Latest Income Tax News, Updates & Judgments

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ITAT Sets Aside Rs.22.39 Lakh Addition, Validates Senior Citizen's Demonetization Deposits [Read Order]

The Income Tax Appellate Tribunal (ITAT) Ahmedabad Bench ruled in favor of the assessee and set aside the addition of Rs.22.39 lakh made under...

ITAT Sets Aside Ex-Parte Orders, Restores Assessee’s Appeal for Fresh Hearing on Unexplained...

ITAT Sustains Additions u/s 68, Denies Deduction for LIC Premium and Tuition Fees; Dismisses...

ITAT Condones 164-Day Delay, Grants Assessee Another Chance for Registration u/s 12AB [Read Order]

ITAT Upholds CIT(A) Order, Deletes Additions u/s 153A Citing Lack of Incriminating Material...

ITAT Delhi Drops Tax Appeal as LiuGong India Opts for Relief under Vivad Se Vishwas Scheme [Read Order]

In a recent ruling, the Income Tax Appellate Tribunal (ITAT), Delhi Bench dismissed an appeal after the appellant opted for the Direct Tax Vivad se Vishwas Scheme, 2024. LiuGong India Private...

STCG already Taxed: ITAT deletes Rs. 1.20 Crore Wrong addition [Read Order]

The Pune Bench of the Income Tax Appellate Tribunal ( ITAT ) removed the incorrect addition of Rs. 1.02 crore as Short-Term Capital Gains (STCG) after determining that the income had already been...

CPC denies FTC for late filing of Form 67: ITAT Rules Form Filing Directory not Mandatory [Read Order]

The Pune Bench of the Income Tax Appellate Tribunal (ITAT) ruled that the requirement to file Form 67 for claiming Foreign Tax Credit (FTC) is only directory in nature and not mandatory. Preeti...

CIT(E) Rejects 12A Registration: ITAT Remands Matter, Directs Applicant to Submit Documents [Read Order]

The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) remanded back the matter to the Commissioner of Income Tax (Exemptions) [CIT(E)], directing the applicant to submit the necessary...

Discrepancies in TDS deduction: ITAT Remands Matter due to Lack of Proper Hearing [Read Order]

The Pune Bench of the Income Tax Appellate Tribunal (ITAT) remanded back to the Commissioner of Income Tax (Appeals) [CIT(A)] after observing that the assessee was not given an adequate opportunity...

Penalty u/s 271AA cannot be Levied without Identifying Missing Documents: ITAT [Read Order]

The Ahmedabad Bench of Income Tax Appellate Tribunal(ITAT) ruled that a penalty under Section 271AA of Income Tax Act,1961 cannot be levied without identifying the specific missing documents. The...

Assessment Invalid due to Defective Satisfaction Note: ITAT Sets Aside PCIT’s Revisionary Order [Read Order]

The Pune Bench of Income Tax Appellate Tribunal(ITAT) set aside the Principal Commissioner of Income Tax’s (PCIT) revisionary order under Section 263 of Income Tax Act,1961 ruling that the assessment...

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