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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...

Taxpayer Acted as Middleman and Not Beneficiary for Forfeited Advance of Property: ITAT Deletes...

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

Import of Yogurt Flavoured Milk Drinks through Unauthorized Port Violates Livestock Import Norms:...

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

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 ...

ITAT Deletes Penalties u/s 271(1)(c) for Four Years Citing Vague and Defective IT Notice [Read Order]

In a recent case, the Income Tax Appellate Tribunal (ITAT), Delhi, has quashed penalties imposed on the assessee under Section 271(1)(c) of the Income Tax Act, 1961, for assessment years 2008-09 to ...

Absence of Proof on Interest-Free Funding for Exempt Investments: ITAT Remands Matter for Verification [Read Order]

The Ahmedabad bench of Income Tax Appellate Tribunal (ITAT) directed a fresh verification of the disallowance made under Section 14A read with Rule 8D, after finding that the assessee had not...

Notional Interest Cannot Be Added to Fair Rent u/s 23: Bombay HC Upholds AO’s ₹22 Lakh Market Valuation Using Comparable Instances [Read Order]

Reaffirming settled law under Section 23(1)(a) of the Income Tax Act, in a recent case, the Bombay High Court has held that notional interest on security deposits cannot be considered in determining...

Municipal Value Not Binding for Tax Assessment: Bombay HC Upholds AO’s Higher Fair Rent Determination u/s 23(1)(a) of IT Act [Read Order]

The Bombay High Court has held that municipal rateable value is not binding on the Assessing Officer while determining the annual value of property under Section 23(1)(a) of the Income Tax Act. ...

Bona Fide and Debatable Claims No Ground for Penalty: ITAT Upholds Deletion of ₹271(1)(c) Levy on New India Assurance [Read Order]

The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has dismissed the Revenue’s appeal against the deletion of penalty under Section 271(1)(c) of the Income Tax Act. The Tribunal...

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