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ITAT Restores Appeals to AO for Reassessment Due to Incomplete Evidence Submission [Read Order]

In a recent case, the Cuttack Bench of the Income Tax Appellate Tribunal ( ITAT ) allowed the appeal of the assessee and directed the Assessing...

Difference Between Allotted and Market Price of ESPS Shares Not Taxable as Perquisite u/s...

ITAT upholds Reopening of Assessment u/s 148 of Income Tax Act on Reason to Believe Tax Escapement...

ITAT Weekly Round Up

Absence of Incriminating Evidence warranting Abatement of Assessment: ITAT deletes Additions on sale...

Income Tax Calculation Mistake u/s 115BBE of Income Tax Act can be Rectified only via Section 154, not Section 263: ITAT [Read Order]

The Income Tax Appellate Tribunal ( ITAT ) of Ahmedabad recently in a case held that the Income Tax calculation mistake made by the Assessing Officer ( AO ) under section 115BBE of the Income Tax Act...

Rejection of Additional Evidence by weighted Deduction u/s 35(2AB): ITAT directs Re-adjudication Admitting Evidences [Read Order]

The Mumbai Bench of the Income Tax Appellate Tribunal ( ITAT ) directed the Commissioner of Income Tax (Appeals) to admit the additional evidence to substantiate the claim of weighted deduction under...

ITAT remands Assessment back to AO for Fresh Review due to Non-Receipt of Notices and Disputed Cash Payments [Read Order]

In the recent case, the Cuttack Bench of the Income Tax Appellate Tribunal (ITAT) partially allowed the assessee’s appeal, remanding the assessment for assessment year(AY) 2020-2021 back to the...

No Exemption to NRIs from Mandatory Faceless Procedure under Income Tax Act: Telangana HC [Read Order]

In a recent case, the Telangana High Court has held that the Non-Resident India ( NRIs) are not exempted from following mandatory faceless procedure under the Income Tax Act, 1961. Sri...

Lack of Adverse observations by AO: ITAT allows long-term Capital Gain Exemption [Read Order]

The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) recently ruled in favor of an Assessee whose long-term capital gains exemption was disallowed by the Assessing Officer on the basis of...

Undeclared Foreign Income from House Property and Other Sources Declared in Rectified ITR: ITAT deletes Penalty u/s 271 [Read Order]

The Mumbai Bench of the Income Tax Appellate Tribunal ( ITAT ) deleted the penalty of Rs.9,24,760 levied under section 271(1)(c) of the Income Act, 1961 for furnishing inaccurate particulars leading...

Exemption u/s 10(23C)(iv) cannot be rejected if Net Surplus is less than 20% of Total Receipts: ITAT [Read Order]

The Chennai bench of the Income Tax Appellate Tribunal ( ITAT ) held that the exemption claimed under Section 10(23C)(iv) of Income Tax Act, 1961, cannot be rejected if the net surplus is less...

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