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Relief to Revenue: Delhi HC Affirms AO’s Reassessment u/s 147 on basis of Third-Party search Findings [Read Order]

Avinash Kurungot

The Delhi High Court recently remitted matter back to the file of the Income Tax Appellate Tribunal (ITAT) observing that a jurisdictional Assessing...

Valid Reason Necessary for Invoking Income Tax Reassessment Proceedings: ITAT [Read Order]

ITAT Deletes Rs. 4.82 Crore Addition as Unexplained Cash Credit, Citing Payments Linked to Genuine...

S.68 Applicable When Credit Received in Relevant Year, not for Earlier Years: ITAT [Read Order]

Assessment not Prejudicial to Revenue if AO Follows Jurisdictional HC’s Ruling: ITAT [Read Order]

ITAT directs CIT(A) to Consider Reasons for Delay in Filing Appeal after Dismissing it over 208-Day Delay [Read Order]

The Bangalore Bench of Income Tax Appellate Tribunal (ITAT) directed the Commissioner of Income Tax (Appeals) [CIT(A)] to consider the reasons for the delay in filing an appeal after it was...

ITAT Remands Case to AO for Reconsideration of Tax Exemption Claim u/s 10(26AAA) for Sikkimese Assessee [Read Order]

The Kolkata Bench of Income Tax Appellate Tribunal( ITAT ) remanded the case of the Sikkimese assessee to the Assessing Officer ( AO ) for reconsideration of her tax exemption claim under Section...

Trust's Appeal Partly Allowed: ITAT Remits Matter to CIT(E) for Fresh Consideration of Registration Application [Read Order]

The Jaipur Bench of the Income Tax Appellate Tribunal ( ITAT ) recently set aside the rejection order of the Commissioner of Income Tax (Exemption) and remanded the matter for fresh consideration of...

Borrower cannot retain Liability in Subsequent FYs After Lender Writes Off amount in his Accounts: ITAT upholds Addition u/s 41(1) [Read Order]

The Chennai bench of the Income Tax Appellate Tribunal ( ITAT ) upheld that an addition made on account of rescission of liability under Section 41(1) of the Income Tax Act 1961 is justified when the...

Depreciation as Granted with Rate per Income Tax Act Must Be Deducted to Determine Accumulated Profits: Telangana HC [Read Order]

Telangana High Court in a recent case has held that for purposes of taxation,depreciation as granted with rates prescribed by Income-Tax Act, 1961 would have to be deducted for ascertaining the...

Interest Income from FDRs with other Cooporative Banks eligible for deduction u/s 80P (2)(d): ITAT [Read Order]

In a recent ruling, the Ahmedabad bench of the Income Tax Appellate Tribunal ( ITAT ) held that interest income derived from FDRs with other cooperative banks is eligible for deduction under Section...

ITAT Quashes Reassessment Due to Non-Issuance of Mandatory S.143(2) Notice [Read Order]

The Chandigarh Bench of Income Tax Appellate Tribunal ( ITAT ) quashed the reassessment proceedings against the assessee, on the grounds of non-issuance of the mandatory notice under Section 143(2)...

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