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Rs. 54.70 Lacs Addition for Cash Deposits During Demonetization: ITAT Grants Another Opportunity with Cost [Read Order]

Sneha Sukumaran Mullakkal

The Chennai Bench of Income Tax Appellate Tribunal(ITAT) granted another opportunity to the assessee to substantiate cash deposits of Rs. 54.70 Lakh...

ITAT Dismisses Assessee's Appeal with Liberty to Revive if Vivad Se Vishwas Scheme Fails [Read...

Mere Non-Production of Directors not a Valid Ground for Addition u/s 68: ITAT [Read Order]

CBDT Extends Deadline for Filing Form No. 56F Until March 31, 2025 [Read Circular]

ITAT Condones Delay, Remands matter to CIT(A) for Fresh Adjudication for Fair Hearing [Read Order]

CPC Wrongly Disallows Loss Carry-Forward: ITAT Confirms Extended Due Date for Companies with International Transactions [Read Order]

The Ahmedabad Bench of the Income Tax Appellate Tribunal ( ITAT ) ruled that the Central Processing Centre ( CPC ) erroneously disallowed the carry-forward loss without properly interpreting that...

Assessee filed Form 10CCB before Completion of the 143(1) proceedings: ITAT allows Assessee’s Appeal [Read Order]

The Delhi bench of the Income Tax Appellate Tribunal (ITAT) allowed the assessee’s appeal, noting that the assessee had filed Form 10CCB before the completion of the proceedings under Section 143(1)...

Increase in Net Profit Rate to 6% After Book Rejection: ITAT Limits addition to ₹1 Lakh [Read Order]

The Delhi Bench of Income Tax Appellate Tribunal (ITAT) limited the addition to ₹1 lakh after the net profit rate was increased to 6% following the rejection of books of account. Manoj...

Mere Suspicion cannot be Grounds for making Addition: ITAT deletes Rs. 18 lakh Addition [Read Order]

The Ahmedabad bench of the Income Tax Appellate Tribunal (ITAT) held that mere suspicion cannot be grounds for making an addition and deleted the addition of Rs. 18 lakhs. The assessee has...

Income Tax Department Unearths ₹22,000 Crore Undisclosed Foreign Income and Assets through Specialized Campaign

The Income Tax Department has uncovered a staggering ₹22,000 Crore worth of undisclosed foreign income and assets through the operations of a specialized campaign aimed at cracking down on tax...

Failure to Record Opinion on Penalty Levy Not Erroneous or Prejudicial to Revenue's Interest: ITAT [Read Order]

The Jaipur Bench of Income Tax Appellate Tribunal(ITAT)ruled that the failure to record an opinion on penalty levy under Section 270A of Income Tax Act,1961 in the assessment order not erroneous or...

Agricultural Land Sold 10 km Beyond Municipal Limits: ITAT Orders Verification to Determine Capital Asset Status u/s 2(14)(iii) [Read Order]

The Ahmedabad Bench of the Income Tax Appellate Tribunal ( ITAT ) orders verification of evidence to determine whether the land qualifies as a capital asset under Section 2(14)(iii) of the Income Tax...

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