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

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ITAT upholds Disallowance of Knitting Charges Under Section 40A(3), allows Set-Off of Carry Forward Losses [Read Order]

Eeva Mary Sanil

In a recent ruling, the Chennai bench of the Income Tax Appellate Tribunal (ITAT) upheld the disallowance of ₹88 Lakhs in knitting charges under...

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...

Loans from IPO Proceeds, Not Borrowed Funds: ITAT directs AO to recompute Interest Disallowance...

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

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...

ITAT Restores Matter to AO for De Novo Adjudication on Alleged Bogus Purchases, Allowing Additional Evidence [Read Order]

The Chennai Bench Of Income Tax Appellate Tribunal ( ITAT ) restored the matter to the Assessing Officer ( AO ) for de novo adjudication concerning alleged bogus purchases by the assessee, allowing...

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...

AO must Forward Draft Assessment to assessee u/s 144 C of Income Tax Act if he proposes to make any variation in ITR: ITAT [Read Order]

The Chennai bench of the Income Tax Appellate Tribunal ( ITAT ) held that as per section 144 C of the Income Tax Act, 1961 the Assessing Officer ( AO ) must pass a draft assessment order to the...