![Genuineness of Penny Stocks Share Sale: ITAT Upholds ₹21.72 Lakh Addition as Sham Transaction [Read Order]](https://images.taxscan.in/h-upload/2025/08/21/500x300_2078941-genuineness-penny-stocks-share-sale-itat-taxscan.webp "Genuineness of Penny Stocks Share Sale: ITAT Upholds ₹21.72 Lakh Addition as Sham Transaction [Read Order]")
Genuineness of Penny Stocks Share Sale: ITAT Upholds ₹21.72 Lakh Addition as Sham Transaction [Read Order]
The Ahmedabad Bench of Income Tax Appellate Tribunal ( ITAT )upheld the addition of ₹21.72 lakh, treating the sale of Karma ISP penny stock shares as...
![Disallowance of Excess Deductions and House Property Loss in Revised Returns: ITAT Sets Aside Order FAA’s Order [Read Order]](https://images.taxscan.in/h-upload/2025/08/21/250x150_2078944-deductions-house-property-itat-faa-taxscan.webp "Disallowance of Excess Deductions and House Property Loss in Revised Returns: ITAT Sets Aside Order FAA’s Order [Read Order]")
![Magistrate Issued Non-Bailable Warrant for Offence u/s 276C(2) of Income Tax Act, Punishable Max 3 Years: Bombay HC Quashes Order [Read Order]](https://images.taxscan.in/h-upload/2025/08/21/250x150_2079037-untitled-2.webp "Magistrate Issued Non-Bailable Warrant for Offence u/s 276C(2) of Income Tax Act, Punishable Max 3 Years: Bombay HC Quashes Order [Read Order]")
![90-Day Delay in Filing Form 10AB for S.80G Approval: ITAT Restores Matter to CIT(E) Pending CBDT’s Decision on Condonation [Read Order]](https://images.taxscan.in/h-upload/2025/08/21/250x150_2078932-form10ab-itat-taxscan.webp "90-Day Delay in Filing Form 10AB for S.80G Approval: ITAT Restores Matter to CIT(E) Pending CBDT’s Decision on Condonation [Read Order]")
![[BREAKING] New Income Tax Bill receives President’s Assent, Act will officially come into force from This Date](https://images.taxscan.in/h-upload/2025/08/21/250x150_2079073-income-tax-bill-income-tax-bill-2025-taxscan.webp "[BREAKING] New Income Tax Bill receives President’s Assent, Act will officially come into force from This Date")
![ITAT Deletes IGST Refund Addition Holding Refundable Advance Not Taxable u/s 43B [Read Order]](https://images.taxscan.in/h-upload/2025/08/21/500x300_2079028-itat-igst-refundable-taxscan.webp "ITAT Deletes IGST Refund Addition Holding Refundable Advance Not Taxable u/s 43B [Read Order]")
Commercial Tax Dept is Secured Creditor under IBC: Madras HC Directs Auction Purchaser to Recover Purchase Price from CD and Remit for VAT Dues [Read Order]
In an important, the Madras High Court has held that the Commercial Tax Department qualifies as a ‘secured creditor’ under the Insolvency and Bankruptcy Code ( IBC ) where statutory charges are...
![Commercial Tax Dept is Secured Creditor under IBC: Madras HC Directs Auction Purchaser to Recover Purchase Price from CD and Remit for VAT Dues [Read Order]](https://images.taxscan.in/h-upload/2025/08/21/500x300_2079014-commercial-tax-dept-secured-creditor-ibc-madras-hc-auction-taxscan.webp "Commercial Tax Dept is Secured Creditor under IBC: Madras HC Directs Auction Purchaser to Recover Purchase Price from CD and Remit for VAT Dues [Read Order]")
ITAT Sets Aside Additions on ₹1.46 Cr Demonetisation Cash Deposits and Derivative Losses, Remands for Fresh Adjudication [Read Order]
The Hyderabad Bench of the Income Tax Appellate Tribunal (ITAT) has set aside the additions made on account of cash deposits during the demonetisation period and disallowance of loss on the derivative...
![ITAT Sets Aside Additions on ₹1.46 Cr Demonetisation Cash Deposits and Derivative Losses, Remands for Fresh Adjudication [Read Order]](https://images.taxscan.in/h-upload/2025/08/21/500x300_2078903-itat-demonetisation-cash-deposits-derivative-losses-fresh-adjudication-taxscan.webp "ITAT Sets Aside Additions on ₹1.46 Cr Demonetisation Cash Deposits and Derivative Losses, Remands for Fresh Adjudication [Read Order]")
Chit Fund Company's Appeal Dismissed: ITAT Upholds 90% Disallowance for Lack of Evidence on Commission Payments [Read Order]
The Income Tax Appellate Tribunal (ITAT), Cochin Bench has dismissed an appeal filed by a Thrissur-based chit fund company. The tribunal upheld the tax authorities' decision to disallow ninety percent...
![Chit Fund Companys Appeal Dismissed: ITAT Upholds 90% Disallowance for Lack of Evidence on Commission Payments [Read Order]](https://images.taxscan.in/h-upload/2025/08/20/500x300_2078706-itat-lack-of-evidence-taxscan.webp "Chit Fund Companys Appeal Dismissed: ITAT Upholds 90% Disallowance for Lack of Evidence on Commission Payments [Read Order]")
Malad Chamber of Tax Consultants seeks Extension of Due Dates for Filing of ITR and Audit Reports for AY 2025-26, submits representation to FM
The Malad Chamber of Tax Consultants (MCTC), a prominent association of tax professionals, has urged the Union Finance Ministry and the Central Board of Direct Taxes (CBDT) to extend the due dates...
ITAT Deletes Disallowances of Public Relations, Shared Services, and Product Registration of BASF India, Citing No Change in Facts or Law [Read Order]
The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) dismissed the appeal by revenue regarding the disallowances of ₹55,00,000 on Public Relations expenses, Shared Service (Malaysia), and...
![ITAT Deletes Disallowances of Public Relations, Shared Services, and Product Registration of BASF India, Citing No Change in Facts or Law [Read Order]](https://images.taxscan.in/h-upload/2025/08/21/500x300_2078887-itat-shared-services-product-basf-taxscan.webp "ITAT Deletes Disallowances of Public Relations, Shared Services, and Product Registration of BASF India, Citing No Change in Facts or Law [Read Order]")
DGFT announces Exemption of Imports under DIA from Duties, CA Certificate Permitted in Lieu of Latest ITR [Read Notification]
The Directorate General of Foreign Trade ( DGFT ) has announced exemption of imports under the Diamond Import Authorisation (DIA) from the levy of multiple duties including Customs, Anti-dumping,...
![DGFT announces Exemption of Imports under DIA from Duties, CA Certificate Permitted in Lieu of Latest ITR [Read Notification]](https://images.taxscan.in/h-upload/2025/08/21/500x300_2078916-dgft-exemption-import-taxscan.webp "DGFT announces Exemption of Imports under DIA from Duties, CA Certificate Permitted in Lieu of Latest ITR [Read Notification]")