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Section 80 P under Income Tax Act,1961: Case Digest on Recent Decisions

Section 80P of the Income Tax Act, 1961, provides tax deductions to cooperative societies, allowing them to claim exemptions on their income. This...

ITAT orders Reconsideration of 80G Application Rejection by CIT(E), citing CBDT Circular on Extended...

No Concealment of Income Found: ITAT Sets Aside Penalty u/s 271(1)(c) of Income Tax Act [Read Order]

Law does Not Require Performance of Impossible Act: ITAT directs Revenue to adopt Constructive...

ITAT Restores Case to AO for Fresh Assessment on Carry Forward of Losses and Unabsorbed...

AO issued Penalty Notice without Specifying Offense of Concealment or Inaccurate Particulars as Mandated u/s 271(1)(c): ITAT quashes Order [Read Order]

The Kolkata Bench of the Income Tax Appellate Tribunal (ITAT) quashed the penalty notice as the assessing officer issued it without specifying the offense whether it was concealment of income or...

ITAT Weekly Round Up

Undisclosed Foreign Credit Card Expenses: ITAT sustains Income Tax Additions towards Lalit Modi [Read Order] Lalit Kumar Modi vs DCIT CITATION: 2024 TAXSCAN (ITAT) 1428 The Income Tax Appellate...

Unexplained Income from Rigged Stock Trades: ITAT upholds Rs. 44L Addition [Read Order]

In a recent ruling, the Surat bench of the Income Tax Appellate Tribunal ( ITAT ) held that additions made under Section 68 of the Income Tax Act are accurate as the assessee failed to explain the...

Denial of Fair Hearing Opportunity to Assessee: ITAT deletes Income Tax Addition u/s 69C [Read Order]

The Ahmedabad Bench of Income Tax Appellate Tribunal ( ITAT ) ruled in favor of the assessee, deleting an addition of Rs. 27,61,030 made for capital gains incurred in the script of Looks Health...

ITAT sets aside Income Tax Addition due to lack of proper persuasion before Authorities, directs Re examination of Egg Traders Account [Read Order]

The Kolkata Bench of Income Tax Appellate Tribunal ( ITAT ) held that the additions made by the Assessing Officer ( AO ) cannot be sustained due to lack of proper persuasion by the appellant before...

ITAT deletes Rs. 19.6 Lakh Addition for AY 2018-19, applying Retrospective 10% Safe Harbour Limit based on Curative Amendment [Read Order]

The Kolkata Bench of Income Tax Appellate Tribunal ( ITAT ) deleted the ₹19.6 lakh addition made for AY 2018-19 under Section 56(2)(x)(b) of the Income Tax Act,1961 applying the retrospective 10%...

ITAT deletes Rs. 38.18 Lakh Disallowance u/s 37, Cites Lack of Evidence for Cash Expenses and Small Impact on Turnover [Read Order]

The Ahmedabad Bench of Income Tax Appellate Tribunal ( ITAT ) deleted the disallowance of Rs.38,18,487,holding that the assessing officer incorrectly applied Section 37 of the Income Tax Act,1961,to...

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