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CIT(A)

Interest from Bank Deposit Does Not qualify for S. 36(1)(viii) Deduction: SC says it’s Not Income ‘Derived From’ Long-Term Finance [Read Judgement]

Navasree A.M

The Supreme Court has held that interest earned from short-term bank deposits cannot qualify for deduction under Section 36(1)(viii) of the Income...

Relief to Anil Ambani: ITAT deletes Addition based on BUP ID, Says it’s just Internal Identifier Not...

Deemed Dividend u/s 2(22)(e) Inapplicable to Sister-Concern Loans: ITAT Deletes Addition [Read...

ITAT Remands 26AS Mismatch to AO for Verification of Actual Receipts and TDS Credits for Accurate...

ITAT Upholds Assessee’s Consistent 70:30 Allocation of Sales Promotion and Financial Expenses...

AO Must Re-Examine Income After Considering Stock Records: ITAT Remands Addition Based on Survey Statement [Read Order]

The Kolkata Bench of the Income Tax Appellate Tribunal (ITAT) remanded the addition made during assessment, holding that the Assessing Officer (AO) had relied only on the assessee’s statement during...

ITAT Sets Aside ₹6.90 Cr Share Premium Addition for Non-Consideration of Assessee’s Evidence [Read Order]

The Kolkata Bench of the Income Tax Appellate Tribunal ( ITAT ) set aside the addition of ₹6,90,45,000 made under Section 68 of the Income Tax Act, 1961, holding that both the Assessing Officer...

Seized Cash Once Taxed in Brother’s Hands cannot be Taxed Again: ITAT remands ₹4L Cash Addition [Read Order]

The Patna Bench of the Income Tax Appellate Tribunal ( ITAT ) partly allowed the appeal, holding that the same seized cash cannot be added twice, once in his hands and again in the hands of his...

ITAT Restores Appeal After Improper 249(4) Dismissal: CIT(A) Must Re-Examine Bogus Loan Addition Based on Third Party Statements [Read Order]

The ITAT ruled the CIT(A) wrongly dismissed the appeal and ordered fresh review of the Section 68 addition based only on third-party statements. The Jaipur Bench of the Income Tax Appellate...

Revenue cannot take advantage of Clerical mistakes in ITR Filing: ITAT grants Income Tax Exemption for Trust [Read Order]

Revenue cannot take advantage of clerical mistakes in ITR Filing: ITAT grants Income Tax Exemption for Trust The Bangalore bench of the Income Tax Appellate Tribunal (ITAT) granted an income tax...

‘Sexist Assumptions’ in CIT(A) Order: ITAT slams Authority for Ignoring Women’s Expertise, Deletes Sales Commission Disallowance [Read Order]

The Income Tax Appellate Tribunal (ITAT), Bangalore Bench, has strongly criticised the Commissioner of Income Tax (Appeals) [CIT(A)] for making sexist and baseless assumptions while disallowing...

No Transfer Order from Delhi AO to Jaipur AO: ITAT Quashes 153C Assessment for Lack of Territorial Jurisdiction [Read Order]

The Jaipur Bench of the Income Tax Appellate Tribunal (ITAT) quashed the assessment framed under Section 153C of the Income Tax Act, 1961, holding that the Assessing Officer (AO) in Jaipur had no...