![Reassessment Based on Borrowed Belief from ACB Report Invalid: ITAT Quashes S.147 & S.263 [Read Order]](https://images.taxscan.in/h-upload/2025/11/12/500x300_2104658-reassessment-borrowed-belief-acb-report-invalid-itat-taxscan.webp "Reassessment Based on Borrowed Belief from ACB Report Invalid: ITAT Quashes S.147 & S.263 [Read Order]")
Reassessment Based on Borrowed Belief from ACB Report Invalid: ITAT Quashes S.147 & S.263 [Read Order]
In a consolidated decision covering AYs 2014-19, the Ahmedabad bench of Income Tax Appellate Tribunal (ITAT) held that reassessment proceedings...
![Joint Purchase with Son-in-Law Does Not Bar Full Deduction u/s 54: ITAT Allows ₹3.67 Cr Exemption [Read Order]](https://images.taxscan.in/h-upload/2025/11/12/250x150_2104639-joint-purchase-full-deduction-itat-exemption-taxscan.webp "Joint Purchase with Son-in-Law Does Not Bar Full Deduction u/s 54: ITAT Allows ₹3.67 Cr Exemption [Read Order]")
![Book Entries of Unverified Bank Overdrafts Not Genuine Income Tax Liabilities: Supreme Court sustains Delhi HC Order [Read Judgement]](https://images.taxscan.in/h-upload/2025/11/12/250x150_2104508-book-entries-unverified-bank-income-tax-liabilities-income-tax-taxscan.webp "Book Entries of Unverified Bank Overdrafts Not Genuine Income Tax Liabilities: Supreme Court sustains Delhi HC Order [Read Judgement]")
Reassessment Without Jurisdiction: ITAT Quashes ITO Order, Rs. 38.34 Lakh Addition Nullified [Read Order]
The Income Tax Appellate Tribunal (ITAT), Delhi, has quashed a reassessment order passed by the ITO, involving a registered society and madarsa, after finding serious jurisdictional lapses. The...
![Reassessment Without Jurisdiction: ITAT Quashes ITO Order, Rs. 38.34 Lakh Addition Nullified [Read Order]](https://images.taxscan.in/h-upload/2025/11/12/500x300_2104485-reassessment-jurisdiction-itat-ito-taxscan.webp "Reassessment Without Jurisdiction: ITAT Quashes ITO Order, Rs. 38.34 Lakh Addition Nullified [Read Order]")
![Income Tax Penalty u/s 271F Not Leviable as ITR Filed Within Prescribed Time: ITAT [Read Order]](https://images.taxscan.in/h-upload/2025/11/12/500x300_2104472-income-tax-penalty-itr-prescribed-time-itat-taxscan.webp "Income Tax Penalty u/s 271F Not Leviable as ITR Filed Within Prescribed Time: ITAT [Read Order]")
Overseas Advisory Services Rendered from India: ITAT Restores Deduction u/s 80-O, Partly allows Appeal of DSP Merrill Lynch
The Mumbai bench of Income Tax Appellate Tribunal (ITAT) has held that professional and technical advisory services rendered by DSP Merrill Lynch Ltd from India to foreign clients in connection ...
Income Tax Portal Under Maintenance Right After Audit Deadline: MSME CA Frustrated by Poor Timing
The Income Tax Department’s online compliance portal is under scheduled maintenance, just days after the audit report filing deadline. During this period, taxpayers and accountants cannot access the...
Draft Return Unrealistic, Books Absent: ITAT Deletes S.68 Additions, Estimates Liquor Firm’s Net Profit at 2.5% of Gross Sales [Read Order]
The Income Tax Appellate Tribunal (ITAT), Chandigarh Bench, in for the Assessment Year 2017-18, partly allowed the appeal of the assessee, a partnership firm engaged in trading alcoholic liquor...
![Draft Return Unrealistic, Books Absent: ITAT Deletes S.68 Additions, Estimates Liquor Firm’s Net Profit at 2.5% of Gross Sales [Read Order]](https://images.taxscan.in/h-upload/2025/11/11/500x300_2104209-draft-return-itat-net-profit-gross-sales-estimates-liquor-firms-taxscan.webp "Draft Return Unrealistic, Books Absent: ITAT Deletes S.68 Additions, Estimates Liquor Firm’s Net Profit at 2.5% of Gross Sales [Read Order]")
Revenue Recognition on Club Membership Fees Must Match Service Period: ITAT in Sterling Holiday's Case [Read Order]
The Income Tax Appellate Tribunal (ITAT) Mumbai bench has upheld the principle that revenue from vacation ownership membership fees should be recognised in alignment with the period over which ...
![Revenue Recognition on Club Membership Fees Must Match Service Period: ITAT in Sterling Holidays Case [Read Order]](https://images.taxscan.in/h-upload/2025/11/11/500x300_2104172-revenue-recognition-club-membership-fees-membership-fees-taxscan.webp "Revenue Recognition on Club Membership Fees Must Match Service Period: ITAT in Sterling Holidays Case [Read Order]")
Revenue Recognition under POCM Upheld for Vacation Ownership Plans: ITAT Partly Allows Sterling Holiday’s Appeal [Read Order]
In a recent ruling for the hospitality and vacation ownership sector, the Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) upheld Sterling Holiday Resorts Ltd.’s use of the Percentage...
![Revenue Recognition under POCM Upheld for Vacation Ownership Plans: ITAT Partly Allows Sterling Holiday’s Appeal [Read Order]](https://images.taxscan.in/h-upload/2025/11/11/500x300_2104166-appeal-holidays-taxscan.webp "Revenue Recognition under POCM Upheld for Vacation Ownership Plans: ITAT Partly Allows Sterling Holiday’s Appeal [Read Order]")