Latest Income Tax News, Updates & Judgments

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Unexplained Bank Deposits and PMGKY Non-Consideration: ITAT Remands Matter for Final Evidence Submission and Verification [Read Order]

The Ahmedabad Bench of Income Tax Appellate Tribunal (ITAT) remanded the matter to the Assessing Officer (AO) for fresh examination, directing the...

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...

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

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

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...

ITAT Strikes Down Reassessment: Rs50 Lakh Threshold Not Met for Late Notice [Read Order]

The Income Tax Appellate Tribunal (ITAT) Pune Bench has quashed a reassessment proceeding initiated by the Income Tax Department, ruling that the tax effect in the case did not meet the Rs 50 lakh...

ITAT Allows Appeal in Demonetization-Era Case, Finds CIT(A) Order Deficient in Reasoning [Read Order]

The Income Tax Appellate Tribunal (ITAT) Pune Bench has allowed an appeal filed by Jyoti Santosh Parakh Swaraj Cement Distributors, setting aside an order by the Commissioner of Income Tax (Appeals)...

Unexplained Investment in Property: ITAT Deletes Rs. 13.73 Lakh Addition After Verifying Source from Fixed Deposits [Read Order]

The Ahmedabad Bench of Income Tax Appellate Tribunal(ITAT)deleted the Rs. 13.73 lakh addition for unexplained investment in a property purchase after verifying the source from fixed deposits. Uday...

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