write-Back and Dividend Exemption [Read Order]
The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has dismissed the Revenue’s appeal challenging multiple reliefs granted to Tata AIG General Insurance Company Limited, as the issues...
ITAT Quashes Reopening of Assessment against WBEIDC, Holds it was Based on Mere Change of Opinion [Read Order]
The Income Tax Appellate Tribunal (ITAT) at Kolkata has set aside the reassessment proceedings initiated against West Bengal Electronics Industry Development Corporation Limited, holding that the ...
Interest u/s 220(2) Unsustainable Where Income Tax Demand Arose Only Through Subsequent Rectification Order: ITAT [Read Order]
The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has held that interest under Section 220(2) of the Income Tax Act, 1961 cannot be levied for a period during which no enforceable income...
Once Exercised, Section 115BAB Option Applies to Subsequent Years: ITAT Allows 15% Concessional Tax Rate [Read Order]
The Pune Bench of the Income Tax Appellate Tribunal (ITAT) has held that once a manufacturing company validly exercises the option for concessional taxation under Section 115BAB of the Income Tax Act,...
‘Cast Iron’ Documentary Evidence of Identity and Banking Flow Discharges Onus: Calcutta HC Upholds ITAT Deletion u/s 68 [Read Order]
The Calcutta High Court has dismissed the Revenue’s appeal challenging the deletion of an addition of Rs. 7,26,50,000/- made under Section 68 of the Income Tax Act, 1961 on account of unexplained ...
