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Mere Audit Report Omission of Transaction alone Cannot Support Addition when Books are Proper and AO Fails to Prove Undisclosed Source: ITAT Deletes Addition [Read Order]

Navasree A.M

The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) has ruled that mere omission of a transaction in the Tax Audit Report cannot justify an...

Revenue Wrongly Treated Assessee’s Immovable Property Sale as Purchase: ITAT Deletes Addition,...

Interest u/s 244A of Income Tax Not Automatically Payable on Court-Ordered Refunds Unless...

Advance Tax Liability arises Only with Taxable Income, Not Otherwise: ITAT remands Matter to CIT(A)...

Absence of PAN Alone Doesn’t Make Sales Unexplained if RTO Records Prove Transfer: ITAT Deletes...

Interest on Enhanced Compensation forms Part of Compensation, Exempted from Income Tax u/s 10(37) and RFCTLARR Act: ITAT [Read Order]

The Chennai bench of the Income Tax Appellate Tribunal (ITAT) ruled that interest on enhanced compensation can be considered as part of compensation. The tribunal held that those interests...

Net Taxable Interest Higher Than Expense Bars Disallowance u/s. 14A: ITAT [Read Order]

The bench of the Income Tax Appellate Tribunal, Mumbai, has ruled that no disallowance under Section 14A of the Income Tax Act, 1961 can be made when net taxable interest income exceeds the interest...

ITAT grants Relief to Wadhwagroup Holdings Deleting Disallowances Amounting ₹213.04 crore [Read Order]

The Mumbai Bench of the Income Tax Appellate Tribunal, in a common order for cross appeals concerning Assessment Year 2020-21, granted substantial relief to Wadhwagroup Holdings by deleting tax...

Compounding Fees from Illegal Mining Treated as ‘Transfer of Rights’: ITAT confirms TCS Liability u/s 206C(1C) of Income Tax Act Against Mining Officer [Read Order]

The Raipur bench of the Income Tax Appellate Tribunal, has ruled that compounding fees collected from illegal mining, transportation, and storage of minerals constitute a ‘transfer of rights’ and...

Bombay HC upholds ITAT Order quashing Revision by PCIT, rules in Favour of Gehna Jewellers despite Non-Furnishing of Carat Wise Details [Read Order]

The Bombay High Court dismissed the Revenue’s appeal against the Income Tax Appellate Tribunal’s order that set aside the Principal Commissioner of Income Tax’s revision under Section 263 for...

Delay in Issuing S.143(2) Notice: ITAT quashes Income Tax Reassessment Order [Read Order]

The bench of the Income Tax Appellate Tribunal, Raipur, quashed the reassessment order on procedural grounds, holding that the notice under Section 143(2) of the Income Tax Act, 1961 was issued...

Trucks Registered in Partners’ Names Still Eligible for Depreciation: ITAT Upholds Relief to Surat Road King in Income Tax Appeal [Read Order]

The bench of the Income Tax Appellate Tribunal, Mumbai, held that depreciation on trucks registered in the names of partners but purchased and used by the partnership firm is allowable, thereby...

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