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ITAT Condones 288-Day delay due to Notices sent to Wrong Email ID, Remands Stock undervaluation matter to CIT(A) [Read Order]

Kavi Priya

The Bangalore Bench of Income Tax Appellate Tribunal ( ITAT ) condoned a 288-day delay due to the notices being sent to the wrong email ID. The...

ITAT invalidates Reassessment under Income Tax Act as Alleged Transaction already shown on Return...

Jewelry Addition u/s 69B by Assuming Equal Ownership Among Cohabitants Invalid: ITAT [Read Order]

Low Tax effect but exceptional Income Tax case: Karnataka HC allows revival of appeal by dept. [Read...

Sale Consideration not Received by Assessee: ITAT upholds Deletion of Additions [Read Order]

ITAT rejects 25% Addition for Unverifiable Purchases u/s 153A of Income Tax Act citing Incorrect GP Rate Estimation [Read Order]

The Jaipur Bench of Income Tax Appellate Tribunal ( ITAT ) rejected the 25% addition for unverifiable purchases under Section 153A of Income Tax Act, 1961 citing incorrect Gross Profit (GP) rate...

Agriculturists not required to Maintain Books of Accounts u/s 44AA: ITAT deletes S. 69 Addition [Read Order]

The Bangalore Bench of Income Tax Appellate Tribunal deletes the addition made under Section 69 of the Income Tax Act, 1961 citing Section 44AA, which fortifies agriculturists is not required to...

ITAT Allows TCS Credit to Taxpayer Despite License Held by Third Party Due to Absence of Contradictory Evidence [Read Order]

The Bangalore Bench of Income Tax Appellate Tribunal ( ITAT ) allowed Tax collected at source ( TCS ) credits to the assessee despite the license was not in his name but the third party, there was no...

Proper findings u/s 145(3) of Income Tax are essential for Rejection of Books of Account: ITAT [Read Order]

The Jaipur Bench of Income Tax Appellate Tribunal ( ITAT ) ruled that proper findings under section 145(3) of Income Tax Act,1961 are essential for rejecting books of account. They found that...

Receipt of ‘On-Money' Received from Sale of Flats cannot be Taxed: ITAT deletes Addition [Read Order]

The Mumbai bench of the Income Tax Appellate Tribunal ( ITAT ) has ruled that the receipt of 'on-money' from the sale of flats cannot be taxed, leading to the deletion of the addition. A search...

GST Demand Order Solely Relying on Income Tax Dept Findings without Independent Finding cannot be Sustained: Allahabad HC [Read Order]

In a recent ruling, the Allahabad High Court determined that a GST ( Goods and Services Tax ) demand order issued under Section 73 of the GST Act, which relied exclusively on findings from the Income...

Relief to Bank of Bahrain & Kuwait: ITAT Allows Deduction from Book Profit for Withdrawn Reserves Credited to P&L Account u/s 115JB [Read Order]

The Mumbai bench of the Income Tax Appellate Tribunal ( ITAT ) has provided relief to the Bank of Bahrain & Kuwait by ruling that when reserves or provisions are created in a year where the...

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