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Dispute Over ₹39.91 Lakh Time Deposit with Bank of Baroda: ITAT Remands Matter to AO for Readjudication [Read Order]

The Ranchi Bench of Income Tax Appellate Tribunal (ITAT ) remanded the matter to the Assessing Officer (AO) for readjudication in a dispute over an...

Taxing Corresponding Interest Income on Asset Transfer to SPVs on Assessee amounts to Double...

Relief to Thermo Fisher: ITAT allows Depreciation Claim on Supply & Maintenance Contracts Acquired...

Section 56(2)(vii)(b)(ii) does Not Apply to Land Purchase Made Prior to 1st April 2014: ITAT deletes...

Reassessment against Struck-Off Company Void-Ab-Initio: ITAT Relies on Zauba Corp and MCA Records...

ITAT Applies Test of Human Probabilities, Rejects ₹84.8 Lakh Penny Stock LTCG Claim as ‘Unnatural and Pre-Arranged’ [Read Order]

The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) upheld the addition of Rs. 84,79,100 after rejecting the assessee’s claim of long-term capital gains (LTCG) on penny stock transactions, ...

Unaccounted Sales Addition Based on 89% Estimated Yield Found Unsustainable without Evidence: Chhattisgarh HC dismisses Revenue’s Appeal [Read Order]

The Chhattisgarh High Court has dismissed the Revenue’s appeal ruling that additions made on account of alleged unaccounted sales based on an 89% estimated yield were unsustainable in the absence...

Only 10 Cr Disallowed out of Rs. 35cr Depreciation Allowance Claimed by Oriental Insurance Co. Ltd u/s 32 : ITAT restores for Reconsideration [Read Order]

The Delhi bench of the Income Tax Appellate Tribunal (ITAT) restored the claim of The Oriental Insurance Co. Ltd under section 32 of the Income Tax Act, 1961, on the disallowance of 10 Crore out of...

Additional Depreciation not Claimed in Preceding year can be allowed to TVS Pvt Ltd: ITAT directs AO to Calculate Correct Amount [Read Order]

In a recent order, the Chennai bench of the Income Tax Appellate Tribunal(ITAT) directed the Asessing Officer (AO) to calculate the correct amount of depreciation on holding that Additional ...

ITAT upholds Upward Adjustment of Management Support Services on TVS [Read Order]

In a recent order, the Chennai bench of the Income Tax Appellate Tribunal(ITAT) upheld the order of the CIT(A) and dismiss all the grounds of appeal raised by the Revenue on the issue of upward...

Disallowance of ₹1.87 Crore MAT Credit in Schindler India’s Return of Income: ITAT Remands matter to AO to Verify & Allow Necessary Credit [Read Order]

The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) recently directed the jurisdictional Assessing Officer (AO) to verify and allow necessary MAT (Minimum Alternate Tax) credit of...

₹26 Lakh Shortfall in Permitted TDS: ITAT Directs AO to Allow Full Claim to Schindler India after Verifying Form 26AS [Read Order]

The Income Tax Appellate Tribunal (ITAT) Mumbai Bench recently directed an Assessing Officer (AO) to allow elevator and escalator manufacturing giant Schindler India Private Limited (Schindler) to...

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