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MAT u/s 115JB Inapplicable to Banks: ITAT affirms Deletion of ₹305.49 Cr Penalty on Central Bank [Read Order]

Akhaigha T Josh

The Mumbai Bench of the Income Tax Appellate Tribunal ( ITAT ) dismissed the Revenue’s appeal and upheld the deletion of a penalty of ₹305,49,63,285...

Cash Payment Disallowance u/s 40A(3) Partially Upheld: ITAT Remits for Verification of Government...

ITAT Directs TPO to Re-calculate Adjustment after Exclusion of Erroneous Comparable and...

Supreme Court upholds 100% Income Tax Addition on Bogus Purchases u/s 69C, Dismisses SLP [Read...

ITAT Affirms CIT(A)'s Deletion of Bad Debts of ₹1.26 Cr, Management Fee and Depreciation Citing...

WhatsApp Chat Between Buyer’s Son and Accountant Has No Evidentiary Value Without 65B Certificate: ITAT deletes S.69A Addition [Read Order]

The Mumbai Bench of the Income Tax Appellate Tribunal, held that an unverified WhatsApp chat recovered from a third party could not form the basis of an addition under Section 69A of the Income Tax...

Supreme Court bars Income Tax Dept from Coercive Steps While Examining Faceless vs Jurisdictional AO Authority [Read Order]

The Supreme Court has granted relief to petitioner challenging reassessment proceedings initiated by the Income Tax Department amid a dispute over whether such proceedings must be handled by the...

Time-Barred Audit Visit Report Vitiates Entire Proceeding: Orissa HC Sets Aside OVAT Assessment on Indian Oil Adani Ventures [Read Order]

The Orissa High Court held that an Audit Visit Report submitted beyond the statutory seven day period prescribed under the Odisha Value Added Tax Act, 2004 vitiates the entire assessment...

Taxpayer Provided Only Informal Assistance to Relatives and Lacked Clear Ownership: ITAT Deletes from profits of Alleged firms [Read Order]

The Jaipur Bench of the Income Tax Appellate Tribunal ( ITAT ) deleted the additions made on account of unsecured loans and estimated profits related to two entities Gopala Garments and Race Kids...

Bombay HC Quashes Reassessment Notice Issued to Non-Existent Entity [Read Order]

The Bombay High Court has held that a reassessment notice issued under Section 148 of the Income Tax Act, 1961 to a company that had ceased to exist upon its conversion into a limited liability...

Unabated Assessment and Lack of Incriminating Material in Search: ITAT Deletes Benami Addition [Read Order]

The Jaipur Bench of the Income Tax Appellate Tribunal (ITAT) deleted the addition of ₹4,20,000 made on account of an alleged Benami investment noting the unabated assessment and lack of...

AO Failed to Disprove Expenses Vouched by Cheque on Painting & Marble Work: ITAT Deletes unaccounted expenditure addition [Read Order]

The Jaipur Bench of the Income Tax Appellate Tribunal (ITAT) deleted the additions made on account of unexplained expenditure related to the construction of his residential house for Assessment ...