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Beneficiary Cannot Be Taxed Again when Trust already Paid Tax on Income: ITAT Deletes ₹1.24 Cr. Addition [Read Order]

Advika Dwivedi

The Mumbai of the Income Tax Appellate Tribunal, examined whether income distributed to a beneficiary by a private discretionary trust that had...

Business Loss Claim was Properly Examined during Income Tax Original Assessment: ITAT Quashes...

Circular Trading Established: ITAT Restricts Additions in Alleged Bogus Purchase Case as No Cash...

Under-Invoicing Allegation Lacks Proof: ITAT Removes Cash Addition against Indo Count Industries u/s...

No Discrepancy Found in Quantitative Stock Quantity for Valuation: ITAT Deletes Addition, Upholds...

Income Cannot be Taxed on Current Year When Sales Relates to Other AYs: ITAT Deletes Addition on Mismatch of Sales [Read Order]

The Jaipur Bench of the Income Tax Appellate Tribunal (ITAT) deleted an addition of ₹8,87,104 made on account of the alleged mismatch of sales for the Assessment Year (A.Y.) 2021-22 and held that...

Taxpayer Acted as Middleman and Not Beneficiary for Forfeited Advance of Property: ITAT Deletes Addition u/s 56(2)(ix) [Read Order]

The Jaipur Bench of the Income Tax Appellate Tribunal (ITAT) has deleted an addition of ₹75,00,000 made under Section 56(2)(ix) of the Income Tax Act, 1961, affirming that the assessee was acting ...

Wrongful Assessment on Non-Existent Entity Invalid: ITAT Drops Section 69A Additions [Read Order]

The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) deleted additions made on account of cash deposits treated as unexplained under Section 69A of the Income Tax Act, 1961, holding that...

Import of Yogurt Flavoured Milk Drinks through Unauthorized Port Violates Livestock Import Norms: CESTAT Upholds Redemption Fine [Read Order]

The Kolkata Bench of the Customs, Excise and Service Tax Appellate Tribunal (CESTAT) upheld the redemption fine imposed under Section 111(d) of the Customs Act, 1962 and held that the import of...

ITAT Partly Deletes Addition of ₹10 Lakh on Cash Deposits from Agricultural Income u/s 69A [Read Order]

The bench of the Income Tax Appellate Tribunal (ITAT), Chandigarh has deleted ₹10,00,000 out of the total addition made under Section 69A of the Income Tax Act, 1961 thereby partly allowing the...

Partial Relief Granted on Cash Deposits During Demonetisation: ITAT Restricts Addition to ₹6,000 under Income Tax [Read Order]

The bench of the Income Tax Appellate Tribunal (ITAT), Amritsar granted partial relief to the assessee by restricting the addition of cash deposits during the demonetisation period to ₹6,000,...

Presumption u/s 292C of Income Tax is Rebuttable and Not Conclusive: ITAT Deletes ₹18 Lakh Addition [Read Order]

The Delhi Bench of the Income Tax Appellate Tribunal (“ITAT”) has held that the presumption under Section 292C of the Income-tax Act, 1961, regarding ownership and truth of documents found during ...