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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...

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

ITAT upholds Sun Pharma Labs Ltd.'s Deduction for Consultancy fees paid to McKinsey & Company,...

No direct link between Interest Income and Industrial Activity: ITAT disallows S.80-IB/80-IE...

Rs.89.39 Lakh iPad Care plan expense allowed as immediate Revenue Deduction: ITAT rules for Sun...

[BREAKING] “Purchases in question were not Bogus”: ITAT uses CESTAT Ruling Ratio to quash Income Tax Revision Proceedings [Read Order]

In a significant ruling, the Income Tax Appellate Tribunal ( ITAT ) quashed the revision proceedings under Section 263 of the Income Tax Act initiated against the assessee at Vadodara, for Assessment...

ITAT restores Additional Depreciation Claim for Statistical Reassessment following Legal Amendment in S.32(1)(iia) of Income Tax Act [Read Order]

The Ahmedabad Bench of Income Tax Appellate Tribunal ( ITAT ) restored the additional depreciation claim for statistical reassessment following a legal amendment in Section 32(1)(iia) of the Income...

ITAT Quashes Reassessment Over Invalid Rs.10 Lakh Addition, Citing Intraday Profit Below Threshold [Read Order]

The Ahmedabad Bench of Income Tax Appellate Tribunal ( ITAT ) quashed the ₹10 lakh reassessment, ruling it invalid due to an intraday profit of Rs.49,792 falling below the threshold for reopening...

AO incorrectly invokes Section 69A and Charges Tax u/s 115 BBE of Income Tax Act: ITAT deletes addition [Read Order]

The Ahmedabad bench of the Income Tax Appellate Tribunal ( ITAT ) has deleted the addition where the Assessing Officer had incorrectly invoked Section 69A, of the Income Tax Act, 1961, which...

Failure to Disclose Loan, Repayment or Interest Paid to Creditor: ITAT upholds Addition of Rs. 1.30 crores [Read Order]

The Ahmedabad bench of the Income Tax Appellate Tribunal ( ITAT ) upheld the addition of ₹1, 30,45,000/- due to the assessee's failure to disclose the loan of ₹7,25,000/- availed from Pravinbhai...

Disallowance u/s 14 A of Income Tax Act cannot Exceed Exempt Income: ITAT [Read Order]

The Ahmedabad bench of the Income Tax Appellate Tribunal (ITAT) held that disallowance under Section 14 A of the Income Tax Act, cannot exceed exempt income. Thus disallowance under Section 14 A...

Non-Filing of Evidence for Income from Other Sources: ITAT upholds Addition [Read Order]

In a recent ruling, the Ahmedabad bench of the Income Tax Appellate Tribunal ITAT upheld the additions made by the Assessing Officer under Section 69 A of the Income Tax Act, 1961, as unexplained...

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