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S.13 attracts during Assessment, Not at Grant of Registration: ITAT restores matter to Grant Final Registration u/s 12AB [Read Order]

Saagarika Gopinath

In a recent ruling, the Ahmedabad bench of the Income Tax Appellate Tribunal (ITAT) restored income tax matters to grant Final Registration under...

Investors Proven Genuine: ITAT quashes Additions u/s 68 and Revision Order [Read Order]

Establishment of Nexus between Property Sale Advance and NHAI Bond Investment: ITAT allows Deduction...

AO Fails to Verify Loan Recorded as Journal Entry in Shareholder's Account: ITAT deletes ₹25.93 Lakh...

Curable Defect in Form 35A: ITAT Sets Aside DRP Order [Read Order]

Income from Ancillary Activities to Primary Operations: ITAT upholds Revision Order allowing Alternate Claim of Co-Op Society u/s 80P(2)(e) [Read Order]

The Income Tax Appellate Tribunal (ITAT), Ahmedabad Bench has upheld a revision order reaffirming the right of the assessee, a Ginning Pressing Cotton Sale Co-operative Society Ltd. to make an...

ITAT directs DRP to reconsider Assessee's Objection Over Signature Irregularity [Read Order]

The Ahmedabad Bench of Income Tax Appellate Tribunal ( ITAT ) directed the Dispute Resolution Panel ( DRP ) to reconsider an objection to a long-term capital gain assessment, which had been rejected...

Sun Pharma Labs. Ltd.'s Software Upgradation Expenses classified as Revenue Expenditure: ITAT upholds CIT(A) Ruling [Read Order]

The Ahmedabad Bench of Income Tax Appellate Tribunal ( ITAT ) upheld the Commissioner of Income Tax (Appeals) [CIT(A)] ruling regarding Sun Pharma Laboratories Ltd.'s software upgradation expenses,...

ITAT Deletes ₹55,14,076 Penalty for Concealment of Income, Citing Inconsistencies in Income Assessment Estimates [Read Order]

The Ahmedabad Bench of Income Tax Appellate Tribunal ( ITAT ) deleted the penalty of ₹55,14,076 imposed under Section 271(1)(c) of the Income Tax Act,1961, for concealment of income, citing...

ITAT Invalidates PCIT's Hasty Revision u/s 263 and Remands Case for Fresh Hearing [Read Order]

The Ahmedabad Bench of Income Tax Appellate Tribunal ( ITAT ) invalidated the Principal Commissioner of Income Tax's (PCIT) hasty revision under Section 263 of Income Tax Act,1961 and remanded the...

ITAT upholds Sun Pharma Labs Ltd.'s Deduction for Consultancy fees paid to McKinsey & Company, Classifying it as Revenue Expenditure [Read Order]

The Ahmedabad Bench of Income Tax Appellate Tribunal ( ITAT ) upheld the decision of the Commissioner of Income Tax(Appeals)[CIT(A)] regarding Sun Pharma Laboratories Ltd.'s deduction for consultancy...

No direct link between Interest Income and Industrial Activity: ITAT disallows S.80-IB/80-IE Deduction for Sun Pharma Labs Ltd [Read Order]

The Ahmedabad Bench of Income Tax Appellate Tribunal ( ITAT ) disallowed the Section 80-IB/80-IE deduction under the Income Tax Act, 1961, for Sun Pharma Laboratories Ltd., stating there was no...

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