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Disallowance u/s 14A Cannot Be Added Back While Computing Book Profits u/s 115JB of Income Tax: ITAT [Read Order]

Franklin Joshva

The Chandigarh Bench of the Income Tax Appellate Tribunal (ITAT) has ruled that disallowance under Section 14A cannot be added back while computing...

ITAT rejects Revenue's Claim: ₹3.8 Crore 'Unaccounted Income' Addition Based on Mere Name Similarity...

Market Value for S. 80-IA Deductions Should Be Based on Industrial Consumer Rate not Power Supplied...

Kerala HC Stays Recovery Proceedings under Section 147, Pending Consideration of Delay Condonation...

ITAT Remands Ex Parte Tax and Penalty Appeals citing delays and denied opportunity [Read Order]

ITAT orders fresh hearing for Ex Parte dismissal of Agricultural Income Tax case [Read Order]

The Cochin bench of Income Tax Appellate Tribunal directed a fresh hearing for an ex parte agricultural income for the year 2020-2021 and the appeal was sent to statistical purposes . This ...

Disallowance u/s 14A Inapplicable due to Absence of Exempt Income: ITAT [Read Order]

The Kolkata bench of the Income Tax Appellate Tribunal (ITAT) held that the disallowance under Section 14A of the Income Tax Act, 1961 was inapplicable due to the absence of exempt income and...

Unexplained Cash Credit on ₹31.15 Lakh Loan Repayment: ITAT Upholds Deletion Confirming Genuine Repayment Through Banking Channels [Read Order]

The Kolkata Bench of Income Tax Appellate Tribunal ( ITAT ) dismissed the Revenue’s appeal against the addition of ₹31.15 lakh as unexplained cash credit, upholding the deletion by the Commissioner...

Tax Rebate u/s 87A Denied Due to Omission in Original Return: ITAT Allows Rebate Claimed through Revised Return [Read Order]

The Bangalore Bench of the Income Tax Appellate Tribunal (ITAT) set aside the Commissioner of Income Tax (Appeals) [CIT(A)] which denied rebate claim under section 87A due to the omission in...

No Bar on Retaining Cash for Reasonable Period if Source Traceable: ITAT Quashes Cash Deposit Addition During Demonetisation in absence of Corroborative Evidence [Read Order]

The Chennai Bench of the Income Tax Appellate Tribunal ( ITAT ) has held that there is no legal bar on an assessee retaining cash for a reasonable period if the source of the funds is traceable and...

Delay Should Not Defeat Meritorious Case: ITAT Condones 221-Days Delayed Appeal of Senior Citizen [Read Order]

In a recent ruling, the Pune Bench of the Income Tax Appellate Tribunal ( ITAT ) has observed that mere procedural delays should not be allowed to defeat a meritorious case, especially when the...

Loss on Abandoned Real Estate Project Allowable as Revenue Deduction: ITAT Overturns ₹64.72 Cr Disallowance [Read Order]

The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) has ruled that the loss of Rs. 64,72,52,645/- on abandoned Amritsar real estate project is an allowable revenue deduction under the Income...