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ITAT Quashes S.148 Notices Due to Invalid Sanction and Failure to Satisfy S. 149(1)(b) Conditions [Read Order]

Franklin Joshva

The Hyderabad Bench of the Income Tax Appellate Tribunal (ITAT) quashed the reassessment notices issued under Section 148 of the Income Tax Act for...

Reassessment Based Solely on Audit Objection Constitutes Mere Change of Opinion: ITAT Quashes...

Search-Based Addition u/s 153A Unsustainable without Incriminating Material for Completed...

Mechanical Approval u/s. 153D Ispo Facto Invalidates Search Assessments: ITAT Grants Relief to...

Intimation u/s 143(1) Quashed as Disallowance of Application of Funds Not Permitted for Charitable...

Depreciation Cannot be Allowed if Cost of Acquisition Claimed: ITAT Remands for Verification of S.11(6) Compliance [Read Order]

The Chennai Bench of the Income Tax Appellate Tribunal (ITAT) remanded to the Assessing Officer (AO) to verify the factual claim that the cost of the depreciated assets had not been claimed as...

CBDT Threshold of ₹60 Lakh Leads to Dismissal of Revenue Appeal by ITAT [Read Order]

The bench of the Income Tax Appellate Tribunal, Kolkata, dismissed the Revenue’s appeal on the ground of low tax effect and consequently rendered the cross-objection filed by the assessee...

Navjyoti Education Society’s 80G Approval Dispute Remanded by ITAT for Reconsideration [Read Order]

The bench of the Income Tax Appellate Tribunal, Kolkata, directed the Commissioner of Income Tax (Exemptions) [CIT (Exemptions)], to re-examine the issue concerning a delayed application for...

MAT Adjustment Must Be Based on Lower of Business Loss or Depreciation: ITAT Dismisses Appeal of Sungroup Enterprises [Read Order]

The Bench of the Income Tax Appellate Tribunal (ITAT), New Delhi, held that the lower of the unabsorbed depreciation or business loss, as per the books of account, must be adjusted against the...

Brought-Forward Loan Cannot Be Taxed without Payment During Relevant Year: ITAT Deletes ₹1.45 Cr Deemed Dividend Addition [Read Order]

The bench of the Income Tax Appellate Tribunal, Raipur, held that loans received in an earlier year cannot be treated as deemed dividend in a subsequent year when no payment was made during the...

ITAT restricts Addition on “Peak Purchase” to Differential Margin Between Declared and Benchmark Profit in Rice Trading Case [Read Order]

The bench of the Income Tax Appellate Tribunal (ITAT), Raipur, has restricted the addition to the differential margin between the Gross Profit (GP) declared by the assessee and the benchmark rate...

Assessee’s Failure to Reconcile the Discrepancy Justifies Addition: ITAT upholds Donation Disallowance [Read Order]

The bench of the Income Tax Appellate Tribunal (ITAT), Raipur, upheld the disallowance of ₹15,000 made on account of donation expenses, as the assessee had failed to reconcile the difference...

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