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ESOP Cost allowable as Business Expenditure u/s 37: ITAT allows Yatra’s ₹93L Claim Despite same Issue Pending before SC [Read Order]

The Income Tax Appellate Tribunal ( ITAT ), Delhi Bench allowed that ESOP (Employee Stock Option Plan) expenditure to Yatra as business deduction...

Purchases Disallowed Merely Because Suppliers Failed to File ITR: ITAT Rejects Disallowance [Read...

Perverse Finding by CIT(A) from Same Documents before AO: Chhattisgarh HC sustains Deletion of ₹4.89...

Purchases cannot be Disallowed Merely on Employee Statements without Evidence: ITAT Deletes 12.5%...

Cash Transactions of Co-operative Society with its Members Not Penal if Reasonable Cause Exists:...

Alleged Cash Receipts deleted in Hands of Lenders like UK Paints: ITAT upholds deletion of unaccounted interest expenditure [Read Order]

The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) held that where the alleged recipients of cash interest have been judicially cleared of receiving such payments, the corresponding...

Mistaken Identity Allegation in Accommodation Entry Requires Factual Verification: ITAT Remands Matter [Read Order]

The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) restored a matter to the Assessing Officer for the Assessment Year 2015-16 and directed a factual verification of whether the assessee ...

Cash Deposits from Sale of Goods cannot be treated as Unexplained when Stock Availability not Disputed: ITAT Deletes Addition [Read Order]

The Ahmedabad Bench of the Income Tax Appellate Tribunal (ITAT) deleted an addition of ₹22,00,000 for alleged cash deposits from sales made by the Assessing Officer (AO) under Section 68 and ruled...

ITAT Dismisses Revenue Appeal on ‘Additional Evidence’ Ground, Upholds CIT(A) Direction for Full Form-26AS TDS Credit After Verification [Read Order]

The Pune Bench of the Income Tax Appellate Tribunal (ITAT) dismissed the Revenue’s appeals challenging the order directing verification and grant of full tax deducted at source credit for three...

Difference in Sales between Ledger and P&L Account Explained by VAT, Service Tax and other receipts: ITAT Deletes ₹13.61 Cr Addition [Read Order]

The Delhi Bench of Income Tax Appellate Tribunal (ITAT) deleted an addition of ₹13,61,47,346 made by the Assessing Officer (AO) on account of alleged differences between sales registered in the ...

CBDT Redefines Jurisdiction of 47 Appeals Commissioners for Search and Survey Related Assessments [Read Notification]

The Central Board of Direct Taxes (CBDT) has issued a notification restructuring the appellate jurisdiction for income tax appeals arising from search, survey, and requisition cases. A total of 47...

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]

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 Tax Act, 1961 as such interest is not income...