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Widow Entitled to Fresh Opportunity to Prove Genuineness of Income, Assessment Year 2010-11 to be Re-Examined: ITAT [Read Order]

The Jaipur Bench of the Income Tax Appellate Tribunal ( ITAT ) recently set aside an assessment order and directed the Assessing Officer to conduct...

Failure to File Form No. 10IE on Time Does Not Impact Eligibility for Concessional Tax Rates u/s...

Cabinet approves Project PAN 2.0: First Glance at the Key Highlights

ITAT Condones 186-Day Delay and Remands Case to AO for Fresh Examination Due to Ex-Parte Assessment...

ITAT quashes Assessment Order for Time-Barred Reopening and Incorrect Ownership Assumption [Read...

ITAT upholds CIT(A) Order, Dismissing Revenue's Challenge on Unexplained Loan Repayment of Rs. 1.04 Crore, based on Bank Statement Evidence [Read Order]

The Ahmedabad Bench of Income Tax Appellate Tribunal ( ITAT ) upheld the Commissioner of Income Tax (Appeals) [CIT(A)] order, dismissing the Revenue's challenge on the unexplained loan repayment of...

NFAC Validates AO's Action without Examining Taxpayer’s Submissions: ITAT remands for fresh Consideration [Read Order]

In a recent ruling, the Hyderabad bench of the Income Tax Appellate Tribunal ( ITAT ) remands the income tax matter for denovo consideration as the National Faceless Assessment Centre ( NFAC ) ...

ITAT declares Reopening u/s 147 Invalid due to Lack of Fresh Tangible Material [Read Order]

The Ahmedabad Bench of Income Tax Appellate Tribunal ( ITAT ) declared the reopening of the assessment under Section 147 of the Income Tax Act,1961,invalid due to the lack of fresh tangible material....

Filing of Turnover in a tender process would not exempt from furnishing the Income Tax Return: Gauhati HC [Read Order]

The Gauhati High Court has held that filing of turnover in a tender process would not exempt from furnishing the income tax return ( ITR ). The court held that the words “Turnover” and “Income Tax...

Income Tax Case Digest: Addition on Bogus Purchases under Income Tax Act

The word bogus refers to fake, false, sham, or not genuine. Bogus purchases under the Income Tax Act, 1961 refer to transactions where taxpayers falsely claim purchases from fictitious or...

Hearing Opportunity not Provided by CIT(A) while Not Condoning Delay: ITAT restores Appeal for Fresh Adjudication [Read Order]

In a recent ruling, the Ahmedabad bench of the Income Tax Appellate Tribunal ( ITAT ) restored the file in which penalty was imposed on the assessee for fresh adjudication due to procedural lapses...

ITAT overturns ₹1.2 Crore Income Tax Additions from Penny Stock Sale, vitiates Presumption of ‘Human Probabilities’ [Read Order]

The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) recently deleted additions of Rs. 1.2 crore made by an Assessing Officer (AO) on the basis of alleged ‘human probabilities’ that the...

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