Latest Income Tax News, Updates & Judgments

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Failure to Prove Assessee's Share Ownership: ITAT deletes ₹2.53 Lakh Income Tax Addition u/s 68 in Client Code Modification Case

In a notable ruling reaffirming the necessity for concrete evidence in income tax assessments, the Income Tax Appellate Tribunal (ITAT) Ahmedabad...

ITAT quashes PCIT Directions on TDS under Section 194J and Closing Stock Valuation [Read Order]

ITAT upholds Revision on AO's Lapses in Verifying TDS on Rent and Unsecured Loans [Read Order]

S. 148A Notice Must Be Issued Before S. 147 Order: Jharkhand HC Quashes Order, Finds Lapse by Income...

ITAT upholds PCIT Order on Depreciation Disallowance, holds AO Ignored Rental Terms and Asset Usage...

ITAT Sets Aside Ex-Parte CIT(A) Order, Slaps ₹10k Cost on Assessee for Chronic Delays [Read Order]

The Income Tax Appellate Tribunal (ITAT), Nagpur Bench, has set aside an ex-parte order issued by the Commissioner of Income Tax (Appeals), National Faceless Appeal Centre, and remanded the matter...

ITAT sets aside PCIT Order on Revenue Recognition, Holds No Revenue Prejudice as Income Declared in Subsequent Years [Read Order]

The Ahmedabad bench of the Income Tax Appellate Tribunal (ITAT) set aside an order passed by the Principal Commissioner of Income Tax (PCIT) under Section 263 of the Income Tax Act, 1961. The bench...

ITAT gives Taxpayer Second Chance: Ex-Parte CIT(A) Order Set Aside for Natural Justice [Read Order]

In a significant decision, the Income Tax Appellate Tribunal (ITAT), Nagpur Bench, has set aside an ex-parte order passed by the Commissioner of Income Tax (Appeals) [CIT(A)] and granted the...

Co-op Society wins ₹10.14L Tax Relief: ITAT rules FDR Interest Eligible for 80P Deduction [Read Order]

The Pune Bench of the Income Tax Appellate Tribunal (ITAT) has granted substantial tax relief to a cooperative credit society, holding that interest earned on fixed deposits (FDRs) with cooperative...

ITAT quashes ₹1.26Cr Addition: No Need to Prove ‘Source of Source’ for Pre-2013 Loans [Read Order]

The Income Tax Appellate Tribunal (ITAT) Mumbai Bench has set aside an addition of ₹1.26 crore made under Section 68 of the Income Tax Act against the appellant holding that for assessment years...

Accountant’s Negligence: Uneducated Taxpayer wins Second Chance, ITAT condones 87-Day Delay [Read Order]

The Nagpur Bench of the Income Tax Appellate Tribunal (ITAT) has condoned a delay of 87 days in filing an appeal, granting relief to a taxpayer who claimed ignorance of proceedings due to negligence...

ITAT Allows Foreign Tax Credit Despite Delay in Filing Form 67, Says Compliance is Directory and Not Mandatory [Read Order]

The Kolkata Bench of the Income Tax Appellate Tribunal (ITAT) has recently allowed a Foreign Tax Credit (FTC) to an assessee, despite a delay in filing Form 67, holding that procedural lapses cannot...

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