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ITAT Quashes ₹3.97 Crore Income Addition Based on Supplier Non‑Responses and Tata Ace Scrap‑Load Capacity Doubts [Read Order]

In a recent ruling, the Income Tax Appellate Tribunal (ITAT) quashed a ₹3.97 crore income addition which was based on supplier non‑responses to...

Scrap Dealing is a Peculiar Business, Books of Account not Required: ITAT Allows Appeal, Notes...

Mutual Cooperative Society May Accept Deposits and Lend Loans to its Own Members: ITAT [Read Order]

Taxpayer cannot be Penalised for Mistake of Previous Tax Consultant: ITAT Grants Relief [Read Order}

ITAT Weekly Round-up

Home Loan used Entirely for Business: ITAT orders Fresh Adjudication on Interest Expense Disallowance after Additional Evidence [Read Order]

The Income Tax Appellate Tribunal (ITAT) Pune Bench has ordered the Commissioner of Income Tax (CITA) (Appeals)/National Faceless Appeal Centre (NFAC), Delhi to admit new evidence in the matter of ...

Assessment Order Passed on Same Date as S.151A Modified via Notification: ITAT quashes order for lack of jurisdiction [Read Order]

The Guwahati Bench of the Income Tax Appellate Tribunal (ITAT) quashed a reassessment order and held that the NFAC lacked the authority to frame an assessment on March 29, 2022, the very same day...

On-Money Addition Unsustainable for Post-Search Property Purchase: ITAT Deletes ₹23 Lakh Unexplained Investment Addition [Read Order]

The Ahmedabad Bench of Income Tax Appellate Tribunal (ITAT) deleted the ₹23 lakh addition made under Section 69 of the Income Tax Act, 1961 as unexplained investment in a post-search property...

Income Tax Dept’s NFAC has Exclusive Power to issue Notice u/s 148: Punjab & Haryana HC [Read Order]

The Punjab and Haryana High Court has held that only the National Faceless Assessment Centre (NFAC) can issue reassessment notices under Section148 of the Income Tax Act, 1961. The Court ruled that...

Salary arrears of Deceased cannot be Taxed on Individual Capacity of Legal Heir : ITAT says NFAC Ignores S. 159 [Read Order]

The Income Tax Appellate Tribunal ( ITAT ), Agra Bench, has held that salary arrears belonging to a deceased person cannot be taxed in the personal/individual capacity of the legal heir. Instead,...

Partner’s Expenses Incurred for Business Purposes are Deductible u/ Income Tax: ITAT Grants Relief to Former ICAI President Atul Gupta [Read Order]

The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) recently held that expenses incurred by a partner for legitimate business and professional purposes are legitimate deductibles under the...

CIT(Appeals)/NFAC Cannot Dismiss Appeals in Limine without Examining Merits: ITAT [Read Order]

The Income Tax Appellate Tribunal ( ITAT ) of Raipur Bench, has held that the Commissioner of Income Tax (Appeals) [CIT(A)]/National Faceless Appeal Centre (NFAC) cannot summarily dismiss an...