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Loans from IPO Proceeds, Not Borrowed Funds: ITAT directs AO to recompute Interest Disallowance [Read Order]

Kavi Priya

The Chennai Bench of the Income Tax Appellate Tribunal ( ITAT ) directed the Assessing Officer ( AO ) to recompute the disallowance of interest...

Insufficient Evidence to Prove Loan Creditworthiness: ITAT remands Unexplained Cash Deposits matter...

AO Adds based on Mobile Phone Image Indicating Higher Sale Consideration: ITAT Deletes due to...

ITAT Orders Verification of TDS Deposits, Grants Relief to Assessee [Read Order]

ITAT Intervenes: Orders CIT(A) to Admit Appeal, Citing 'Good and Sufficient Reasons' [Read Order]

Discrepancy in FMV: ITAT Directs AO to Determine by Conducting Thorough Fact-Finding Process, Applying Explanation u/s 56(2)(viib)[Read Order]

The Chennai Bench of the Income Tax Appellate Tribunal (ITAT) directed the Assessing Officer (AO) to Determine the Fair Market Value (FMV) of Shares by conducting a thorough Fact-Finding Process and...

ITAT Sets Aside CIT(A) Order, Citing Breach of Natural Justice and Violation of Section 250(6) [Read Order]

In a recent ruling, the Income Tax Appellate Tribunal ( ITAT ), Agra Bench, has set aside the order of the Commissioner of Income Tax (Appeals) [ CIT(A) ] and directed the case to be reconsidered on...

Income Tax Joint Commissioner cannot grant Reassessment Approvals relying on Rajeev Bansal SC Decision: Delhi HC [Read Order]

The Delhi High Court has clarified that the Supreme Court ruling in Union of India & Ors. v. Rajeev Bansal (2024) does not validate the authority of a Joint Commissioner to grant approval under...

Commission Paid to Non-Residents for Services Rendered Outside India Not Taxable Without PE: ITAT [Read Order]

The Chennai Bench of the Income Tax Appellate Tribunal (ITAT) ruled that commission payments made to non-residents for services rendered outside India are not taxable under the Income Tax Act, 1961,...

ITAT Condones Delay Due to Bona Fide Reasons Based on Affidavit and Remands Case to CIT(A) for Fresh Hearing [Read Order]

The Kolkata Bench of Income Tax Appellate Tribunal(ITAT) condoned the delay in filing an appeal by the assessee based on bona fide reasons outlined in an affidavit including financial difficulties...

Credit Card Misuse by Friend Not Attributable as Personal Expenditure: ITAT [Read Order]

The Ahmedabad bench of the Income Tax Appellate Tribunal ( ITAT ), held that the misuse of credit cards by a friend cannot be treated as personal expenditure. The assessee, Abdulmannan...

ITAT Quashes Assessment for Failure to Issue Notice u/s 143(2) and Unjustified Additions [Read Order]

The Ahmedabad Bench of Income Tax Appellate Tribunal(ITAT) quashed the assessment for failure to issue the required notice under Section 143(2)of Income Tax Act,1961 and unjustified additions. ...

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