Read all Latest Updates on and about section 143(1) of the Income Tax Act

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Technical Dismissal Without Going into Merits Unsustainable: ITAT Restores back Case to Decide ₹52 Lakh Capital Loss Adjustment with Proper Reasoning [Read Order]

Navasree A.M

The Income Tax Appellate Tribunal ( ITAT ) Pune Bench has held that an appeal cannot be disposed of merely on a technical ground without adjudicating...

Income Tax Update: CBDT Relaxes Time Limit for Processing Valid Returns Filed Electronically...

CPC cannot Deny S. 80P Deduction to Cooperatives for AY 2018–19: ITAT clarifies Prima Facie...

CBDT Extends Processing Deadline for ITRs of AY 2023-24: Know Exemptions [Read Circular]

CIT(A) Mistakenly Treated Private Company as Cooperative Society u/s 80P: ITAT remands Case [Read...

Jharkhand HC Quashes ITAT Ruling Which Deletes Addition u/s 40(a)(ia) of Income Tax Act [Read Order]

The Jharkhand High Court ruled that an order from the Income Tax Appellate Tribunal (ITAT), Circuit Bench, Ranchi, was invalid since it was based only on a precedent that the Supreme Court had...

ITAT Weekly Round-Up [April 27th- May 2nd]

This weekly round-up analytically summarises the key stories related to the Income Tax Appellate Tribunal (ITAT) reported at Taxscan during the previous week, from April 27th to May 2nd ITAT...

No Income Tax Addition can be made Solely Based on Hypothecated Stock Disclosure to Bank: ITAT [Read Order]

The Kolkata Bench of the Income Tax Appellate Tribunal (ITAT) ruled that income additions cannot be made solely based on the difference between stock disclosed to a bank and that recorded in audited...

ITAT Ahmedabad Orders Rectification After Wrong Consideration of Depreciation as Net Profit [Read Order]

The Income Tax Appellate Tribunal (ITAT) Ahmedabad has directed rectification after finding that depreciation was wrongly considered as net profit in the intimation issued under Section 143(1) of the...

Bogus Purchases: Bombay HC Sustains ₹6 Crore Income Tax Addition using Peak of Purchases [Read Order]

The Bombay High Court recently used the peak of purchases method to ascertain and uphold an income tax addition of ₹6.15 crore on a trader with regard to alleged bogus purchases done during the...

ITAT Dismisses Appeal Over Excess Share Premium Tax as Assessee Fails to Appear [Read Order]

The Ahmedabad Bench of the Income Tax Appellate Tribunal ( ITAT ) dismissed an appeal concerning an addition made under Section 56(2)(viib) of the Income Tax Act, 1961 after the assessee failed to...

ITAT Directs Deletion of Rs 28.57 Lakh Addition, Says AO Failed to Follow Due Process [Read Order]

In a significant ruling, the Income Tax Appellate Tribunal ( ITAT ) Pune Bench has set aside an addition of Rs. 28.57 lakhs made under Section 143(1) of the Income Tax Act, 1961. The tribunal held...