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Disallowance to Income due to Non-appreciation of Evidence in Alleged Manipulation of Scrip Share Price Unlawful: ITAT Partly allows Appeal [Read Order]

The Income Tax Appellate Tribunal (ITAT), Ahmedabad Bench, allowed an appeal partly noting sufficient evidence in a case where unlawful disallowance...

AO to Determine if Registration under Societies Registration Act or as Trust to Ascertain Income Tax...

Exemption Claim u/s 10(26BBB): ITAT Deletes Penalty u/s 271 in view of Pending Uttarakhand HC...

Cash Deposits from Farmers’ Loan Transactions Not Recorded in Books of Account Not Taxable u/s 68:...

Identity, Genuineness and Creditworthiness of Investors and Relatives for S. 68 Already Examined:...

Ignorance of Law & Accountant’s Failure Constitutes Sufficient Cause for Delay: ITAT criticises Hypertechnical Approach by CIT(A) [Read Order]

The Income Tax Appellate Tribunal ( ITAT ), Mumbai, while condoning delay of 127 days, said that lack of legal awareness and professional negligence by an accountant can constitute "sufficient...

Relief to Real Estate Company: ITAT Holds Compensation Received for Compulsory Land Acquisition by NHAI Not Taxable [Read Order]

The Income Tax Appellate Tribunal (ITAT), Raipur Bench, held that compensation received for compulsory acquisition of land by the National Highways Authority of India (NHAI) is not liable to income ...

CIT(A) Order Based on Presumption Without Verification of Charitable Trust’s Exemption Claim: ITAT Directs Fresh Assessment [Read Order]

The Income Tax Appellate Tribunal(ITAT), Ahmedabad Bench, directed the Assessing Officer(AO) to conduct a fresh assessment after observing that the order passed by the Commissioner of IncomeTax...

ITAT Upholds Deletion of ₹1.73 Cr Labour Income Addition as Assessee Had Already Disclosed Income in Return and Form 26AS [Read Order]

The Income Tax Appellate Tribunal(ITAT), Ahmedabad Bench, upheld the deletion of ₹1,73,94,080 addition towards labour income after observing that the appellant had already disclosed the income in...

Gross Negligence by CIT(A) and AO in Ignoring Submissions and Evidence: ITAT Deletes ₹9 Cr Purchase Addition [Read Order]

The Income Tax Appellate Tribunal (ITAT) held that the Commissioner of Income Tax (Appeals) (CIT(A)) and the Assessing Officer (AO) exhibited gross negligence in discharging their statutory duty by ...

AO Cannot Adopt FMV for Capital Gains while using Book Value for Business Profits: ITAT Clarifies S. 45(2) scope [Read Order]

In a recent ruling, the Income Tax Appellate Tribunal (ITAT) has clarified the scope of Section 45(2) of the Income Tax Act, ruling that the Assessing Officer cannot adopt the fair market value...

Parallel Proceedings for Same AY After CIT(A) Set Aside Reassessment: ITAT Sets Aside ₹169.75 Cr Addition u/s 69A Arising from Section 263, Restores Matter to AO [Read Order]

The Income Tax Appellate Tribunal (ITAT), Ahmedabad Bench, held that to avoid parallel proceedings for the same Assessment Year (AY) 2014-15, the addition of ₹169.75 crore made under Section69A...