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

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

Sneha Sukumaran Mullakkal

The Chennai Bench Of Income Tax Appellate Tribunal ( ITAT ) restored the matter to the Assessing Officer ( AO ) for de novo adjudication concerning...

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

AO must Forward Draft Assessment to assessee u/s 144 C of Income Tax Act if he proposes to make any...

Consultancy Charges paid to Resident Director not 'Excessive or Unreasonable': ITAT allows Company’s...

Beneficial provision of S.54 F should be given a Liberal Construction to the Maximum Extent...

Penalties u/s 269SS and 269T cannot be Levied on Company for Receipt/ Repayment of Cash Loans from Directors out of Business Exigency: ITAT [Read Order]

The Chennai ‘A’ Bench of Income Tax Appellate Tribunal ( ITAT ) held that penalties under Sections 269SS and 269T of the Income Tax Act, 1961, cannot be levied on a company for the receipt and...

Half Yearly Income Tax Digest: ITAT Rulings 2024 [Part II]

This half-yearly round-up analytically summarizes the key direct tax decisions of the Income Tax Appellate Tribunal ( ITAT ) reported at Taxscan.in during the first half of 2024. ITAT allows Claim...

Discrepancy in Excess Stock accumulated during Normal Business Assessable as “Business Income”, S. 69B r.w.s S. 115BBE Not Applicable: ITAT [Read Order]

The Chennai bench of the Income Tax Appellate Tribunal ( ITAT ) has held that the discrepancy in the excess stock accumulated during normal business shall be assessable as business income and section...

Utilising specific Money deposited in Capital Gain Account Scheme towards New Investment is not Mandated under Income Tax Act: ITAT [Read Order]

The Chennai bench of the Income Tax Appellate Tribunal ( ITAT ) held that utilising specific money deposited in a capital gain account scheme towards new investment is not mandated under the Income...

Trust mistakenly applies for Registration u/s 12A (1)(ac)(ii) instead of 12A(1)(ac)(iii) of Income Tax Act: ITAT directs Readjudication [Read Order]

The Chennai bench of the Income Tax Appellate Tribunal ( ITAT ) sets aside the order of the Commissioner of Income Tax (Exemption) [(CIT(E)] and directs re-adjudication after a trust mistakenly...

Satisfaction Note not provided: ITAT rejects Assessment Order due to Oversight and Typographical Error u/s 143(3) of Income Tax Act [Read Order]

The Chennai bench Income Tax Appellate Tribunal ( ITAT ), rejected the assessment order under Section 143(3) of the Income Tax Act, 1961, due to oversight and typographical error, as the satisfaction...

Non filing of TDS u/s 234 E of Income Tax Act for 8 years: ITAT dismisses Appeal [Read Order]

The Chennai bench of the Income Tax Appellate Tribunal ( ITAT ) dismissed the appeal due to the non-filing of Tax Deducted at Source ( TDS ) under Section 234E of the Income Tax Act, 1961, for a...

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