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‘No person will derive any Undue Benefit by not preferring Appeal against any Assessment order passed under Act’: ITAT condones 2564-day delay [Read Order]

Saagarika Gopinath

In a recent ruling, the Lucknow bench of the Income Tax Appellate Tribunal ( ITAT ) allowed the appeal filed by the assessee and condoned the...

Jewellery Owner's Late ITR Filing Rejected: ITAT Upholds Addition of Demonetization Period Deposits...

Section 80 P under Income Tax Act,1961: Case Digest on Recent Decisions

ITAT orders Reconsideration of 80G Application Rejection by CIT(E), citing CBDT Circular on Extended...

No Concealment of Income Found: ITAT Sets Aside Penalty u/s 271(1)(c) of Income Tax Act [Read Order]

Law does Not Require Performance of Impossible Act: ITAT directs Revenue to adopt Constructive Approach in ITR-7 Filing [Read Order]

In a recent ruling, the Visakhapatnam Bench of the Income Tax Appellate Tribunal ( ITAT ) held that it was impossible for the assessee to mention the renewal details obtained on 04/04/2022 in ITR-7,...

ITAT Restores Case to AO for Fresh Assessment on Carry Forward of Losses and Unabsorbed Depreciation, Citing Incomplete Evaluation of Merger Impact [Read Order]

The Chennai Bench of Income Tax Appellate Tribunal ( ITAT ) restores the case to the Assessing Officer ( AO ) for fresh assessment on the carry forward of losses and unabsorbed depreciation, citing...

AO issued Penalty Notice without Specifying Offense of Concealment or Inaccurate Particulars as Mandated u/s 271(1)(c): ITAT quashes Order [Read Order]

The Kolkata Bench of the Income Tax Appellate Tribunal (ITAT) quashed the penalty notice as the assessing officer issued it without specifying the offense whether it was concealment of income or...

ITAT Weekly Round Up

Undisclosed Foreign Credit Card Expenses: ITAT sustains Income Tax Additions towards Lalit Modi [Read Order] Lalit Kumar Modi vs DCIT CITATION: 2024 TAXSCAN (ITAT) 1428 The Income Tax Appellate...

Unexplained Income from Rigged Stock Trades: ITAT upholds Rs. 44L Addition [Read Order]

In a recent ruling, the Surat bench of the Income Tax Appellate Tribunal ( ITAT ) held that additions made under Section 68 of the Income Tax Act are accurate as the assessee failed to explain the...

Denial of Fair Hearing Opportunity to Assessee: ITAT deletes Income Tax Addition u/s 69C [Read Order]

The Ahmedabad Bench of Income Tax Appellate Tribunal ( ITAT ) ruled in favor of the assessee, deleting an addition of Rs. 27,61,030 made for capital gains incurred in the script of Looks Health...

ITAT sets aside Income Tax Addition due to lack of proper persuasion before Authorities, directs Re examination of Egg Traders Account [Read Order]

The Kolkata Bench of Income Tax Appellate Tribunal ( ITAT ) held that the additions made by the Assessing Officer ( AO ) cannot be sustained due to lack of proper persuasion by the appellant before...

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