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Mere Inclusion of Scrip in ‘Penny Stock’ List without Material Evidence of Price Manipulation Not Justify Addition: ITAT [Read Order]

The Mumbai Bench of the Income Tax Appellate Tribunal ( ITAT ) has held that mere inclusion of a company’s shares in an investigation report as a...

SCN issued by JAO instead of FAO, Prima Facie Income Tax Reopening Time-Barred: Calcutta HC Stays...

Income Tax Dept Issues Notices to High-Earning Executives Over Misuse of HRA, LTA, and Undisclosed...

Reduction of Accumulated Income for Charitable Trust Due to Technical Glitch in Form 10B: ITAT...

PCIT Must Explain How Income Tax Assessment Order is Erroneous u/s 263: ITAT Allows Appeal [Read...

Disallowed Payments due to Inconsistency in Statements and Transactions Held Unreasonable as per Income Tax Act: ITAT Allows Appeal [Read Order]

The Income Tax Appellate Tribunal (ITAT), Delhi Bench, allowed an appeal in the case where disallowances were made without appreciating the facts. The tribunal made note of the delay of 87 days and...

Unsecured Loans’ Creditworthiness confirmed through PAN, ITR and Confirmations Sufficient: ITAT deletes S. 68 Addition [Read Order]

The Ahmedabad Bench of the Income Tax Appellate Tribunal (ITAT) has held that unsecured loans cannot be treated as unexplained cash credits under Section 68 where the assessee establishes...

Consolidated Satisfaction is Improper Satisfaction, Lack Merit: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), New Delhi bench, broadly held that consolidated satisfaction during the assessment proceedings amounts to improper satisfaction as it lacks merit and proper...

Mutual Cooperative Society May Accept Deposits and Lend Loans to its Own Members: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Delhi Bench, held that mutual cooperative societies may accept deposits and lend loans to its own members. The assessee in the present case filed an...

Double Addition/Double Disallowance in Income Tax Assessment: ITAT Considers Doctrine of Merger Applicable [Read Order]

The Income Tax Appellate Tribunal (ITAT), Delhi Bench, heard a case in which double addition and double disallowance was done in the assessment proceedings. The tribunal held that the doctrine of ...

ITAT Grants S. 50C Proviso relief where Advance Received by Cheque Before Sale Deed Registration [Read Order]

The Chandigarh Bench of the Income Tax Appellate Tribunal ( ITAT ) held that where part of the sale consideration was received through bank account or electronic mode at the time of agreement to sell,...

Repayment of Director’s own Deposit Not Deemed Dividend: ITAT Deletes ₹25L addition u/s 2(22)(e) [Read Order]

The Income Tax Appellate Tribunal ( ITAT ), Ahmedabad Bench held that repayment or withdrawal of a director’s own deposit maintained with a company cannot be treated as deemed dividend under Section...

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