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Relief to Thermo Fisher: ITAT allows Depreciation Claim on Supply & Maintenance Contracts Acquired via Slump Sale [Read Order]

Navasree A.M

The Mumbai Bench of the Income Tax Appellate Tribunal ( ITAT ) has held that manufacturing, supply, and maintenance contracts acquired through slump...

Section 56(2)(vii)(b)(ii) does Not Apply to Land Purchase Made Prior to 1st April 2014: ITAT deletes...

Reassessment against Struck-Off Company Void-Ab-Initio: ITAT Relies on Zauba Corp and MCA Records...

ITAT Applies Test of Human Probabilities, Rejects ₹84.8 Lakh Penny Stock LTCG Claim as ‘Unnatural...

Unaccounted Sales Addition Based on 89% Estimated Yield Found Unsustainable without Evidence:...

Only 10 Cr Disallowed out of Rs. 35cr Depreciation Allowance Claimed by Oriental Insurance Co. Ltd u/s 32 : ITAT restores for Reconsideration [Read Order]

The Delhi bench of the Income Tax Appellate Tribunal (ITAT) restored the claim of The Oriental Insurance Co. Ltd under section 32 of the Income Tax Act, 1961, on the disallowance of 10 Crore out of...

Additional Depreciation not Claimed in Preceding year can be allowed to TVS Pvt Ltd: ITAT directs AO to Calculate Correct Amount [Read Order]

In a recent order, the Chennai bench of the Income Tax Appellate Tribunal(ITAT) directed the Asessing Officer (AO) to calculate the correct amount of depreciation on holding that Additional ...

ITAT upholds Upward Adjustment of Management Support Services on TVS [Read Order]

In a recent order, the Chennai bench of the Income Tax Appellate Tribunal(ITAT) upheld the order of the CIT(A) and dismiss all the grounds of appeal raised by the Revenue on the issue of upward...

Disallowance of ₹1.87 Crore MAT Credit in Schindler India’s Return of Income: ITAT Remands matter to AO to Verify & Allow Necessary Credit [Read Order]

The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) recently directed the jurisdictional Assessing Officer (AO) to verify and allow necessary MAT (Minimum Alternate Tax) credit of...

₹26 Lakh Shortfall in Permitted TDS: ITAT Directs AO to Allow Full Claim to Schindler India after Verifying Form 26AS [Read Order]

The Income Tax Appellate Tribunal (ITAT) Mumbai Bench recently directed an Assessing Officer (AO) to allow elevator and escalator manufacturing giant Schindler India Private Limited (Schindler) to...

ITAT Deletes Penalty of ₹96,010 on Alleged Bogus Brick Payment after Department Confirms No Pending Supplies [Read Order]

The Amritsar Bench of Income Tax Appellate Tribunal ( ITAT )allows the appeal of the assessee and deletes the penalty of ₹96,010 on an alleged bogus brick payment after the department confirms no...

ITAT Deletes Disallowance made by AO without undertaking Independent Inquiry u/s 133(6) of Income Tax Act [Read Order]

The Ahmedabad Bench of Income Tax Appellate Tribunal (ITAT) deleted the disallowance of ₹27,92,370/- made by the Assessing Officer (AO) without undertaking an independent inquiry under Section...