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Aby T. Varkey

S. 80P(2) Deduction Disallowed for Lack of License: ITAT Remands Matter on Deduction claim on Co-operative bank Interest Income [Read Order]

Franklin Joshva

The Chennai Bench of the Income Tax Appellate Tribunal (ITAT) has remanded a case involving the disallowance of deductions under Sections 80P(2)(d)...

Failure by AO to Verify Key Issues During Reassessment: ITAT Upholds PCIT’s order [Read Order]

ITAT sets aside CIT(A) Order for Violating Natural Justice, Directs Fresh Adjudication u/s 250(6)...

ITAT upholds AO's Acceptance of Bad Debt Write-off Claim, In absence of Error [Read Order]

Exemption u/s 10(23C)(iv) cannot be rejected if Net Surplus is less than 20% of Total Receipts: ITAT...

Deduction u/s 54F of Income Tax Act Allowable On Construction Of The New Dwelling/Residential Unit: ITAT [Read Order]

The Chennai Bench of Income Tax Appellate Tribunal (ITAT) has held that deduction under section 54F of Income Tax Act, 1961 is allowable on construction of the new dwelling/residential unit. ...

AO cannot make Income Additions Solely based on Retracted Statement of Third-Parties: ITAT [Read Order]

The Chennai bench of the Income Tax Appellate Tribunal ( ITAT ) held that the Assessing Officer ( AO ) cannot make income additions solely based on the retracted statement of third parties. It was...

Assessment Order made after Expiry of One Month of Receiving Directions from dispute Resolution Panel is Time Barred: ITAT [Read Order]

The Chennai bench of the Income Tax Appellate Tribunal ( ITAT ) recently held that the final assessment order passed after expiry of one month from the end of the month in which the DRP directions...

Notice issued u/s 148 of Income Tax Act Wholly without Jurisdiction and Bad in law: ITAT quashes Reopening of Assessment [Read Order]

The Mumbai bench of the Income Tax Appellate Tribunal ( ITAT ) has quashed the reopening of assessment, ruling that the notice issued under Section 148 of the Income Tax Act, 1961 was held to be...

ITAT directs Readjudication for determining Municipal Rateable Value of Flats held as Stock in Trade [Read Order]

The Two member bench of Mumbai Income Tax Appellate Tribunal ( ITAT ) directs readjudication for determining the municipal rateable value of the flats held as stock in trade The Assessee, La...

ITAT Allows Deduction for Electricity Charges, Miscellaneous Expenses and Audit Fees u/s 57 for Interest Income Earners [Read Order]

In recent ruling, the Mumbai bench of the Income Tax Appellate Tribunal ( ITAT ) allowed deduction for electricity charges, miscellaneous expenses and audit fees under Section 57 of Income Tax Act,...

Share profit From Partnership Firm exempted u/s 10 (2A) of Income Tax Act: ITAT [Read Order]

In a recent ruling the Mumbai bench of the Income Tax Appellate Tribunal ( ITAT ) observed that share profit from partnership firm is exempted under Section 10 (2A) of Income Tax Act, 1961. The...