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ITAT Applies Test of Human Probabilities, Rejects ₹84.8 Lakh Penny Stock LTCG Claim as ‘Unnatural and Pre-Arranged’ [Read Order]

Kavi Priya

The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) upheld the addition of Rs. 84,79,100 after rejecting the assessee’s claim of long-term...

Income Tax Notice u/s 12AB(4)(a) Unsustainable During Pending Challenge to FCRA Certificate...

Documentary Evidence Clears Loan Trail: ITAT Quashes ₹1.63 Crore Addition u/s. 68, Appeal Allowed...

Real Estate Firm’s EDC Payments to HUDA is of Contractual Nature, Liable to TDS u/194(c): ITAT [Read...

Snack Vendor’s Cash Deposits verified via Books and Sale Records: ITAT Deletes Addition, Orders...

AO Relies on Erroneous Software Data for Addition, Ignored Submissions on OPD/IPD Classification: ITAT directs Fresh Adjudication [Read Order]

The Income Tax Appellate Tribunal (ITAT), Chandigarh bench has remanded a case involving additions made on account of alleged undisclosed hospital receipts, directing the Assessing Officer (AO)...

Time Limits for Income Tax Action: What Taxpayers Must Know

The law prescribes strict timelines within which tax officers can initiate proceedings, whether under routine assessment or in cases of income escaping assessment. Once these deadlines pass, the...

Only 10 Cr Disallowed out of Rs. 35cr Depreciation Allowance Claimed by Oriental Insurance Co. Ltd u/s 32 : ITAT restores for Reconsideration [Read Order]

The Delhi bench of the Income Tax Appellate Tribunal (ITAT) restored the claim of The Oriental Insurance Co. Ltd under section 32 of the Income Tax Act, 1961, on the disallowance of 10 Crore out of...

Additional Depreciation not Claimed in Preceding year can be allowed to TVS Pvt Ltd: ITAT directs AO to Calculate Correct Amount [Read Order]

In a recent order, the Chennai bench of the Income Tax Appellate Tribunal(ITAT) directed the Asessing Officer (AO) to calculate the correct amount of depreciation on holding that Additional ...

Payments for Multiple Bills Below Rs. 20,000 Each Do Not Attract S. 40A(3) Disallowance: ITAT [Read Order]

The Rajkot Bench of Income Tax Appellate Tribunal ( ITAT ) ruled that payments for multiple bills, each below Rs. 20,000, do not attract disallowance under section 40A(3) of the Income Tax Act, ...

Addition of Rs. 6.75 Lakh Gifts from Sister and Father-in-Law by AO: ITAT Deletes Addition, Accepts Proof of Receipt [Read Order]

The Chandigarh Bench of Income Tax Appellate Tribunal ( ITAT ) deleted the addition of Rs. 6.75 lakh gifts from the sister and father-in-law made by the Assessing Officer (AO ), accepting the proof...

Payments to foreign agents exempt from TDS as income not taxable in India: ITAT [Read Order]

The Mumbai Bench of Income Tax Appellate Tribunal ( ITAT ) allowed the appeal, ruling that payments made to foreign agents for services rendered entirely outside India were not taxable in India...

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