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Vintage Car Sale Liable to Capital Gains Tax if No Proof of Personal Use: Bombay HC [Read Order]

Kavi Priya

In a recent ruling, the Bombay High Court held that the sale of a vintage car is liable to capital gains tax if the assessee cannot prove that the...

ITAT Holds Scrap Sales Taxable as Operating Income: ₹26.18 Lakh Treated from Packing Material [Read...

Retd IAS officer’s Demonetization Cash Deposit Addition of ₹23.33 Lakh Cut to 50%: ITAT applies 30%...

Night-Time Notice, 1-Day Deadline? ITAT Calls Out Income Tax Dept's Rush, Grants Relief in TDS...

Partnership Firm Losses Cannot be Added Back in Book Profit Calculation u/s 115JB:ITAT [Read Order]

Gold Loan Account Records and Bank Records validates Gold Loan Business: ITAT deletes Addition of Cash Withdrawals u/s 69C [Read Order]

The Mumbai bench of Income Tax Appellate Tribunal ( ITAT ) deleted addition of cash withdrawal under Section 69C of the Income Tax Act, 1961, observing that the documentary evidence including gold...

Revenue Concerns about Genuineness of Documents: ITAT remands Disallowance of Outward Expenses in Transport Business [Read Order]

The Patna Bench of the Income Tax Appellate Tribunal (ITAT) has remanded to the Assessing Officer (AO) a dispute concerning the disallowance of “outward expenses” in a transport business, after the...

Delay in Filing Appeal Due to Illiteracy and Email Issues: ITAT Condones 349-Day Delay, Restores Ex-Parte Assessment to AO for Verification [Read Order]

Ningaiah Siddu,The Bangalore Bench of the Income Tax Appellate Tribunal (ITAT) condoned a 349-day delay in filing the appeal before the Commissioner of Income Tax (Appeals) [CIT(A)], attributing it...

Only Investments Yielding Exempt Income Can Be Considered Under Section 14A: ITAT Dismisses Revenue’s Appeal Against Assessee [Read Order]

The Kolkata Bench of the Income Tax Appellate Tribunal (ITAT) recently upheld the order of the Commissioner ofIncome Tax (Appeals) [CIT(A)], bringing clarity to the contentious issue of disallowance...

S. 80G Application Rejected without Independent Scrutiny: ITAT Sets aside CIT(E) Orders [Read Order]

TheAhmedabad Bench of the Income Tax Appellate Tribunal ( ITAT ) has set aside the orders of the Commissioner of Income Tax (Exemption) [ CIT(E) ] citing that the application for income tax...

Email Notice Sent to ID Not Cited in Form 35: ITAT Remits Matter Noting Sufficient Cause for Non-Compliance [Read Order]

The Raipur Bench of the Income Tax Appellate Tribunal ( ITAT ) remitted the matter to the Commissioner of Income Tax (Appeals) [ CIT(A) ] ruling that notices were sent to an incorrect email ID...

Inadvertently Claimed Tax Exemption u/s 11/12A Instead of 10(23C)(via): ITAT Upholds JCIT(A) Relief as Form 10BB Filed Within Time [Read Order]

The Kolkata Bench of the Income Tax Appellate Tribunal (ITAT) has upheld the order of the Joint Commissioner of Income Tax (Appeals) in favor of B.P. Poddar Foundation for Education. The Tribunal...