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Shri Om Prakash Kant

AO Fails to Properly Enquire Year-End Provisions, TDS on Dealer Discounts: ITAT upholds Revision Order in Bajaj Auto Matter [Read Order]

In a recent ruling IncomeTax Appellate Tribunal (ITAT) upheld a revision order under Section 263 of theIncome Tax Act, 1961, in the case of Bajaj Auto...

IGST Refund on Zero-Rated Exports Not Income: ITAT Remands Matter for Limited Verification of Refund...

ITAT Upholds Assessee’s Consistent 70:30 Allocation of Sales Promotion and Financial Expenses...

MoU and Bank Records Support Loan Deal and Repayment: ITAT Flags Gaps in AO’s Unexplained Income...

ITAT Sets Aside CIT(A) Order, Restores Case for Fresh Adjudication due to Erroneous Declaration of...

Penalty u/s 271(1)(c) Unjustified on Ad-Hoc Estimated Income: ITAT [Read Order]

The Mumbai Bench of Income Tax Appellate Tribunal ( ITAT ) ruled that a penalty under Section 271(1)(c) of Income Tax Act,1961 could not be sustained when based on ad-hoc estimated income. The...

Failure to Verify Applicability of 'Vivad Se Vishwas Scheme': ITAT Remits Matter to CIT(A) [Read Order]

The Mumbai Bench of Income Tax Appellate Tribunal(ITAT) remitted the matter to the for fresh adjudication, finding that the Commissioner of Income Tax (Appeals)[CIT(A)] had failed to verify the...

ITAT rules Interest Income from Cooperative Banks Eligible for Deduction u/s 80P(2)(d) of Income Tax Act [Read Order]

The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) ruled that interest income earned from deposits with cooperative banks is eligible for deduction under Section 80P(2)(d) of the Income Tax...

Non-Compete Fee to be treated as Revenue Receipt from Post-Amendment to S.28 of Finance Act: ITAT [Read Order]

The Mumbai Bench of Income Tax Appellate Tribunal ( ITAT ) has held that the non-competitive fee received by the assessee is treated as 'revenue receipt' in the hands of the assessee but only...

No Employer-Employee Relationship Between Piramal Enterprises and Doctors to Levy FBT: ITAT deletes Addition u/s 115WB (2)(d) and S. 115WB(2)(o) [Read Order]

The Mumbai bench of the Income Tax Appellate Tribunal ( ITAT ) has ruled that there exists no employer-employee relationship between Piramal Enterprises and doctors, leading to the deletion of...

ITAT Directs Readjudication with respect to Interest paid to Related Persons and Family Members for Availing of Unsecured Loans [Read Order]

The Mumbai bench of Income Tax Appellate Tribunal (ITAT) recently directed readjudication with respect to interest paid to the related persons and family members for availing of unsecured loans. ...

AO fails to consider Sale Consideration of Immovable Property as per Sale Agreement with Stamp Duty Valuation: ITAT sets aside u/s 56(2)(x) of Income Tax Act [Read Order]

The Mumbai bench of the Income Tax Appellate Tribunal ( ITAT ) set aside assessing officers decision under Section 56(2) (x) of the Income Tax Act, 1961 due to failure to consider sale consideration...