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Taxpayer Only Account Opener, Acted as Conduit for Third Party Funds: ITAT Limits Income Tax Liability to 0.5% Commission [Read Order]

The Income Tax Appellant Tribunal (“ITAT”), Surat Bench, recently limited income tax liability for the account opener, a conduit for third party ...

Unexplained Deposits are Cash Sales during Demonetization, Only 8% is Income: ITAT Allows Income Tax...

AO & CIT(A) Denied Hearing in Income Tax Assessment: ITAT Directs De Novo Speaking Order for ₹17L...

LTCG to be Computed from Taxpayer’s First Year as Property Holder: ITAT Notes Error in Indexation...

No Sufficient Cause to Revise Income Tax Exemption Order after 7 Years: Supreme Court Backs...

Income Tax Reassessment Jurisdiction Fails Without Fresh Material: SC Upholds Gujarat HC in GTPL Hathway Case [Read Order]

In a recent ruling SC upheld that the Gujarat HC orders quashing the reopening of assessment against GTPL Hathway Ltd for the assessment year 2017-18, holding that reassessment initiated without any...

Income Tax Filings Jump to Rs. 9.2 Crore; Non-Corporate Tax Collections Surge

According to the Economic Survey 2025-26 presented by the Ministry of Finance, India has seen a sharp rise in income tax filings and non-corporate tax collections, showing a wider tax base and...

Employer vs Employee PF/ESI Contributions Treatment under Income Tax: Supreme Court to Resolve Deduction Issue [Read Judgement]

The Supreme Court of India will examine the issue of allowability of deductions for delayed deposit of employees’ Provident Fund (PF) and Employees’ State Insurance ( ESI ) contributions under the...

Advertising & Sales Promotion Spend to Dealers Not ‘Fringe Benefit’: ITAT deletes ₹1.08 Cr FBT Addition [Read Order]

The Mumbai Bench of the Income Tax Appellate Tribunal ( ITAT) has held that expenditure incurred on advertising, publicity and sales promotion towards dealers, distributors and other third parties...

Interest Expenditure allowable u/s 57(iii) against Interest Income if Direct Nexus Proved: ITAT Deletes ₹1.06 Cr Disallowance [Read Order]

If there is a direct nexus between the borrowing and lending activity, interest expenditure is allowable as a deduction under Section 57(iii) of theIncome-tax Act, 1961, ruled the Mumbai Bench of the...

Cash from Sale of Crops Deposited during Demonetization Period, Supporting Documents Submitted: ITAT Removes Addition u/s 68 [Read Order]

The two-member bench of the Income Tax Appellate Tribunal (“ITAT”) had removed addition to cash deposit as unexplained as had been done under Section68. ITAT accepted the explanation given by the...

Search Assessments under Income Tax Unsustainable where Approval is Mechanical u/s 153D: ITAT [Read Order]

The Patna Bench of the Income Tax Appellant Tribunal ( ITAT ) has held that search assessments under Section 153A of the Income Tax Act, 1961, cannot stand the test of time in those situations...

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