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Depreciation Cannot be Allowed if Cost of Acquisition Claimed: ITAT Remands for Verification of S.11(6) Compliance [Read Order]

Franklin Joshva

The Chennai Bench of the Income Tax Appellate Tribunal (ITAT) remanded to the Assessing Officer (AO) to verify the factual claim that the cost of...

Brought-Forward Loan Cannot Be Taxed without Payment During Relevant Year: ITAT Deletes ₹1.45 Cr...

ITAT restricts Addition on “Peak Purchase” to Differential Margin Between Declared and Benchmark...

Amount Shown as Advance and Paid Before Due Date Cannot Be Treated as Revenue Receipt: ITAT Orders...

Unexplained Cash Deposit Addition u/s 69A: ITAT Restores Matter to File additional Evidence,...

Shareholder Loan Treated as Deemed Dividend u/s 2(22)(e): ITAT Restricts Addition to Company’s Accumulated Profits [Read Order]

The Mumbai bench of Income Tax Appellate Tribunal (ITAT) restricted the addition of ₹88.26 lakh to companies' accumulated profits on the ground that loan of the shareholder was treated as a deemed...

Assessment Framed Without Jurisdictional Notice u/s 143(2) Invalid: ITAT [Read Order]

The Kolkata Bench of the Income Tax Appellate Tribunal (ITAT) held that the assessment framed by the Assessing Officer (AO) was invalid and a nullity because the jurisdictional notice under Section ...

Income Already Taxed in Share Applicant Companies: ITAT Deletes ₹190 Crore Share Capital Addition citing Double Taxation [Read Order]

The Delhi Bench of the Income Tax Appellate Tribunal (ITAT), in a third-member reference, deleted an addition of ₹190 Crore made under Section 68 of the Income Tax Act, 1961, holding that once the ...

Charter Hire Charges Disputed as Royalty Instead of Presumptive Income: ITAT Restores Matter to DRP for Fresh Directions [Read Order]

The Mumbai Bench of Income Tax Appellate Tribunal ( ITAT ) restored the matter to the Dispute Resolution Panel (DRP) for fresh directions in a case where charter hire charges were treated as royalty...

TDS on Referral Commission: ITAT Rules S.194D Not Applicable, Deletes Disallowance of Rs. 2.92 Lakh u/s 40(a)(ia) [Read Order]

The Mumbai Bench of Income Tax Appellate Tribunal ( ITAT ) deleted a Tax Deducted at Source (TDS) related disallowance of Rs. 2.92 lakh made under section 40(a)(ia) of Income Tax Act,1961 in respect...

ITAT Allows Full Rs. 8.55 Lakh Commission Paid by CA to Referral Agents, Holding Ad Hoc 30% Disallowance Unsustainable [Read Order]

The Mumbai Bench of Income Tax Appellate Tribunal ( ITAT ) allowed the full Rs. 8.55 lakh commission paid by a Chartered Accountant (CA) to 14 referral agents for identifying potential insurance ...

Tax on Rental Income of Vacant Flat Limited to Municipal Value: ITAT restricts ₹5,026 as Rental Income [Read Order]

The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) restricted the rental income ₹5,026 and directed the Assessing Officer (AO) to restrict the addition of deemed rental income to the...