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₹8.80 Cr Addition cannot be made Solely on Estimation and Extrapolation Without Corroborative Evidence: ITAT sets aside Addition [Read Order]

The Income Tax Appellate Tribunal (ITAT), Pune Bench, held that the Assessing Officer (AO) has erred in making the addition amounting to...

Trust Expenditure to not Exceed 5% of Income for Religious Purposes: ITAT Remands Matter to CIT(E)...

Assessee made aware of Income Tax Demand only after SMS/Call from Dept.: ITAT condones 223 Day Delay...

ITAT Allows Final Opportunity to Explain Non-filing of Return on Payment of ₹5k Cost, Remands Matter...

ITAT Grants Deduction under Section 54F to NRI: Residential Houses Outside and Inside India...

Refund & Interest u/s 240 & 244A Must Be Paid Till Actual Date of Payment: Orissa HC [Read Order]

The Orissa High Court at Cuttack directed that the interest on refund as per Sections 240 and 244A must be paid till the actual date of payment. Also Read:Interest u/s 220(2) Unsustainable...

ITAT Upholds 6% Profit Estimation on Alleged Bogus Diamond Purchases, Dismisses Cross Appeals [Read Order]

The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has upheld the estimation of profit on alleged non-genuine diamond purchases and dismissed cross appeals filed by both the assessee and ...

ITAT Quashes Reopening of Assessment against WBEIDC, Holds it was Based on Mere Change of Opinion [Read Order]

The Income Tax Appellate Tribunal (ITAT) at Kolkata has set aside the reassessment proceedings initiated against West Bengal Electronics Industry Development Corporation Limited, holding that the ...

Madras HC Dismisses Department's Appeal on Tax Holiday Deduction Computation u/s 80IA and 80HHC [Read Order]

The Madras High Court has dismissed a tax appeal filed by the Revenue, holding that losses or depreciation already set off in earlier years cannot be notionally carried forward for the purpose of...

Delhi HC Dismisses Revenue Appeals on India-Switzerland Treaty Issue in Light of Recent Ruling [Read Order]

The Delhi High Court has dismissed a batch of appeals filed by the Income Tax Department, in light of a recent High Court precedent. The Court reaffirmed its earlier ruling on treaty...

Penalty to be Levied on Tax Amount Sought to be Evaded: ITAT Reduces Penalty u/s 271(1)(c) After Adjusting TDS and Self-Assessment Tax [Read Order]

The Delhi Bench of Income Tax Appellate Tribunal (ITAT) has held that while penalty under Section 271(1)(c) of the Income Tax Act, 1961 was rightly leviable in a case of non-filing of return, the...

Trust Deed Clause on Funds Utilization Outside of India Rectified by Amendment and Undertaking: ITAT Sets Matter for Review by CIT(E) on Merits [Read Order]

The Income Tax Appellate Tribunal (ITAT), Mumbai Bench, sent a matter back to the Commissioner of Income Tax-Exemption (CIT(E)) regarding utilisation of funds outside India clause in a trust deed...