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Revisionary Jurisdiction u/s 263 Not Invocable Solely Based on PCIT's Differing View: ITAT [Read Order]

Sneha Sukumaran Mullakkal

The Ahmedabad Bench of Income Tax Appellate Tribunal ( ITAT ) ruled that the revisionary jurisdiction under Section 263 of the Income Tax Act,1961...

Relief to ICICI: ITAT Deletes Disallowance of Dividend Income Citing S.44 Overrides S.14A in...

ITAT Grants Registration u/s 12AB, Clarifying That S.13(1)(b) Applies Only at the Assessment Stage...

Disallowance of Interest Expenses: ITAT remands Matter for Fresh Adjudication [Read Order]

AO not at Fault in completing Income Tax Assessment once Jurisdiction to Issue Notice u/s 143(2) is...

Extended Working Hours not a Valid Reason for Assumption of Additional Income as Commission: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT) has ruled that extended working hours alone cannot be a valid basis for assuming additional income in the form of commissions where an addition made by the...

Crores in Returns! Income Tax Return Filing Crorepatis 5X-ed in in 10 Years

As per data from the Income Tax Department, The number of individuals reporting taxable incomes exceeding Rs 1 crore in their income tax returns has surged fivefold over the past decade. From just...

ITAT Allows Deduction of Bad Debts, Holding Write-Off in Books as Sufficient Compliance u/s 36(1)(vii) [Read Order]

The Ahmedabad Bench of Income Tax Appellate Tribunal ( ITAT ) allowed the deduction of bad debts stating that written off in the books of accounts were sufficient compliance with the provisions of...

Penalty u/s 272A(1)(d) of Income Tax Cannot Be Imposed for Non-Compliance with Notices Due to Consultant’s Failure to Inform: ITAT deletes Penalty

The Kolkata bench of Income Tax Appellate Tribunal ( ITAT ) has deleted a penalty imposed under Section 272A(1)(d) of the Income Tax Act, 1961 stating that the penalty cannot be enforced when the...

ITAT upholds CIT(A)'s deletion of Rs. 149.29 Crores Addition, Confirming Amalgamation Exemption u/s 47(vi) of Income Tax Act [Read Order]

The Mumbai Bench of Income Tax Appellate Tribunal ( ITAT ) upheld the Commissioner of Income Tax (Appeals) [CIT(A)]’s decision to delete an addition of Rs. 149.29 crores made by the Assessing Officer...

Income from Ancillary Activities to Primary Operations: ITAT upholds Revision Order allowing Alternate Claim of Co-Op Society u/s 80P(2)(e) [Read Order]

The Income Tax Appellate Tribunal (ITAT), Ahmedabad Bench has upheld a revision order reaffirming the right of the assessee, a Ginning Pressing Cotton Sale Co-operative Society Ltd. to make an...

Section 80P Inserted to Encourage Growth of Co-Operative Societies: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT) has recently upheld the provisions of Section 80P of the Income Tax Act, affirming its role in promoting the growth of cooperative societies. The ruling...

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