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Income from Business of Renting Equipments of Residual Management not falls under House Property Income: ITAT deletes Addition [Read Order]

Killamsetty Rasmita

The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has ruled that income from the business of renting equipment of residual management does...

Doubtful Debt in Nature of Diminution in value of Asset, unless there is finding u/s 35(1)(vii) of...

Reopening cannot be Merely based on Retracted Statement in the Absence of Tangible Materials: ITAT...

Jewellery Gifted on Occasion of Marriage before Search Action: ITAT deletes Addition [Read Order]

AO fails to Show Conclusive Proof of Assessee being Benamidar of Registered Society: ITAT deletes...

Penalty u/s 271(1)(c) of Income Tax Act is not Leviable on Estimated Addition: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT) Mumbai Bench held that penalty under section 271(1)(c) of Income Tax Act, 1961 is not leviable on estimated addition. The assessee L.S. Diamonds is engaged...

No addition can be made in hands of Assessee based on Book of Another Firm: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT) Delhi Bench ruled that no addition could be made in hands of assessee based on the book of another firm. The assessee Lalman Yadav filed its return...

AO rightly takes Approval from PCIT for Reassessment not Elapsed more than 3 years: Calcutta HC upholds addition [Read Order]

A Single Bench of the Calcutta High Court has held that the Assessing Officer (AO) rightly took the approval from the Principal Commissioner of Income Tax (PCCIT) for the reassessment elapsed more...

Gross Profit Rate of 5% against 0.69% Made on Addition of Bogus Purchase is too High: Bombay HC Remands Matter to ITAT [Read Order]

The Bombay High Court has held that the gross profit rate of 5% against 0.69% made on the addition of bogus purchases is too high and remanded the matter to Income Tax Appellate Tribunal (ITAT) to...

ITAT Deletes Addition Made Towards Share Application Money Recorded in Books of Account on Unabated Assessment Year [Read Order]

The Income Tax Appellate Tribunal (ITAT) of Mumbai Bench deleted the addition made towards share application money recorded in books of account on unabated assessment year. The assessee Morpan...

No addition shall be made on Loan Advanced to Directors and Sister Concern of company from Interest Free Fund: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT) Mumbai Bench held that no addition should be made on loan advanced to directors and sister concern of the company from interest free Fund. The assessee...

Deposit Made as a Reserve Amount for Business During Demonetization Period not amount to Unexplained Income: ITAT Deletes Addition [Read Order]

The Kolkata bench of the Income Tax Appellate Tribunal (ITAT) held that deposits made as a reserve amount for the business during the demonetization period do not amount to unexplained income. The...

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