Latest Income Tax News, Updates & Judgments

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Rs.14.93 Crores Addition u/s 68 for Share Capital Premium: ITAT Deletes AO's Addition, Upholds Genuineness of Funds [Read Order]

The Delhi Bench of Income Tax Appellate Tribunal(ITAT) deleted the AO's addition of Rs. 14.93 crores under Section 68 of Income Tax Act,1961,for...

ITAT dismisses Appeal as Taxpayer Opts for Settlement under Vivad Se Vishwas Scheme with Liberty to...

Is Trust’s Registration u/s 12A a Prerequisite for Grant of Approval u/s 80(G)(5)(iv)(B)?: ITAT...

Unexplained Bank Deposits and PMGKY Non-Consideration: ITAT Remands Matter for Final Evidence...

Pharmacy Income Not Separate Business, Exempt u/s 11: ITAT grants Relief to Charitable Hospital...

ITAT Quashes ₹84 Lakh Addition Made u/s 69A, accepts Assessee’s Explanation on Cheque Discounting for Working Capital [Read Order]

The Ahmedabad Bench of the Income Tax Appellate Tribunal ( ITAT ) granted relief to assessee, Nirmaladevi Shreegopal Kanodia by deleting an addition of ₹84,00,669 made under Section 69A of the Income...

Relief for Adani Power: ITAT Invalidates Revision Order Passed Against Non-Existent Entity [Read Order]

The Ahmedabad Bench of the Income Tax Appellate Tribunal (ITAT) has set aside a revision order passed by the Principal Commissioner of Income Tax (PCIT) under Section 263 of the Income Tax Act, after...

Income Tax Portal Technical Issue makes Filing TDS Form 15G/15H Hard for Individual Taxpayers

Individual taxpayers and Hindu Undivided Families (HUFs) across India are facing undue hurdles while attempting to file TDS Forms 15G and 15H on the Income Tax Department’s portal. The platform...

Additions u/s 69A Set Aside: ITAT Directs Fresh Assessment Allowing Taxpayer to File Additional Evidence [Read Order]

The Ahmedabad Bench of the Income Tax Appellate Tribunal (ITAT) has set aside the additions made under Section 69A of the Income Tax Act, 1961, directing the Assessing Officer (AO) to conduct a fresh...

ITAT Rules in Favor of NGO, Cites Principles of Natural Justice in Ex Parte Case [Read Order]

The Income Tax Appellate Tribunal (ITAT) Ranchi Bench has ruled in favor of appellant, setting aside an ex parte assessment order and subsequent appellate decision that had confirmed tax additions...

Income Tax Return: Major Changes in New ITR Forms ITR-1 and ITR-4

The Income Tax Department has introduced several significant modifications in the Income Tax Return (ITR) forms for Assessment Year (AY) 2025–26, simplifying compliance while expanding disclosure...

ITAT Directs AO to Revisit Penalty Proceedings After Completion of de novo assessment [Read Order]

The Ahmedabad Bench of the Income Tax Appellate Tribunal (ITAT) has set aside the penalty of Rs. 10.22 lakh imposed under Section 271(1)(c) of the Income Tax Act, after observing that the assessment...

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