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Cold Storage Company Gets Relief from ITAT as Tribunal Upholds Legitimacy of Interest-Free Advances to Farmers [Read Order]

In a significant ruling, the Income Tax Appellate Tribunal (ITAT), Agra Bench, has granted relief to a cold storage company, affirming that the...

ITAT Remands Case Back to CIT(A) Over Assessee's Failure to Disclose Multiple PANs [Read Order]

Delhi HC quashes Income Tax Additions based on Historical Data and Facts [Read Order]

Unsubstantiated Income shown in ITR: ITAT upholds Estimation of Income at 8% of Gross Receipts by AO...

Delhi HC nullifies ₹31 Lakh Income Tax Addition on Interest from FD Funds reserved for Coal-Mine...

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

The Chandigarh Bench of Income Tax Appellate Tribunal (ITAT) granted an exemption under section 10(10B) for Voluntary Retirement Scheme (VRS) compensation citing that the Central-Government approved...

AO Correctly allows Deduction u/s 80IA even Depreciation claimed less than limit: ITAT quashes PCIT's Revision Order [Read Order]

The Chennai Bench of Income Tax Appellate Tribunal (ITAT) quashed the order of the Principal Commissioner of Income Tax, stating that the Assessing Officer (AO) correctly allowed deduction under...

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

The Income Tax Department has released the updated utility for filing updated returns under section 139(8A) for the Assessment Year (AY) 2024-25. Taxpayers are advised to download the appropriate...

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

The Chennai bench of the Income Tax Appellate Tribunal ( ITAT ) orders de novo assessment for unexplained investment with a cost of Rs. 5,000 imposed on the assessee. The assessee, M/s Guru...

Section 80GGC Income Tax Deduction: Detailed Explanation

Donating to political parties is a common practice in India, particularly among salaried individuals and businesses. Today, let’s understand Section 80GGC of the Income Tax Act, which provides tax...

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...

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