Latest Income Tax News, Updates & Judgments

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Draft Return Unrealistic, Books Absent: ITAT Deletes S.68 Additions, Estimates Liquor Firm’s Net Profit at 2.5% of Gross Sales [Read Order]

The Income Tax Appellate Tribunal (ITAT), Chandigarh Bench, in for the Assessment Year 2017-18, partly allowed the appeal of the assessee, a...

Revenue Recognition on Club Membership Fees Must Match Service Period: ITAT in Sterling Holiday's...

Revenue Recognition under POCM Upheld for Vacation Ownership Plans: ITAT Partly Allows Sterling...

ITAT grants Delta Air Lines Inc. exemption under Article 8 of India-USA DTAA for Code Sharing...

Business Loss on Wind Turbine Generators Capital in Nature: ITAT Upholds Disallowance of ₹10.42...

Business Expenses Incurred Wholly for Proprietorship and Partnership Activities cannot be Denied on Mere Presumption: ITAT deletes Addition u/s 37(1) [Read Order]

The Ahmedabad bench of Income Tax AppellateTribunal (ITAT), Ahmedabad, held that business expenses incurred wholly for proprietorship and partnership activities cannot be denied on a mere ...

No Misreporting, No Penalty: ITAT Deletes ₹7.40 Crore Levy u/s 270A on Gujarat Energy Development Agency [Read Order]

The Ahmedabad bench of the Income Tax Appellate Tribunal (ITAT) has deleted the penalty of ₹7.40 crore imposed on Gujarat Energy Development Agency under Section 270A, holding that the assessee did...

Maintenance Charges Recognised Over Service Period, Not Fully in Year of Receipt: ITAT [Read Order]

The Income Tax Appellate Tribunal ( ITAT ) Mumbai held that annual maintenance charges collected by Sterling Holiday Resorts Ltd. from its vacation plan members are not fully taxable in the year of...

Can You Claim Income Tax Benefits for Donations to Foreign Charities? Here’s What You Should Know

Many Indians today support global causes, whether it’s helping victims of war, natural disasters, or global health campaigns. With international NGOs like the German Red Cross or UNICEF accepting...

ITAT deletes ₹1.53 Crore Addition on Petrol Pump’s Demonetization Cash Deposits, citing Legal Acceptance of Old Notes [Read Order]

The Ahmedabad bench of Income Tax Appellate Tribunal (ITAT) has deleted an addition of ₹1.53 crore made under Section 69A in the case of a petrol pump owner for the Assessment Year 2017-18. The ...

71-Year-Old Senior Citizen Not Tech Savvy to Check E-mails and Income Tax Portal: ITAT grants Final Opportunity to Contest S. 69A Addition [Read Order]

The Bengaluru Bench of the Income Tax Appellate Tribunal (ITAT) granted a final opportunity to a 71-year-old senior citizen who was unable to check his e-mails and access the Income Tax portal due...

ITAT Dismisses Rotary Club’s 12A Registration and 80G Approval Appeals Ex Parte for Non-Appearance [Read Order]

The Income Tax Appellate Tribunal (ITAT), Ahmedabad, has dismissed appeals filed by a Rotary Club seeking registration under Section 12A(1)(ac)(iii) and approval under Section 80G(5)(iii) of the...

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