Read all Latest Updates on and about Accountant Member Manoj Kumar Aggarwal

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“Reason to Believe” Must Rest on Correct Facts: ITAT invalidates Reopening Based on Wrong Assumptions [Read Order]

Advika Dwivedi

The Bench of the Income Tax Appellate Tribunal (ITAT), Chandigarh, held that a reassessment initiated on the basis of incorrect facts and without...

Public Listed Companies need not to Prove Source of Source of Share Capital u/s 68: ITAT [Read...

Deduction of VRS Compensation by Auto Dealer: ITAT Remands to Verify if Amount was Disallowed while...

ITAT upholds Disallowance of Knitting Charges Under Section 40A(3), allows Set-Off of Carry Forward...

If Share Application Money is received from identifiable investors, Onus shifts to Income Tax Dept...

'CIT(A) has erred in noting the correct facts': ITAT Remands matter for Fresh adjudication [Read Order]

The Chennai bench of the Income Tax Appellate Tribunal ( ITAT ) held that the Commissioner of Income Tax ( Appeals ) [ CIT( A ) ] had erred in noting the correct facts submitted by the assessee and...

Loans from IPO Proceeds, Not Borrowed Funds: ITAT directs AO to recompute Interest Disallowance [Read Order]

The Chennai Bench of the Income Tax Appellate Tribunal ( ITAT ) directed the Assessing Officer ( AO ) to recompute the disallowance of interest expenses confirming that the loans advanced by the...

ITAT orders Denovo Assessment for Unexplained Investment with Cost of Rs. 5K Imposed on Assessee [Read Order]

The Chennai bench of the Income Tax Appellate Tribunal ( ITAT ) orders de novo assessment for unexplained investment with a cost of Rs. 5,000 imposed on the assessee. The assessee, M/s Guru...

ITAT remands Income Tax Penalty matter despite Negligence of Assessee [Read Order]

The Chennai Bench of Income Tax Appellate Tribunal ( ITAT ) remanded a case back to the Commissioner of Income Tax (Appeals) and condemned the negligence of the assessee. The assessee appealed to the...

ITAT Provides Relief in ₹118 Lakhs Cash Deposit Case: Lowers Income Estimation to 2% Margin for Ticket Agent [Read Order]

In a recent case, the Chennai Bench of the Income Tax Appellate Tribunal (ITAT) relieved a ticket agent by lowering the income estimation to a 2% margin. The assessee made the appeal to the ITAT...

Belated Filing of Form 67 not a Ground to Deny Tax Credit: ITAT directs CIT(A) to allow FTC [Read Order]

The Income Tax Appellate Tribunal ( ITAT ), Chennai Bench, ruled that the belated filing of Form 67 cannot serve as a valid ground for denying Foreign Tax Credit (FTC) to a taxpayer. The order was...

No Disallowance for PF/ESI Contributions made before Return Filing Deadline: ITAT [Read Order]

The Chennai Bench of Income Tax Appellate Tribunal ( ITAT ) ruled that no disallowance should be made for employee contributions to the Provident Fund ( PF ) and Employee State Insurance ( ESI ) if...