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ITAT Deletes Additions Made Solely on Basis of Third-Party Information, Grants Relief to Assessee

The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has deleted additions made solely on third-party information without independent...

ITAT Orders Re-evaluation of S. 14A Disallowances and Foreign Tax Credits for Bank of India,...

ITAT Condones 63 Day-Delayed Appeal due to Hospitalization, Remands ₹67L Income Tax Deduction Claim...

Balaji & Maruti Transactions Genuine: ITAT Rejects ₹5.49 Cr Accommodation Entry Allegation [Read...

Income Tax Recovery without Supplying a Copy of Assessment Order Lacks Authority of Law: Delhi HC...

Date of Share Transfer Determines “Holding Period”, Not Allotment Date: ITAT allows LTCG Exemption [Read Order]

The Mumbai Bench, Income Tax Appellate Tribunal (ITAT) held that for the purpose of determining the “holding period” of shares concerning eligibility for long-term capital gains (LTCG) exemption,...

ITAT Grants Relief on Unexplained Income in ₹94-Lakh Property Sale Despite Invalid Income Tax Return [Read Order]

The Income Tax Appellate Tribunal ( ITAT ) has held that the assessing officer cannot ignore the examination of source of funds merely because of the error in income tax return ( ITR ) due to...

Reversal of Interest u/s 23 of MSMED Act Cannot Attract Addition In Absence of Deduction Claim: ITAT Directs AO to Verify [Read Order]

The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) ruled that the reversal of interest provided under Section 23 of the Micro, Small and Medium Enterprises Development Act, 2006 (MSMED...

Section 11 Exemption Cannot Be Denied for Belated Form 10B Once Delay is Condoned: ITAT [Read Order]

The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) ruled that where the delay in filing the audit report in Form 10B has been duly condoned by the competent authority, exemption under...

Supreme Court Upholds ITAT Order Restoring Income Tax Appeal Despite Pending Settlement Proceedings [Read Order]

The Supreme Court has upheld the order of the Income Tax Appellate Tribunal (ITAT) restoring an income tax appeal even though settlement proceedings before the Income Tax Settlement Commission were...

Supreme Court dismisses Revenue’s Plea on Income Tax Addition from Sale of Penny Stock Shares for 154-Day Delay [Read Order]

The Supreme Court of India recently dismissed a Special Leave Petition (SLP) instituted by the Principal Commissioner of Income Tax, noting that the case which pertained to additions on the basis of...

Refund Adjustment against stayed Income Tax Demand Violates S.220(6) of Income Tax Act: Calcutta HC [Read Order]

The Calcutta High Court has ruled that a refund adjustment against income tax demand that has already been stayed violates section 220(6) of the Income Tax Act, 1961 The case arose from an...