Latest Income Tax News, Updates & Judgments

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Reassessment Based Solely on Audit Objection Constitutes Mere Change of Opinion: ITAT Quashes Reopening in Income Tax Case [Read Order]

The Bench of the Income Tax Appellate Tribunal, Delhi , has ruled that reassessment initiated merely on the basis of an audit objection without any...

Search-Based Addition u/s 153A Unsustainable without Incriminating Material for Completed...

Mechanical Approval u/s. 153D Ispo Facto Invalidates Search Assessments: ITAT Grants Relief to...

Intimation u/s 143(1) Quashed as Disallowance of Application of Funds Not Permitted for Charitable...

Depreciation Cannot be Allowed if Cost of Acquisition Claimed: ITAT Remands for Verification of...

CBDT Threshold of ₹60 Lakh Leads to Dismissal of Revenue Appeal by ITAT [Read Order]

The bench of the Income Tax Appellate Tribunal, Kolkata, dismissed the Revenue’s appeal on the ground of low tax effect and consequently rendered the cross-objection filed by the assessee...

Navjyoti Education Society’s 80G Approval Dispute Remanded by ITAT for Reconsideration [Read Order]

The bench of the Income Tax Appellate Tribunal, Kolkata, directed the Commissioner of Income Tax (Exemptions) [CIT (Exemptions)], to re-examine the issue concerning a delayed application for...

MAT Adjustment Must Be Based on Lower of Business Loss or Depreciation: ITAT Dismisses Appeal of Sungroup Enterprises [Read Order]

The Bench of the Income Tax Appellate Tribunal (ITAT), New Delhi, held that the lower of the unabsorbed depreciation or business loss, as per the books of account, must be adjusted against the...

Brought-Forward Loan Cannot Be Taxed without Payment During Relevant Year: ITAT Deletes ₹1.45 Cr Deemed Dividend Addition [Read Order]

The bench of the Income Tax Appellate Tribunal, Raipur, held that loans received in an earlier year cannot be treated as deemed dividend in a subsequent year when no payment was made during the...

ITAT restricts Addition on “Peak Purchase” to Differential Margin Between Declared and Benchmark Profit in Rice Trading Case [Read Order]

The bench of the Income Tax Appellate Tribunal (ITAT), Raipur, has restricted the addition to the differential margin between the Gross Profit (GP) declared by the assessee and the benchmark rate...

Assessee’s Failure to Reconcile the Discrepancy Justifies Addition: ITAT upholds Donation Disallowance [Read Order]

The bench of the Income Tax Appellate Tribunal (ITAT), Raipur, upheld the disallowance of ₹15,000 made on account of donation expenses, as the assessee had failed to reconcile the difference...

Amount Shown as Advance and Paid Before Due Date Cannot Be Treated as Revenue Receipt: ITAT Orders Fresh Verification on ₹6.12 Lakh Deemed Sales Tax Addition [Read Order]

The bench of the Income Tax Appellate Tribunal (ITAT), Raipur, ruled that an amount recorded as an advance and subsequently paid before the due date of filing the return cannot automatically be...

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