![Relief to Cleartrip: Proviso to S.68 not applicable to Non-resident Investors, rules ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/10/Relief-Cleartrip-Proviso-Non-resident-Investors-rules-ITAT-taxscan.jpg "Relief to Cleartrip: Proviso to S.68 not applicable to Non-resident Investors, rules ITAT [Read Order]")
Relief to Cleartrip: Proviso to S.68 not applicable to Non-resident Investors, rules ITAT [Read Order]
The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) has granted relief to Cleartrip holding that the proviso to Section 68 of the Income Tax Act...
![Date of Allotment Letter is Relevant for Determining FMV of Asset /flat: ITAT allows Assessees Appeal [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/10/Date-of-Allotment-Letter-Allotment-Letter-Relevant-FMV-Asset-ITAT-taxscan.jpg "Date of Allotment Letter is Relevant for Determining FMV of Asset /flat: ITAT allows Assessees Appeal [Read Order]")
![Failure to submit relevant information to determine Actual Rent on Unfurnished Flat based on value of Furniture and Fittings of Furnished Flats: ITAT upholds Addition [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/10/Failure-submit-relevant-information-Actual-Rent-Unfurnished-Flat-Furniture-Fittings-of-Furnished-Flats-ITAT-upholds-Addition-taxscan.jpg "Failure to submit relevant information to determine Actual Rent on Unfurnished Flat based on value of Furniture and Fittings of Furnished Flats: ITAT upholds Addition [Read Order]")
![Failure to produce Book of accounts during Assessment Proceedings due to communication gap between Assessees Representative and Company: ITAT directs Re adjudication [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/10/Failure-to-produce-Book-accounts-Assessment-Proceedings-communication-between-Assessees-Representative-Company-ITAT-directs-Re-adjudication-TAXSCAN.jpg "Failure to produce Book of accounts during Assessment Proceedings due to communication gap between Assessees Representative and Company: ITAT directs Re adjudication [Read Order]")
ITAT Remits matter to AO to Determine Actual status of Payment of Consideration towards Purchase of Flat by Co-owners [Read Order]
The Raipur Bench of Income Tax appellate Tribunal (ITAT) held that on perusal of the statement of working and the supporting bank statements it is observed that the Home Loan of Rs. 69,00,000/- from...
![ITAT Remits matter to AO to Determine Actual status of Payment of Consideration towards Purchase of Flat by Co-owners [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/10/ITAT-Remits-matter-AO-to-Determine-Actual-status-Payment-of-Consideration-Purchase-of-Flat-by-Co-owners-TAXSCAN.jpg "ITAT Remits matter to AO to Determine Actual status of Payment of Consideration towards Purchase of Flat by Co-owners [Read Order]")
Partner should be entitled to all deductions while computing his share of profit for the salary received being considered as income from business: ITAT [Read Order]
The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) held that the partner should be entitled to all the deductions which he was entitled while computing his share of profits in the firm. ...
![Partner should be entitled to all deductions while computing his share of profit for the salary received being considered as income from business: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/10/Partner-should-entitled-deductions-computing-profit-salary-being-considered-income-business-ITAT-TAXSCAN.jpg "Partner should be entitled to all deductions while computing his share of profit for the salary received being considered as income from business: ITAT [Read Order]")
ITAT grants one final chance for Document Submission after Multiple Opportunities: upholding Natural Justice [Read Order]
The Hyderabad bench of the Income Tax Appellate Tribunal (ITAT) held that in the interest of justice, it was proper to restore the issue to the file of the CIT(A) NFAC with a direction to grant one...
![ITAT grants one final chance for Document Submission after Multiple Opportunities: upholding Natural Justice [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/10/ITAT-grants-final-chance-Document-Submission-Multiple-Opportunities-upholding-Natural-Justice-TAXSCAN.jpg "ITAT grants one final chance for Document Submission after Multiple Opportunities: upholding Natural Justice [Read Order]")
Six Year Time Limit u/s 153C(1) of Income tax Act applies only from Transfer of Seized Materials to Jurisdictional AO: Supreme Court [Read Order]
The Supreme Court, in a sequence of appeals initiated by the tax department, upheld the ruling of the Delhi High Court. It also made a significant observation regarding the commencement of the 6-year...
![Six Year Time Limit u/s 153C(1) of Income tax Act applies only from Transfer of Seized Materials to Jurisdictional AO: Supreme Court [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/10/Six-Year-Time-Limit-Income-tax-Act-Transfer-of-Seized-Materials-Jurisdictional-AO-Supreme-Court-TAXSCAN.jpg "Six Year Time Limit u/s 153C(1) of Income tax Act applies only from Transfer of Seized Materials to Jurisdictional AO: Supreme Court [Read Order]")
Disallowance of Interest u/s 36(1)(iii) Not attributable to Borrowed Amount utilized for Purchase of Immovable Property: ITAT restored issue to file of AO [Read Order]
The Delhi bench of the Income Tax Appellate Tribunal (ITAT) held that the disallowance of interest under Section 36(1)(iii) is not attributable to the borrowed amount utilized for the purchase of...
![Disallowance of Interest u/s 36(1)(iii) Not attributable to Borrowed Amount utilized for Purchase of Immovable Property: ITAT restored issue to file of AO [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/10/Disallowance-Interest-attributable-Borrowed-Amount-utilized-Purchase-Immovable-Property-ITAT-AO-TAXSCAN.jpg "Disallowance of Interest u/s 36(1)(iii) Not attributable to Borrowed Amount utilized for Purchase of Immovable Property: ITAT restored issue to file of AO [Read Order]")
ITAT upholds Addition u/s 56(2) (viib) of Income Tax Act as Share Premium Received by was in Excess of Fair Market Value of Share [Read Order]
The Bangalore Bench of Income Tax Appellate Tribunal (ITAT) has upheld the addition under Section 56(2) (viib) of the Income Tax Act as the share premium received by the company was in excess of the...
![ITAT upholds Addition u/s 56(2) (viib) of Income Tax Act as Share Premium Received by was in Excess of Fair Market Value of Share [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/10/ITAT-upholds-Addition-income-Tax-Act-as-Share-Premium-Received-by-was-in-Excess-of-Fair-Market-Value-of-Share-TAXSCAN.jpg "ITAT upholds Addition u/s 56(2) (viib) of Income Tax Act as Share Premium Received by was in Excess of Fair Market Value of Share [Read Order]")
Assessee could not Recall Details of Income within Specified time due to Old Age: ITAT Quashes Addition u/s 115BBE [Read Order]
The Hyderabad bench of the Income Tax Appellate Tribunal (ITAT) quashed the addition under Section 115BBE of the Income Tax Act, 1961 which states the procedure for determination of tax for...
![Assessee could not Recall Details of Income within Specified time due to Old Age: ITAT Quashes Addition u/s 115BBE [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/10/Assessee-Recall-Assessee-could-not-Recall-Details-of-Income-Income-Old-Age-ITAT-taxscan-1.jpg "Assessee could not Recall Details of Income within Specified time due to Old Age: ITAT Quashes Addition u/s 115BBE [Read Order]")