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ITAT Grants Exemption u/s 10(10B) for VRS Compensation Citing Central Government-Approved Scheme Benefiting Employees [Read Order]

Franklin Joshva

The Chandigarh Bench of Income Tax Appellate Tribunal (ITAT) granted an exemption under section 10(10B) for Voluntary Retirement Scheme (VRS)...

AO Correctly allows Deduction u/s 80IA even Depreciation claimed less than limit: ITAT quashes...

Income Tax Return: Updated Income Tax Utility Released for ITR-U Filing for AY 2024-25 on Income Tax...

ITAT orders Denovo Assessment for Unexplained Investment with Cost of Rs. 5K Imposed on Assessee...

Section 80GGC Income Tax Deduction: Detailed Explanation

Commission Rate on Accommodation Entries: ITAT Directs AO to Apply 0.15% Instead of 1% [Read Order]

The Kolkata Bench of Income Tax Appellate Tribunal ( ITAT ) directed the Assessing Officer ( AO ) to apply a 0.15% commission rate for accommodation entries instead of the 1% rate initially used. ...

ITAT remands Income Tax Penalty matter despite Negligence of Assessee [Read Order]

The Chennai Bench of Income Tax Appellate Tribunal ( ITAT ) remanded a case back to the Commissioner of Income Tax (Appeals) and condemned the negligence of the assessee. The assessee appealed to the...

Taxation of Agricultural Income under Charitable Trusts under the Income Tax Act, 1961

In our country, still a large percentage of the population, especially in the rural areas, is dependent on agriculture for their income. Interestingly, agricultural income earned by charitable trusts...

ITAT upholds Addition of Rs. 70.95 Lakh u/s 69A due to Assessee's Non-Compliance [Read Order]

The Income Tax Appellate Tribunal ( ITAT ), Ahmedabad "B" Bench, upheld the addition of Rs. 70.95 lakh under Section 69A of the Income Tax Act against Kanak Pramukhlal Sandesara for unexplained cash...

Surcharge on Income Tax Applicable only on Income Exceeding Rs. 50 Lakhs: ITAT [Read Order]

The Kolkata Bench of Income Tax Appellate Tribunal ( ITAT ) ruled that surcharge on income tax is applicable only to income exceeding ₹50 lakh. Badamtam Welfare Trust,appellant-assessee,was...

Details Furnished by Assessee not Considered by AO: ITAT remands Addition of Rs.117.01 Lakhs [Read Order]

In a recent ruling, the Chennai bench of the Income Tax Appellate Tribunal remanded the case of an addition of ₹117 Lakhs back to the commissioner of for fresh adjudication. The assessee appealed...

Revenue Challenges ₹2.41 Crore Deletion by CIT(A): ITAT Confirms Stamp Paper Purchases for Customer as Source, Dismisses Appeal [Read Order]

The Chennai Bench of Income Tax Appellate Tribunal (ITAT) confirmed the deletion of Rs. 2.41 crore by asserting the Stamp Paper purchases as the source of income of the assessee and dismissed the...

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