Read all Latest Updates on and about Accountant Member Prashant Maharishi

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Failure to show Documentary Evidences on Source of Rs. 96L Cash Deposit: ITAT directs to submit relevant Financials, ITR and Bank Statements before AO [Read Order]

Saagarika Gopinath

In a recent ruling, the Mumbai bench of the Income Tax Appellate Tribunal ( ITAT ), directed the Assessing Officer ( AO ) to reassess cash deposits...

ITAT Reverses AO's Additions, upholds Legitimacy of Long-Term Capital Gains from Share Transactions...

PCCIT’s or Director General's Approval required for Income Tax Reassessment Post 3 Year Time Limit:...

Gift From NRI Relative Not Taxable as Income if Genuineness is Proved: ITAT [Read Order]

ITAT Weekly Round Up

Deduction u/s 80P(2)(d) of Income Tax Allowable to Cooperative Banks Doing Banking Business: ITAT [Read Order]

The Delhi Bench of Income Tax Appellate Tribunal ( ITAT ) has allowed the deduction under Section 80P(2)(d) of the Income Tax Act, 1961 to the Grand Paradi Co-op Housing Society and held that...

Date of Allotment of Under-Construction Property cannot be Treated as “Date of Purchase”: ITAT allows Capital Gains Exemption u/s 54 [Read Order]

In a recent ruling, a Two-Member bench of the Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has held that the date of allotment in respect of an under-construction property cannot be...

Date of Acquisition of New Property must be Date of Possession: ITAT allows Deduction under Income Tax Act [Read Order]

The Mumbai Bench of Income Tax Appellate Tribunal ( ITAT ) has held that the date of possession of new property is to be considered as the date of acquisition while considering the deduction under...

Ratification Order under Income Tax Act Passed on Non Existing Entity is Invalid: ITAT [Read Order]

The Mumbai bench of the Income Tax Appellate Tribunal ( ITAT ) held that a rectification order passed in the name of a non-existent entity, despite informing Revenue regarding its merger is invalid. ...

Addition u/s 68 Should Be Restricted To Extent Of Gross Profit At Same Rate Of Genuine Purchases: ITAT [Read Order]

The Bench of the Income Tax Appellate Tribunal ( ITAT ) comprising observed that addition under section 68 of the Income Tax Act, 1961 should be restricted to extent of gross profit at same rate of...

Decision of CIT (A) without Considering Merits of Case is Violative of Provisions of Section 250(6) of Income Tax Act: ITAT [Read Order]

The Mumbai bench of the Income Tax Appellate Tribunal ( ITAT ) observed that decision of Commissioner of Income Tax ( Appeals ) [ CIT (A) ] without considering merits of case was violative of...

Annual Letting Value of Unsold Flats cannot be added under section 22 of Income Tax Act: ITAT [Read Order]

The Mumbai bench of the Income Tax Appellate Tribunal ( ITAT ) has held that the annual letting value of unsold flats cannot be added under section 22 of Income Tax Act, 1961. The Tribunal directed...