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Approval for S. 148 Notice by Incompetent Authority renders Re-assessment Void ab initio: ITAT Quashes Assessment [Read Order]

The Delhi Bench of the Income Tax AppellateTribunal (ITAT) has quashed reassessment proceedings for two assessment years after holding the notices...

No S.68 Addition on Sale of Inherited Jewellery Backed by Valuation Report: ITAT [Read Order]

Assessee’s POCM Accounting Complies with ICAI Guidance Note for Real Estate Projects: ITAT Deletes...

Relief to Malayalam Movie Artists Association AMMA: Kerala HC rules Income Tax Appellate Authority...

Delhi HC Sets Aside ITAT Order, Holds "Fit Case" Statement Sufficient for Valid Approval u/s 151 of...

Calcutta HC finds Penny-Stock Trading Loss as Bogus, sets aside ITAT disallowance Order [Read Order]

The Calcutta High Court has set aside the order of the Income Tax Appellate Tribunal, Kolkata (ITAT), which had allowed the set-off of penny-stock trading loss claimed by the assessee under the...

ITAT Shields Investor from Tax, Says Documented Stock Exchange Trades Trump Tax Dept's Presumptions [Read Order]

In a significant ruling that reinforces the primacy of documentary evidence over general allegations, the Income Tax Appellate Tribunal (ITAT) in Mumbai has shielded an individual investor from a...

Assessee’s Failure to Reconcile the Discrepancy Justifies Addition: ITAT upholds Donation Disallowance [Read Order]

The bench of the Income Tax Appellate Tribunal (ITAT), Raipur, upheld the disallowance of ₹15,000 made on account of donation expenses, as the assessee had failed to reconcile the difference...

ITAT allows All Appeals of FMI Automotive Components on Foreign Exchange Loss, Capital Expenditure & Insurance Claims [Read Order]

The Income Tax Appellate Tribunal (ITAT) at Delhi Bench rejected an appeal filed by Revenue against the order of the Learned Commissioner of Income Tax (Appeals)/National Faceless Appeal Centre...

Share Capital and Member Deposits Wrongly Clubbed: ITAT Remands Matter Back to AO for De Novo Verification [Read Order]

The Cochin Bench of the Income Tax Appellate Tribunal ( ITAT ) has remanded the case of Keezhuparamba Service Co-operative Bank Ltd. back to the Assessing Officer (AO) for de novo adjudication,...

Categorisation of ₹38 Lakh Non-Compete Fee as Revenue Expenditure: ITAT Allows Deduction to Real Estate Firm [Read Order]

The bench of the Income Tax Appellate Tribunal, Ahmedabad, has allowed the deduction of non-compete expenditure claimed by a real estate firm, ruling that the payment made to a retiring partner was...

Income Tax Refund of Educational Institution: SC Modifies P&H HC Order by Reducing Appeal Disposal Time from 1 year to 2 months [Read Order]

The Supreme Court has directed the expeditious disposal of its income tax appeal concerning a large income tax refund claim of the Dalhousie Public School Educational Society. The apex court...