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Unexplained 33- Fold Share Price Increase: ITAT Upholds ₹80.17 Lakh Bogus LTCG Addition u/s 68 [Read Order]

Franklin Joshva

The Agra Bench of the Income Tax Appellate Tribunal (ITAT) has upheld the Assessing Officer’s (AO) addition of Rs. 80,17,339 as bogus long-term...

In Absence of Concrete Material Revision u/s 263 of Income Tax Act Not Possible on Assessment Based...

ITAT Deletes ₹52.91 Lakh Unexplained Investment Addition on Land Purchase Due to Unreliable Draft...

Taxpayer Can Raise Additional Claims Before Appellate Authorities: ITAT Allows ₹4.90 Cr ESOP claim...

Relief for Aditya Birla: ITAT Rules Disallowance u/s 40(a) Cannot Be Retaxed if Provision Reversed...

Continuity of Proceedings under Income Tax Act before Competent Authority While pendency of matter before Supreme Court leads to multiplicity of litigation: HP HC [Read Order]

The Himachal Pradesh High Court has held that continuity of proceedings under the Income Tax Act, 1961, before competent authority while pendency of the matter before the Supreme Court leads to...

ITAT Deletes ₹4.97 Lakh Income Tax Addition as ‘Unexplained Money’ on Surrendered ICICI Life Insurance Policy [Read Order]

The Ahmedabad Benchof the Income Tax Appellate Tribunal (ITAT) has deleted the addition of ₹4,97,543 made under Section 68 of the Income Tax Act, 1961 for the amount received from surrendering a...

₹90 Lakh Received for Transferring Rights in Land without Registered Title Taxable as Income from Other Sources: ITAT [Read Order]

The Ahmedabad Bench of the Income Tax Appellate Tribunal (ITAT) has held that ₹90,00,000 received by the assessee for transferring rights over a land without a registered title deed is taxable as...

Deduction u/s 80IA of Income Tax Act must compute Market Value as per rate supplied by State Electricity Boards to consumer: Calcutta HC [Read Order]

In a recent case, the Calcutta High Court upheld the applicability of the internal CUP method as adopted by the assessee and ruled that deductions under section 80IA of the Income Tax Act, 1961 must...

Accountant Not Informed About Income Tax Notice: ITAT Restores 12AB and 80G Registration Matter with 10k Costs [Read Order]

The Ahmedabad Bench of the Income Tax Appellate Tribunal (ITAT) restored applications for registration under Sections 12AB and 80G to the Commissioner of Income Tax (Exemptions) [CIT(E)] for ...

Income Tax Department Releases Excel-Based Utility, Schema, and Validations for ITR-2 and ITR-3 Filing for AY 2025-26 [Read Order]

In a significant update for taxpayers, the Income Tax Department has officially released the Excel-based utilities, JSON schemas, and validation files for filing Income Tax Returns (ITR) for ...

Calcutta HC upholds ITAT’s Order setting aside income tax reassessment even When all accounts are clarified by supporting documents [Read Order]

The Calcutta High Court upheld the Income Tax Appellate Tribunal ( ITAT)’s order setting aside the income tax reassessment even when all accounts are clarified by supporting documents. The...

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