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Entire Purchase can’t be treated as Bogus when payment has been made through Banking Channels: ITAT

The Hyderabad bench of the Income Tax Appellate Tribunal (ITAT) has held that the entire purchases cannot be treated as bogus when it is evident that...

No Capital Gain Tax on Income from Relinquishment of Right: ITAT [Read Order]

Madras HC upholds DRP’s order in favour of Renault Nissan in computing Deduction [Read Order]

Market Value of Property reduced due to Litigation and Defect in Title, Section 50C can’t be...

Possessing Ration Card of low Economic Strata is not sufficient to prove Financial Status: ITAT...

Default in Home Loan can’t be a reason to deny Capital Gain Deduction: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Hyderabad bench has held that the default in home loan by the owner of the property cannot be a reason to disallow the capital gain deduction under section...

No Penalty for ‘Escapement of Income’ if Assessee disclosed All Material Facts Fully and Truly: ITAT [Read Order]

The Delhi bench of the Income Tax Appellate Tribunal (ITAT) has held that the penalty cannot be imposed if the assessee has disclosed full and true material facts for assessment. The income tax...

Receipt from Renting Out of building Taxable as ‘Rental Income’ or ‘Other Income’Even If such renting is incidental to Business Activity: ITAT

The Delhi bench of the Income Tax Appellate Tribunal (ITAT) has held that the lease rental income should be taxed under the head “Income from House Property” or “Income from Other Sources” even if...

Right to Receive Compensation on Acquisition and TDR Rights are not Immovable Assets, Section 50C can’t be invoked: ITAT

The Income Tax Appellate Tribunal (ITAT), Hyderabad bench has recently held that section 50C of the Income Tax Act, 1961 cannot be invoked in respect of the right to receive compensation on compulsory...

Depreciation can’t be denied for sole ground that the Assets had not been put to use: ITAT grants relief to Nestle India [Read Order]

While allowing a plea of Nestle India, the Delhi bench of the Income Tax Appellate Tribunal (ITAT) has held that the claim for depreciation under section 32 of the Income Tax Act, 1961 cannot be...

Assessing Officer can’t Reopen Assessment merely on the basis of Change of Opinion: ITAT

The Income Tax Appellate Tribunal (ITAT), Mumbai Bench held that the Assessing Officer (AO) cannot reopen the assessment merely on the basis of change of opinion and directed the AO to restrict the...

ITAT deletes Addition since AO combined Value of Gold and Silver together, ignored CBDT Circular [Read Order]

The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has recently deleted the addition made by the income tax department since it is found that the Assessing Officer while making the addition,...

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