Latest Income Tax News, Updates & Judgments

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AO disallows S. 57 deduction claim on interest income from Personal funds: ITAT Quashes disallowance [Read Order]

In a recent ruling, the Mumbai bench of the Income Tax Appellate Tribunal ( ITAT ) allowed the appeal in favour of the assessee regarding the...

Decades-old Assessments: ITAT denies re-adjudication for evidence lapses [Read Order]

AO Fails to Verify FMV with Valuation Officer u/s 50C(2) upon Taxpayer’s Dispute: ITAT Invalidates...

ITAT Criticizes Revenue's Unnecessary Appeal against CIT(A)'s Exemption u/s 26AAB despite AO already...

Interest on Delayed Customs Duty Deductible u/s 37 of Income Tax Act: ITAT [Read Order]

9 Technical Glitches in Income Tax Portal: KSCAA Submits Representation before CBDT [Read Order]

The Karnataka State Chartered Accountants Association ( KSCAA ), has submitted a representation on the ongoing technical issues affecting the Income Tax portal before the Central Board of Direct...

Income Tax Recovery Proceedings cannot initiate during Pendency of Appeals before CIT(A): Gujarat HC [Read Order]

In a significant ruling, the Gujarat High Court has held that Income tax recovery proceedings cannot initiate during pendency of appeals before Commissioner Of Income Tax ( Appeals ) (...

ITAT Weekly Round Up

This weekly round-up analytically summarizes the key stories related to the Income Tax Appellate Tribunal ( ITAT ) reported at Taxscan.in during the previous week 20th October 2024 to 25th October...

Income Tax Department Releases Updated Timeline for Tax Notices

The Income Tax Department has recently issued an updated timeline for tax notices, detailing the deadlines and procedures for assessments and reassessments under various Sections of the Income Tax...

ITAT deletes Notional Interest in Absence of Proof to Treat Share Application Money in Hands of Overseas AE as 'Loan' [Read Order]

The Mumbai bench of the Income Tax Appellate Tribunal ( ITAT ) deleted the notional interest in absence of proof to treat share application money in hands of overseas Associated Enterprises ( AE ) as...

ITAT Reverses AO's Additions, upholds Legitimacy of Long-Term Capital Gains from Share Transactions [Read Order]

The Mumbai Bench of Income Tax Appellate Tribunal ( ITAT ) reversed the Assessing Officer's ( AO ) additions and upheld the legitimacy of long-term capital gains reported by an individual assessee,...

ITAT affirms Deductibility of ESOP Expenses as Legitimate Business Expenditures u/s 37 of Income Tax Act [Read Order]

The Bangalore Bench of Income Tax Appellate Tribunal ( ITAT ) affirmed the deductibility of Employee Stock Option Plan ( ESOP ) expenses as legitimate business expenditures under Section 37 of the...

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