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Reassessment Cannot Survive Once Recorded Reasons Fail: Delhi HC [Read Order]

Advika Dwivedi

The bench of the Delhi High Court held that reassessment proceedings initiated under Section 147 of the Income Tax Act, 1961, cannot be sustained...

[BREAKING] CBDT Extends ITR Filing Deadline for Audit Cases and Audit Report Due Date: Know the New...

Transparency at Your Fingertips: Why India Should Let Taxpayers See Every Rupee Spent like “The...

Income Tax Portal Update: Updated Return Filing Excel Utilities for ITR-1 to ITR-7 now Live in Line...

No Addition Made w.r.t. Loans u/s 68 of Income Tax Act: ITAT deletes Disallowance of Interest Claim...

₹12.71L Unexplained Investment and ₹3.63L Expense Disallowance: ITAT Remands to AO for Fresh Adjudication after Considering Newly Filed Evidence [Read Order]

The Nagpur bench of Income Tax Appellate Tribunal restored the matter relating to ₹12.71L unexplained investment and ₹3.63L expense disallowance after considering the newly filed evidence.In this...

Rural Infrastructure Tax & Dead Rent Disallowance u/s 43B: ITAT Remands to AO for Fresh Verification of Legitimacy and Correctness [Read Order]

The Jabalpur bench of Income Tax Appellate Tribunal (ITAT) remanded the matter relating to statutory disallowances under section 43B to AO for fresh verification on the grounds of legitimacy and ...

No Notice, No Justice: ITAT Sends Homemaker’s Tax Case Back for Fresh Trial [Read Order]

The Ahmedabad bench of the Income Tax Appellate Tribunal set aside an assessment order against a homemaker and directed the Assessing Officer to conduct a fresh trial after giving her a fair...

Discrepancy Between Purchase Price and Stamp Duty Value of Land u/s 56(2)(x): ITAT Directs AO to Reconsider Using DVO Valuation [Read Order]

The Kolkata Bench of Income Tax Appellate Tribunal ( ITAT ) sets aside the addition of ₹44,95,500 made under section 56(2)(x) of Income Tax Act,1961, on account of the discrepancy between the...

Undisclosed Jewellery & Diary Expenses: ITAT Sets Aside Additions, Holds Family Inheritance and Household Withdrawals Sufficient to Explain Sources [Read Order]

The Jaipur bench of the Income Tax Appellate Tribunal (ITAT) had set aside Income Tax additions of ₹41.48L under Section 69A and diary additions under section 69C and upheld the family source...

Interior Decorator’s Rs. 11 Lakh Added as Unexplained Money u/s 69A: ITAT Deletes Addition as Income was Offered to Tax [Read Order]

The Kolkata Bench of Income Tax Appellate Tribunal ( ITAT ) allowed the appeal of an interior decorator and deleted the addition of Rs. 11 lakh as unexplained money under section 69A of Income Tax ...

Income from Seismic Vessels Taxed Under Article 21(4) of India-Norway DTAA as Assessee Not Engaged in Seabed Exploration: ITAT [Read Order]

The Delhi Bench of Income Tax Appellate Tribunal ( ITAT ) held that income from seismic vessels provided on bareboat charter by a Norwegian company falls under Article 21(4) of the India-Norway ...