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CSR Donations Eligibility for Section 80G Deduction: ITAT Quashes PCIT Revision Order in Hapag Lloyd Matter [Read Order]

Sneha Sukumaran Mullakkal

The Mumbai Bench of Income Tax Appellate Tribunal ( ITAT ) quashed the Principal Commissioner of Income Tax ( PCIT )’s revision order in Hapag Lloyd...

ITAT Weekly Round-up (12 October - 18 October)

Inadequate Inquiry into Loan Repayment renders Assessment Erroneous: ITAT upholds Revision [Read...

Rs. 20k Incremental Rent Paid to Related Party Disallowed as Excess u/s 40A(2)(b): ITAT Remits for...

Real Expenditure on Goods Received Despite Fictitious Invoices: ITAT Restricts Bogus Purchases...

CJI Gavai Lauds ITAT’s Justice Delivery Role, Warns of Rs. 6.85 Lakh Crore Backlog and Calls for Structural Reforms

Chief Justice of India, Justice B R Gavai, recently emphasized the critical role played by the Income Tax Appellate Tribunal (ITAT) in India's justice delivery system while highlighting the urgent...

Relief for Charles River Laboratories Inc: Karnataka HC Rejects Revenue’s Appeal on FTS Taxability Under India-USA DTAA Citing Tax Effect Below ₹2 Crore [Read Order]

The High Court of Karnataka, granted relief to Charles River Laboratories Inc. by rejecting the Revenue's appeal, citing that the tax effect was below ₹2 crore, in a case concerning the taxability...

Accommodation Entry Share Sale Treated as Unexplained Income u/s 69: ITAT Deletes Addition, Finds Actual Profit Only Rs. 842 [Read Order]

The Nagpur Bench of Income Tax AppellateTribunal ( ITAT ) deleted an addition under section 69 of Income Tax Act,1961 in an alleged accommodation entry share sale, finding that the actual profit was...

ITAT Overrules CIT(A), Condones 9-Day Delay: "Substantial Justice Over Technicalities"

The Income Tax Appellate Tribunal (ITAT), Agra Bench, has set aside an ex-parte order passed by the Commissioner of Income Tax (Appeals) and condoned a mere nine-day delay in filing an appeal. The...

ITRs, Cash Books & Bank Records Proved Income: Delhi HC Upholds Income Tax Deletion of ₹2.8 Cr Demonetization Cash Addition [Read Order]

The Delhi High Court recently upheld the deletion of an income tax addition of ₹2.8 crore on cash deposits that were made during the demonetization period, holding that the assessee had...

16-Day Delay in Employees Provident Fund Deposit u/s 36(1)(va) Due to COVID-19 Lockdown: Karnataka HC allows Deduction [Read Order]

The High Court of Karnataka, allowed a deduction under Section 36(1)(va) of Income Tax Act,1961,for a 16-day delay in depositing Employees’ Provident Fund by the assessee due to the COVID-19...

MAT Adjustment on Goodwill Amortisation Not Permissible: ITAT Rules in Favour of SC Johnson Pvt Ltd

The Income Tax Appellate Tribunal (ITAT), Delhi has held that amortisation of goodwill, arising from a scheme of amalgamation approved by the Delhi High Court, cannot be adjusted while computing...