![ITAT overturns ₹1.2 Crore Income Tax Additions from Penny Stock Sale, vitiates Presumption of ‘Human Probabilities’ [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/11/ITAT-INCOME-TAX-Income-Tax-Additions-Penny-Stock-Sale-Stock-Sale-vitiates-Presumption-of-Human-Probabilities-Human-Probabilities.jpg "ITAT overturns ₹1.2 Crore Income Tax Additions from Penny Stock Sale, vitiates Presumption of ‘Human Probabilities’ [Read Order]")
ITAT overturns ₹1.2 Crore Income Tax Additions from Penny Stock Sale, vitiates Presumption of ‘Human Probabilities’ [Read Order]
The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) recently deleted additions of Rs. 1.2 crore made by an Assessing Officer (AO) on the...
![ITAT allows Deduction of Rs. 1.72 crore for Reversal of Obsolete Inventory provision due to Double Taxation Concerns [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/11/ITAT-ITAT-Bangalore-Income-Tax-deduction-Taxscan.jpg "ITAT allows Deduction of Rs. 1.72 crore for Reversal of Obsolete Inventory provision due to Double Taxation Concerns [Read Order]")
![Cooperative Society Eligible for Income Tax Deduction u/s 80P(2)(a)(i) on Bank Interest Income: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/11/ITAT-ITAT-Visakhapatnam-Interest-Income-Taxscan.jpg "Cooperative Society Eligible for Income Tax Deduction u/s 80P(2)(a)(i) on Bank Interest Income: ITAT [Read Order]")
![ITAT upholds CIT(A) findings on Unsecured Loans, Citing Lack of Incriminating Evidence [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/10/ITAT-ITAT-Delhi-Unsecured-Loans-CITA-Taxscan.jpg "ITAT upholds CIT(A) findings on Unsecured Loans, Citing Lack of Incriminating Evidence [Read Order]")
![ITAT upholds CIT(A) Deletion of Rs.6.43 Cr Addition, Rules Loan from Wholly Owned Subsidiary Not Deemed Dividend [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/10/ITAT-ITAT-Delhi-CITA-Loan-Taxscan.jpg "ITAT upholds CIT(A) Deletion of Rs.6.43 Cr Addition, Rules Loan from Wholly Owned Subsidiary Not Deemed Dividend [Read Order]")
ITAT upholds deletion of ₹8 Crores Addition due to Lack of Evidence for Unexplained Credit [Read Order]
The Ahmedabad Bench of Income Tax Appellate Tribunal (ITAT) upheld the deletion of the ₹8 crores addition made under Section 68 of the Income Tax Act,1961,due to insufficient evidence to support the...
![ITAT upholds deletion of ₹8 Crores Addition due to Lack of Evidence for Unexplained Credit [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/10/ITAT-ITAT-Ahmedabad-Evidence-Taxscan.jpg "ITAT upholds deletion of ₹8 Crores Addition due to Lack of Evidence for Unexplained Credit [Read Order]")
ITAT Overturns Disallowance of Unpaid Service Tax Due to Lack of Deduction in P&L Account [Read Order]
The Surat Bench of Income Tax Appellate Tribunal ( ITAT ) overturned the disallowance of Rs. 14,43,922/- under Section 43B of Income Tax Act,1961 concerning unpaid service tax, citing the lack of a...
![ITAT Overturns Disallowance of Unpaid Service Tax Due to Lack of Deduction in P&L Account [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/10/ITAT-ITAT-Surat-Service-Tax-Due-PL-Account-Taxscan.jpg "ITAT Overturns Disallowance of Unpaid Service Tax Due to Lack of Deduction in P&L Account [Read Order]")
AO erred in Adding ₹12.10 Lakh to Income instead of ₹27 Cr: ITAT upholds Revision Order [Read Order]
The Income Tax Appellate Tribunal ( ITAT ) upheld the revision order under Section 263 of the Income Tax Act, which was initiated because the Assessing Officer ( AO ) had made an addition of ₹12.10...
![AO erred in Adding ₹12.10 Lakh to Income instead of ₹27 Cr: ITAT upholds Revision Order [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/10/ITAT-ITAT-Delhi-Revision-Order-AO-erred-Taxscan.jpg "AO erred in Adding ₹12.10 Lakh to Income instead of ₹27 Cr: ITAT upholds Revision Order [Read Order]")
Tax Residency Dispute: ITAT Upholds Taxation as Resident of India, Enforcing Global Income Tax Liability [Read Order]
The Mumbai Bench of Income Tax Appellate Tribunal ( ITAT ) upheld the taxation of global income by confirming the assessee's tax residency status as being in India. Ashok Kumar Pandey,the...
![Tax Residency Dispute: ITAT Upholds Taxation as Resident of India, Enforcing Global Income Tax Liability [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/10/ITAT-ITAT-Mumbai-Income-Tax-Liability-Tax-Liability-Taxscan.jpg "Tax Residency Dispute: ITAT Upholds Taxation as Resident of India, Enforcing Global Income Tax Liability [Read Order]")
Interest Income From Short Term Funds Infused By Govt Kept In Bank Till Its Utilization Is Capital Receipt: Kerala HC [Read Order]
The Kerala High Court in a significant case held that the 'interest income' on the short-term deposits of the funds infused by the Government, which are sanctioned for purpose of setting up of...
![Interest Income From Short Term Funds Infused By Govt Kept In Bank Till Its Utilization Is Capital Receipt: Kerala HC [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/10/Kerala-High-Court-Interest-Income-From-Short-Term-Funds-Interest-Income-From-Taxscan.jpg "Interest Income From Short Term Funds Infused By Govt Kept In Bank Till Its Utilization Is Capital Receipt: Kerala HC [Read Order]")
CIT(A) Wrongly Dismissed Appeal Due to Alleged Non-Payment of Advance Tax: ITAT Remands Matter for Fresh Consideration [Read Order]
Recently in a decision, the Income Tax Appellate Tribunal (ITAT) of Bangalore remanded a case back to the Commissioner of Income Tax (Appeals) [CIT(A)] for fresh consideration after finding that the...
![CIT(A) Wrongly Dismissed Appeal Due to Alleged Non-Payment of Advance Tax: ITAT Remands Matter for Fresh Consideration [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/10/ITAT-ITAT-Bangalore-CITA-Dismissed-Appeal-Taxscan.jpg "CIT(A) Wrongly Dismissed Appeal Due to Alleged Non-Payment of Advance Tax: ITAT Remands Matter for Fresh Consideration [Read Order]")
ITAT deletes Unexplained Jewelry Additions, Applies CBDT Instruction 1916 allowing Jewelry Holding for other Family Members
The Bangalore Bench of the Income Tax Appellate Authority ( ITAT ) deleted the addition made by the assessing officer (AO) on unexplained jewelry by applying the benefit under the Central Board of...
