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ITAT Grants Lifeline to Absentee Assessee, Slams CIT(A) for "No-Reason" Ex-Parte Order [Read Order]

Adwaid M S

The Income Tax Appellate Tribunal (ITAT), Agra Bench, has set aside an ex-parte order that confirmed a major addition against an assessee,...

No Income Tax on ₹73 Lakh Compensation for Compulsory Land Acquisition by NHAI: Chhattisgarh HC...

Setting-Off Short-Term Capital Loss in Shares where Securities Transaction Tax Paid: ITAT deletes...

ITAT quashes Rs.6.99 Crore Presumptive Addition on Share Transfer due to lack of evidence [Read...

Rebate u/s 87A on STCG from Shares Allowed under New Tax Regime: CIT(A) directs JAO to Verify Claim...

Original Allotment Date Applies to Property Acquisition: ITAT Overturned Short-Term Capital Gain Assessment [Read Order]

In the recent case, the Delhi bench of Income Tax Appellate Tribunal (ITAT) granted relief, stating that the original allotment date of 1989 should be considered for property acquisition, not the...

Date of Acquisition of New Property must be Date of Possession: ITAT allows Deduction under Income Tax Act [Read Order]

The Mumbai Bench of Income Tax Appellate Tribunal ( ITAT ) has held that the date of possession of new property is to be considered as the date of acquisition while considering the deduction under...

ITAT confirms Order of AO where Assessee failed to produce Supporting Evidence on Claim of Unsecured Loans [Read Order]

The Income Tax Appellate Tribunal (ITAT), Delhi bench consisting of Anil Chaturvedi, Accountant Member, and Kul Bharat, Judicial Member confirmed the order of AO where the assessee failed to produce...

Revisional Jurisdiction can be invoked in a Very Gross Case of Inadequacy in Inquiry: ITAT

The Delhi bench of the Income Tax Appellate Tribunal (ITAT) has held that the revisional jurisdiction under section 263 of the Income Tax Act, 1961 can be invoked in a very gross case of inadequacy...

ITAT Allows Depreciation Claim by Purchaser under Income Tax on Excess Amount Paid Over & Above Net Asset Value of Seller's Business [Read Order]

The Bangalore Income Tax Appellate Tribunal ( ITAT ) held that once the department has accepted the capital gain offered by the seller upon transfer of its business, then said transaction cannot be...