Read all Latest Updates on and about section 143(3) of the Income Tax Act

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PCIT cannot Revise 80P Deduction on Bank Interest if AO Assessment not Erroneous or Prejudicial to Revenue: ITAT [Read Order]

The Income Tax Appellate Tribunal, BangaloreBench, held that the Principal Commissioner of Income Tax (PCIT) cannot revise the deduction under...

S. 158BA(2) Abatement Not Automatic Unless Case Falls Under Block Assessment Scheme: Orissa HC...

lTAT Grants Relief to Tata AIG on Co-Insurance Fees, Employee Bonus Write-Back and Dividend...

Post-Finance Act, 2021 Search Assessments Must Follow S.148 Regime: ITAT Quashes Income Tax...

NBFC submits PAN of Parties from whom it claimed Bad Debts: ITAT upholds Income Tax Deduction [Read...

Brought-Forward Losses Cannot be Set Off against DTAA-Exempt LTCG: ITAT Bars Adjustment [Read Order]

The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) held that long-term capital gains (LTCG) which are exempt from tax in India under a Double TaxationAvoidance Agreement (DTAA) do not form...

Admission of Additional Evidence Sans Rule 46A(3) Compliance Invalid: ITAT Revives ₹1.77 Cr Unexplained Purchase Addition [Read Order]

The Raipur Bench of the Income Tax Appellate Tribunal (ITAT) that the admission of additional evidence without complying with the mandatory requirements of Rule 46A(3) of the Income Tax Rules,...

Reassessment Based on Audit Objection without AO’s application of mind is Invalid: Supreme Court Decides in favour of Adani Power [Read Order]

The Supreme court, in the matter of Adani Power Rajasthan has confirmed the principle that any income tax reassessment initiated based on Audit party objection without application of mind of the...

Interest-Free Advances from Share Capital Don not Attract Notional Tax: ITAT [Read Order]

The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) ruled that notional interest cannot be brought to tax where an assessee advances interest-free funds to its director out of its own...

Only Profit Element Taxable in Bogus Purchase Cases : ITAT Reduces Gross Profit Addition to 11% [Read Order]

The Income Tax Appellate Tribunal (ITAT) Bench at New Delhi has held that in cases involving alleged bogus purchases obtained through accommodation entries, only the profit element can be brought to...

Unexplained Cash Credit Addition u/s 68 unsustainable as Advances from Associate Concern Accepted in Earlier Years: ITAT [Read Order]

The Kolkata Bench of the Income Tax Appellate Tribunal (ITAT) dismissed the Revenue's appeal and held that the provision of Section 68 of the Income Tax Act was not applicable to money received in ...

No Presumptive Disallowance u/s 14A: ITAT Deletes ₹118.68 Cr Addition Against Great Eastern Spinning [Read Order]

The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) ruled that disallowance under Section 14A of the Income Tax Act, 1961 cannot be based upon presumptions and that the Assessing Officer (AO)...