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ITAT Invalidates Section 263 Revision: Questions PCIT's Limited Scrutiny Jurisdiction under Income Tax Act [Read Order]

Eeva Mary Sanil

In a recent ruling decision, the Kolkata Bench of the Income Tax Appellate Tribunal (ITAT) quashed the revisionary order under Section 263 of the...

Delay in Filing Appeal Due to Multiple PANs: ITAT Restores Case to AO for Fresh Hearing [Read Order]

ITAT condones 24-Day delay in filing Form 10B due to Technical Issues, Grants Exemption u/s 11 of...

S.68 cannot be invoked for non-appearance before AO when genuineness established through documents:...

Addition of LTCG and Unsecured Loans Due to Lack of Documentation: ITAT Remands Matter to AO [Read...

Procedural delay in filing form 67 cannot override objectives of DTAA: ITAT directs to grant FTC [Read Order]

The Kolkata Bench of the Income Tax Appellate Tribunal ( ITAT ) held that procedural delay of filing form 67 cannot override the objectives of DTAA and directed the Assessing officer to grant Foreign...

AO fails to convert Limited Scrutiny to Complete, Any Addition made outside prescribed scope is invalid: ITAT [Read Order]

The Kolkata Bench of the Income Tax Appellate Tribunal ( ITAT ) held that the Assessing Officer ( AO ) cannot examine any other issue in Limited scrutiny except for which it was notified and any...

Rs.52.25 Lakh Addition u/s 69A for Unaccounted Fees: ITAT Orders Deletion Due to Evidence of Proper Accounting [Read Order]

The Kolkata Bench of Income Tax Appellate Tribunal ( ITAT ) ordered deletion of Rs.52.25 Lakh addition under section 69A of Income Tax Act,1961 for unaccounted fees due to evidence of proper...

Loan Interest Deduction u/s 48 of Income Tax Valid Despite Prior Claim u/s 24(b), Amendment to S. 48 Effective from AY 2024-25: ITAT [Read Order]

The Kolkata Bench of the Income Tax Appellate Tribunal ( ITAT ) confirmed that taxpayers can claim loan interest deductions under Section 48 of the Income Tax Act even if they have already claimed...

ITAT Restores Trust's Corpus Donations Case for Fresh Hearing Over Notice and Email ID Issues [Read Order]

The Kolkata Bench of the Income Tax Appellate Tribunal ( ITAT ) restored the trust’s corpus donation matter for a fresh hearing due to the trust’s non-compliance caused by the lack of awareness of...

ITAT quashes Reassessment Notice u/s 148 issued beyond the statutory time frame [Read Order]

The Kolkata bench of the Income Tax Appellate Tribunal ( ITAT ) quashed the reassessment notice, which was issued under Section 148 of the Income Tax Act, 1960, as it was issued beyond the statutory...

Loss on Sale of Shares on Stock Exchange can be Set Off Against LTCG from sale of Unlisted Shares If STT duly Paid: ITAT [Read Order]

The Kolkata bench of the Income Tax Appellate Tribunal (ITAT) set aside the appellate order and directed the Assessing Officer(AO) to offset the loss against the long-term capital gain. It was held...

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