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ITAT Treats ₹1.50 Crore Cash Addition as Business Turnover in Bullion Trader’s Case [Read Order]

Advika Dwivedi

The Bench of the Income Tax Appellate Tribunal (ITAT), Delhi, held that the ₹1.50 crore cash addition made under Section 69A of the Income Tax Act,...

AO fails to Specify Sub-Clause u/s 270A(9): ITAT deletes Penalty for Under-Reporting [Read Order]

Closing Individual Debtor Accounts Not Mandatory for Claiming Bad Debt Deduction u/s 36(1)(vii):...

“Trade Scheme Payments” to be Treated as Commission: ITAT Upholds PCIT’s Revision under Section 263...

Unexplained Cash Credit: ITAT Restores Matter to CIT(A), allows to Rebut Remand Report [Read Order]

Amount Received for Reduced LLP Profit Share Not Taxable as Goodwill or Capital Gains: ITAT Deletes ₹1.98 Cr Addition [Read Order]

The Chennai Bench of the Income Tax Appellate Tribunal (ITAT) deleted the addition of Rs.1,98,86,210 and ruled that the amount received by the assessee for a reduction in her profit-sharing ratio in...

Non-receipt of Notices and Lack of Digital Access: ITAT remands ₹34.77 Lakh LTCG Addition as 'Equitable Relief' [Read Order]

The Nagpur Bench of the Income Tax Appellate Tribunal (ITAT) granted relief to an auto driver assessee in a case involving the disallowance of ₹34.77 lakh towards long-term capital gains. In...

Interest Deduction u/s 57: ITAT Allows Claim After Verifying Payments and Interest Earned [Read Order]

The Ahmedabad Bench of Income Tax Appellate Tribunal ( ITAT ) allowed the assessee’s claim for interest deduction under section 57 of Income Tax Act,1961 after verifying payments and interest...

Rs. 18.76 cr Disallowed for Non-Deduction of TDS u/s 194Q: ITAT Restores Matter to CIT(A) [Read Order]

The Mumbai Bench of Income Tax Appellate Tribunal ( ITAT ) restored the matter to the Commissioner of Income Tax (Appeals) [CIT(A)] in the matter, where a disallowance of Rs. 18.76 crore was made...

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

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 the depreciated assets had not been claimed as...

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...