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ITAT Directs TPO to apply LIBOR Rate for Interest on Foreign Currency Receivables [Read Order]

Saagarika Gopinath

In a recent ruling, the Bengaluru bench of the Income Tax Appellate Tribunal ( ITAT ) directed the Transfer Pricing Officer ( TPO ) to apply the...

Non-compliance due to notice issue only via email: ITAT Remands Cash deposits during Demonetization...

Genuineness of Share Capital: ITAT quashes Rs. 2.62 Crore Addition u/s 68 [Read Order]

Income Tax Reassessment gone wrong: ITAT sets aside Order for Incorrect Invocation of Section 148...

ITAT allows Set Off of Accumulated Deficit against Current Year Surplus [Read Order]

Interest u/s 234C to be calculated on Returned Income: ITAT in Goldman Sachs case [Read Order]

In a recent ruling, the Mumbai bench of the Income Tax Appellate Tribunal ( ITAT ) held that interest under Section 234C of the Income Tax Act, 1961, should be calculated based on the returned income...

ESOP expenses should not be regarded contingent or notional: ITAT allows Goldman Sachs to claim deduction u/s 37(1) [Read Order]

In a recent ruling, the Mumbai bench of the Income Tax Appellate Tribunal ( ITAT ) allowed Goldman Sachs to claim deduction under Section 37(1) of the Income Tax Act 1961 and held that ESOP expenses...

Revenue Contests CIT(A)’s Penalty Reduction citing HC’s Pending Appeal: ITAT clarifies AO can Revise Order if HC modifies Order [Read Order]

The Ahmedabad Bench of the Income Tax Appellate Tribunal (ITAT) dismissed Revenue's appeal challenging the CIT(A)’s reduction of penalties citing pending High Court appeals. The tribunal upheld the...

ITAT Ruling: Taxpayer gets relief on Cash Deposits, Revenue loses on Deduction Claim [Read Order]

The Ahmedabad Bench of the Income Tax Appellate Tribunal (ITAT), ruled that Income of beneficiaries of assessee-trust cannot be treated as income in the hands of the assessee-trust, providing relief...

ITAT quashes Assessment Order: Transfer of Case without Section 127 Order held as Jurisdictional Error [Read Order]

The Income Tax Appellate Tribunal ( ITAT ), Delhi Bench, has quashed an assessment order passed by the Income Tax Officer ( ITO ), Ward 50(2), Delhi, under Section 144 of the Income Tax Act, 1961,...

ITAT allows Goldman Sachs to claim deduction for leave encashment paid before due date of ITR filing u/s 43B(f) [Read Order]

In a recent ruling, the Mumbai Bench of the Income Tax Appellate Tribunal ( ITAT ) allowed the assessee Goldman Sachs to claim deduction for leave encashment paid before the due date of ITR filing...

Addition of Rs. 2.25 Crores on Unexplained Cash Deposits: ITAT directs De Novo Hearing [Read Order]

The Ahmedabad Bench of Income Tax Appellate Tribunal ( ITAT ) directed a de novo hearing in the case concerning the addition of Rs. 2.25 crores for unexplained cash deposits. Jigar...

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