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Income Tax Act 1961

Supreme Court Disposed of SLP Relying on ‘Union of India & Ors. vs. Rajeev Bansal’, Upholds Validity of TOLA [Read Judgement]

Yogitha S Yogesh

The Supreme Court in its recent case disposed of the Special Leave Petition (SLP) relying on ‘Union of India & ors v. Rajeev Bansal’ where the...

ITAT Weekly Round-up[July 26th - August 1st]

ITAT Condones 224-Day Delay: Remands Modi Charitable Trust’s 12A & 80G Applications Over...

India and Oman Revise Double Taxation Treaty: Key Protocol Amendments Explained [Read Notification]

Employee Fails to Respond to Income Tax Email: ITAT Condones 510-Day Appeal Delay Finding Grounds...

Demonetization Period Cash Deposit: ITAT directs AO to Verify Source of ₹24L in SBI A/c [Read Order]

The Visakhapatnam bench of the Income Tax Appellate Tribunal (ITAT) allowed an appeal against order of Commissioner of Income Tax (Appeals) [ CIT(A) ] which upheld the addition to unexplained cash...

Unexplained Cash Deposit During Demonetization Added u/s 69A: ITAT Sets Aside CIT(A) Ex-Parte Order [Read Order]

The Kolkata Bench of Income Tax Appellate Tribunal (ITAT) set aside the ex-parte order passed by the Commissioner of Income Tax(Appeals)[CIT(A)] concerning the addition of Rs. 12,48,000 as ...

ITAT Dismisses GE Steam Power System’s Appeal on opting for dispute Settlement under VSVS [Read Order]

In a recent case, the Income Tax Appellate Tribunal (ITAT) dismsises the appeal filed by GE Steam Power Systems as it opted for dispute settlement under Vivad se Vishwas Scheme, 2024 (‘VSVS’). ...

ITAT Confirms Legitimacy of Aries Agro’s Cash Deposits During Demonetisation Citing Clear and Verified Records [Read Order]

The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) upheld the deletion of additions under Section 68 of the Income Tax Act, 1961, concerning unexplained cash credits, confirming that Aries...

Relief for Jaguar Services: ITAT Sets Aside S.263 Revision, Upholds AO’s 6% Disallowance on Alleged Bogus Purchases [Read Order]

The Mumbai Bench of Income Tax Appellate Tribunal(ITAT) granted relief to Jaguar Services Private Limited by setting aside the Section 263 revision under the Income Tax Act, 1961,for lack of fresh...

Delhi HC upholds Centralisation of Income Tax Proceedings for Coordinated Probe, Dismisses Jurisdictional Challenge [Read Order]

In a recent ruling, the Delhi High Court dismissed a petition challenging the centralisation of income tax assessment proceedings following a search operation, upholding the validity of the...

Unregistered Agreement Not Valid for Capital Gains: ITAT Deletes Rs. 30.5 Lakh and Rs. 2.3 Cr Additions for Property Transaction [Read Order]

The Pune Bench of the Income Tax Appellate Tribunal (ITAT) has set aside additions of Rs. 30.5 lakh under Section 56(vii)(b) and Rs. 2.3 crore as short-term capital gains, holding that an...