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NRI's Investment in Mutual Funds Held as Legitimate, ITAT Dismisses Revenue's Appeal [Read Order]

In a recent ruling, the Income Tax Appellate Tribunal (ITAT), Delhi Bench, upheld the decision of the Commissioner of Income Tax (Appeals) CIT(A) in...

Incorrect Invocation of S.69A for disclosed Cash Deposits: ITAT quashes Rs. 44.5 Lakh Addition [Read...

Failure to respond to Income Tax Notice justified by Pathology Reports: Madras HC sets aside...

Addition of ₹24.48 Lakh for Unexplained Cash Deposits: ITAT allows ₹15.48 Lakh, confirms ₹9 Lakh as...

Validity of Reopening u/s 148 for Verification Purposes: ITAT quashes Reopening as Legally Invalid...

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

In a recent ruling, the Bengaluru bench of the Income Tax Appellate Tribunal ( ITAT ) directed the Transfer Pricing Officer ( TPO ) to apply the LIBOR rate for calculating interest on foreign...

Non-compliance due to notice issue only via email: ITAT Remands Cash deposits during Demonetization Matter [Read Order]

The Surat Bench of Income Tax Appellate Tribunal ( ITAT ) remanded the matter concerning cash deposits made by the assessee during demonetization for fresh assessment considering the notice was...

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

The Kolkata Bench of Income Tax Appellate Tribunal ( ITAT ) quashed a ₹2.62 crore addition under Section 68 oF Income Tax Act,1961, stating that the assessee had provided sufficient evidence to prove...

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

The Delhi Bench of Income Tax Appellate Tribunal (ITAT) quashed the reassessment initiated under an invalid notice issued under Section 148 of the Income Tax Act, 1961 and deleted additions amounting...

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

In a recent ruling, the Income Tax Appellate Tribunal ( ITAT ), Delhi Bench, has allowed Set off of Accumulated Deficit against Surplus. The case revolves around the refusal of the Income Tax...

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...

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