Latest Income Tax News, Updates & Judgments

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Relief to ASAN Memorial Association: ITAT Approves Statutory Deduction Claim Despite Filing Error in Income Tax Return [Read Order]

The Chennai Bench of Income Tax Appellate Tribunal ITAT) granted relief to ASAN Memorial Association, allowing its statutory deduction claim under...

ITAT Restores Matter to AO for De Novo Adjudication on Alleged Bogus Purchases, Allowing Additional...

Reassessment Notice sent to Tax Consultant’s email ID goes Uninformed to Taxpayer: ITAT remands...

FDRs Created as Business Necessity Mandated by PNB for Infrastructure Project Financing: ITAT allows...

Substitution of Legally Sustainable View taken by AO u/s 263 Revision Proceedings Invalid: ITAT...

Reliance Solely on Investigation Report: ITAT upholds Deletion of ₹1.5Cr Addition [Read Order]

The Income Tax Appellate Tribunal ( ITAT ), Mumbai, recently in a judgment, upheld the deletion of a ₹1.5 crore addition initially imposed on one assessee/appellant, Amal Corporation, as it was...

No Reason to Doubt Source of Funds as Loans in Bank Statement: ITAT dismisses Revenue’s Appeal [Read Order]

In a recent judgment, the Income Tax Appellate Tribunal ( ITAT ) in Mumbai ruled in favor of an assessee, Ashok Jasraj Jain, dismissing an appeal by the Revenue Department that questioned the...

Failure to show Documentary Evidences on Source of Rs. 96L Cash Deposit: ITAT directs to submit relevant Financials, ITR and Bank Statements before AO [Read Order]

In a recent ruling, the Mumbai bench of the Income Tax Appellate Tribunal ( ITAT ), directed the Assessing Officer ( AO ) to reassess cash deposits of almost Rs 1 crore. In this case, the...

Kerala HC Holds Condonation Application for Delay u/s 119(2)(B) Of Income Tax Act must consider based on Sufficient Reason [Read Order]

In a significant case, the Kerala High Court stated that an application for condonation of delay should focus on whether there was sufficient reason to condone the delay under Section 119(2)(B)...

AO made S.68 addition based on the Third Party Statement, Discrediting Evidence: ITAT deletes addition [Read Order]

In a recent ruling, the Mumbai bench of the Income Tax Appellatte Tribunal ( ITAT ) allowed the appeal filed by the assessee and deleted the addition made by AO under Section 68 of the Income Tax Act...

Income from Sale of White Button Mushroom Cultivated Indoors is still “Agricultural Income”, not “Business Income”: ITAT [Read Order]

The Income Tax Appellate Tribunal ( ITAT ) in Mumbai recently ruled that income from the sale of white button mushrooms cultivated indoors should be classified as "agricultural income" under Section...

Capital Gains arising out of Sale of Long-Term Capital Assets shall be Taxable at Rate of 20% u/s 112 of Income Tax Act: ITAT [Read Order]

The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) ruled that capital gains arising from the sale of long-term capital assets shall be taxable at a rate of 20% under Section 112 of the Income...

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