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₹5.28 Lakh Penalty u/s 271(1)(c) on One-Time Settlement: ITAT Deletes, Holds It Capital in Nature and Fully Disclosed [Read Order]

Sneha Sukumaran Mullakkal

The Kolkata Bench of Income Tax Appellate Tribunal ( ITAT ) held a one-time settlement from Kotak Mahindra Old Life Insurance as capital in nature...

Deduction u/s 80P(2)(d) Confined to Co-operative Bank Deposits, RRB Interest Treated Separately with...

No Prejudice to Revenue as TDS Paid with Interest and Quarterly Returns Filed before 4th Quarter:...

Notice by Non-Jurisdictional AO Invalid: ITAT Renders Addition u/s 69A Void Ab Initio [Read Order]

Revenue Ignores Registry’s Defect Memo and Reminders sent by Registry: ITAT dismisses Revenue’s...

Section 115BBE of Income Tax Act Applies on Transactions On or After 01.04.2017 Only: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Delhi, held that the provisions of Section 115BBE of the Income Tax Act, 1961, are applicable only to transactions made on or after 01 April 2017....

Addition on Excess Cane Price and Concessional Sugar Sale Remands for want of Evidence: ITAT directs Fresh Adjudication [Read Order]

The Income Tax Appellate Tribunal (ITAT), Pune, remanded appeals, considering (i) excess sugarcane price paid to members and (ii) sale of sugar at concessional rates to members by a cooperative...

ITAT allows LTCG Exemption u/s 54 on Sale of Old Flat as Possession of New Flat falls Within Prescribed Period [Read Order]

The Mumbai Bench of Income Tax Appellate Tribunal ( ITAT ) allowed the claim of Long Term Capital Gains ( LTCG )exemption under section 54 of Income Tax Act,1961 on the sale of an old flat, as the...

Individual Fails to Prove Cash Deposits as Land Sale Proceeds by Father: ITAT remits Matter back on Interest of Justice [Read Order]

The Delhi Bench of the Income Tax Appellate Tribunal ( ITAT ) remitted the matter of addition on cash deposits to the Commissioner of Income Tax (Appeals)[CIT(A)] for verifying the genuineness of...

ITAT rules PAN Not Mandatory to Prove Cash Sales, orders Fresh Look at Aadhaar Details [Read Order]

The Income Tax Appellate Tribunal (ITAT) Ahmedabad bench has held that the absence of PAN card details of customers cannot be the sole basis for treating cash sales as unexplained income under...

‘6kg & 7kg’ Cash Entries Not Proven as ₹13 Lakh: ITAT Reduces Addition to ₹1.30 Lakh Due to Lack of Corroboration [Read Order]

The Pune Bench of the Income Tax Appellate Tribunal (ITAT) has reduced an addition of ₹13 lakh made on account of cash entries described as “6kg” and “7kg” in seized papers and held that the...

ITAT Rebukes CIT(A) for "Lazy" Dismissal, Orders Fresh Hearing on Demonetization Cash Deposits [rEad Order]

In a sharp critique of appellate procedure, the Income Tax Appellate Tribunal (ITAT), Cochin Bench has set aside an order that dismissed a taxpayer’s appeal without examining the merits of a...