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Assessing Officer

Clerical Error in Partnership Deed Not a Ground to Disallow Partner’s Remuneration: ITAT Sets Aside ₹31.30 Lakh Disallowance [Read Order]

The Income Tax Appellate Tribunal (ITAT) Mumbai Bench held that a mere clerical error or an inadvertent mistake in incorporating the updated limits...

Inflated Stock Statement to Bank for Higher Cash Credit Amounts to Commercial Immorality: J&K HC...

No Loss in Collection of Taxes, Recorded Sale Transaction in Return of Income: ITAT Notes Sale of...

ITAT Upholds Reliefs for Reliance Retail, AJIO Marketing Expense Allowed as Revenue [Read Order]

ITAT Upholds PCIT Revision u/s 263 as AO Failed to Enquire into Excess Diesel Shortage Claimed by...

ITAT Grants Major Relief to Oriental Bank Employees Welfare Society, allows Adjustment Of ₹3.35 Cr Welfare Payments against Interest on Bank Deposits [Read Order]

The Income Tax Appellate Tribunal [ITAT] Delhi Bench has granted significant relief by holding that the payment can be set off against the interest income earned from the bank fixed deposits...

Expenditure on Sales Promotion allowable as Business Deduction: ITAT Grants ₹2.4Cr Relief to Havells India [Read Order]

The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) has removed a disallowance of around ₹2.47 crore in sales incentives, agreeing that provisions made are a deductible contractual ...

Salary Earned Outside India Not Taxable as Deposit in NRE Account Does Not Amount to Receipt of Salary in India: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Ahmedabad Bench, held that salary earned outside India by a non-resident is not taxable in India because it is credited to a Non-Resident External (NRE)...

AO Cannot Adopt FMV for Capital Gains while using Book Value for Business Profits: ITAT Clarifies S. 45(2) scope [Read Order]

In a recent ruling, the Income Tax Appellate Tribunal (ITAT) has clarified the scope of Section 45(2) of the Income Tax Act, ruling that the Assessing Officer cannot adopt the fair market value...

PCIT Cannot Rely on AI Overview on London Rental Yields to Revise ALV: ITAT quashes Income Tax Revision Against Senior Advocate Mukul Rohatgi [Read Order]

The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) held that the PCIT cannot rely on an AI overview of London rental yields to revise the AnnualLetting Value (ALV) under Section 263. The...

Scrap Dealing is a Peculiar Business, Books of Account not Required: ITAT Allows Appeal, Notes Declared Income u/s 44AD [Read Order]

The Income Tax Appellate Tribunal (ITAT), Agra Bench, held that books of accounts are not required in peculiar businesses like scrap dealing due to their unpredictable market. The tribunal allowed...

ITAT Grants S. 50C Proviso relief where Advance Received by Cheque Before Sale Deed Registration [Read Order]

The Chandigarh Bench of the Income Tax Appellate Tribunal ( ITAT ) held that where part of the sale consideration was received through bank account or electronic mode at the time of agreement to sell,...