Latest Income Tax News, Updates & Judgments

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ITAT Remands Case for Fresh Hearing Despite Assessee Fails to Respond to Notices Four Times, w/o any Reasons [Read Order]

In a recent ruling, the Kolkata bench of the Income Tax Appellate Tribunal (ITAT) granted the assessee one more opportunity to be heard, despite the...

Capital Gain Disputes: How to Defend Property Valuation Challenges before Authorities

AMP Expenses Not Separate International Transaction: Delhi HC Upholds ITAT Decision [Read Order]

30 Day Delay in Filing Form 10B Due to Accountant's Family Medical Issue: Delhi HC Directs CIT(E) to...

Proceedings u/s 153C of Income Tax Act cannot be Initiated in Absence of Incriminating Material:...

ITAT Overturns 'On-Money' Additions, Rules Third-Party Documents Inadmissible Without Verification [Read Order]

The Income Tax Appellate Tribunal (ITAT), Nagpur bench, has quashed tax additions totaling Rs. 2.66 crore made against three assessees Taradevi Babulal Patni, Patni Housing Private Limited, and...

ITAT dismisses Revenue's Appeal as Assessee Settles Dispute under Vivad Se Vishwas Scheme, 2024 [Read Order]

The Ahmedabad bench of the Income Tax Appellate Tribunal (ITAT) dismissed an appeal filed by the Revenue against the assessee, Vipulbhai Labhubhai Patel, for the Assessment Year 2016-17 after the...

ITAT quashes Impugned Additions imposed in “Injudicious Manner”, reprimands Lack of Requisite Care [Read Order]

The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) expressed strong dissatisfaction with the careless conduct of the Faceless Assessing Officer (AO) and the Faceless Commissioner of Income...

Donations Must be Made to Research Institutes Registered u/s 35(1)(ii): ITAT Disallows 1.05 Cr Deduction [Read Order]

The Ahmedabad bench of the Income Tax Appellate Tribunal (ITAT) recently disallowed a weighted deduction amounting to ₹1.05 cr to an assessee since the donations were made to research institutes...

Income Tax Authorities Failed to Determine Whether Taxed Amount is Lottery Win or Corporate Gift: ITAT Sends Matter Back to AO for Fresh Consideration [Read Order]

The Income Tax Appellate Tribunal ( ITAT ), Ranchi Bench, has set aside an income tax demand after finding that the income tax authorities failed to clearly determine whether the taxed amount was...

India-UAE DTAA Prevails: ITAT Allows 100% Deduction for Head Office Expenses, Bypasses Section 44C Restrictions [Read Order]

The Mumbai Bench of the Income Tax Appellate Tribunal ( ITAT ) has held that the limitation under Section 44C of the Income Tax Act, 1961, is overridden by the provisions of the India-UAE Double...

Loans from Subsidiary to Holding Company not Deemed Dividend u/s 2(22)(e) When Transactions are Part of Consistent Business Practice: ITAT [Read Order]

In a recent ruling, the Income Tax Appellate Tribunal ( ITAT ) Kolkata Bench has held that loans received by a holding company from its subsidiary cannot be taxed as deemed dividend under Section...

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