Latest Income Tax News, Updates & Judgments

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Non-appearance due to COVID pandemic: ITAT quashes exparte order citing sufficient ground for non-compliance [Read Order]

The Pune bench of the Income Tax Appellate Tribunal (ITAT) quashed the exparte order of the Assessing Officer (AO) accepting that the COVID-19...

ITAT Quashes PCIT’s Revision Order on Alleged Bogus Purchases Citing AO’s Plausible View Backed by...

ITAT Dismisses Appeals as Withdrawn Under Direct Tax Vivad se Vishwas Scheme [Read Order]

Proceedings under Income Tax Act against Deceased Assessee Cannot be Continued against Legal...

AO adds unsecured loans as unexplained credit citing lenders' lack of creditworthiness: ITAT...

Technical Glitch No Ground for Rejection: ITAT Allows Charitable Trust to Refile Registration Application [Read Order]

In a recent ruling, the Income Tax Appellate Tribunal (ITAT), Mumbai, allowed a charitable trust, Celebrate Life, to refile its application for registration under Section 12AB of the Income Tax...

GST Portal New Functionality: Option to File LUT for FY 2025-26 now Available for Exporters

The Goods and Services Tax Network (GSTN) has updated the GST Portal with a new functionality to file Letter of Undertaking (LUT) for FY 2025-2026. If you're in the business of exporting goods or...

ITAT Dismisses Duplicate Appeal Due to Online and Physical Filing [Read Order]

In a recent ruling, the Income Tax Appellate Tribunal (ITAT) Chennai Bench, dismissed a duplicate appeal filed by Buckman Laboratories (India) Pvt. Ltd. for the Assessment Year 2018-19. The appeal...

Do the President, Prime Minister, and High Officials Pay Income Tax? Know Limitations and Exemptions

Today, as we celebrate the 76th Republic Day of India, a day that marks the adoption of our Constitution and the ideals of justice, equality, and liberty, let’s take a closer look at the individuals...

ITAT Weekly Round-Up [Jan 17-Jan 24,2025]

This weekly round-up analytically summarises the key stories related to the Income Tax Appellate Tribunal (ITAT) reported at Taxscan during the previous week from January 18th to January 24th 2025. ...

Addition of Rs. 21,42,857 u/s 56(2)(vii)(b)(ii): ITAT Allows Appeal for Failure to Refer Valuation to DVO [Read Order]

The Ahmedabad Bench of Income Tax Appellate Tribunal(ITAT)allowed the appeal filed by the assessee, holding that the addition of Rs. 21,42,857 under Section 56(2)(vii)(b)(ii) of Income Tax Act,1961...

Penalty Not Maintainable When Assessment Order No Longer Exists: ITAT [Read Order]

The Mumbai Bench of Income Tax Appellate Tribunal(ITAT) ruled that the penalty imposed under section 271(1)(c) of Income Tax Act,1961 was not maintainable since the assessment order no longer...

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