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Mistaken Self-Disallowance u/S.36 in Income tax Return Can Be Rectified: ITAT Orders Fresh Review [Read Order]

The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) observed an inadvertent self-disallowance made by a taxpayer in the return of income...

Purchases Disallowed Merely Because Suppliers Failed to File ITR: ITAT Rejects Disallowance [Read...

Perverse Finding by CIT(A) from Same Documents before AO: Chhattisgarh HC sustains Deletion of ₹4.89...

ITAT Remands Section 69A Addition After Holding AO Failed to Verify Creditworthiness of Donors [Read...

Claimed Property Gift by Father-in-Law Mistakenly Registered as Sale: ITAT Remands Capital Gain...

Notional Interest cannot be Taxed on Funds Provided to Subsidiary when no Interest Paid: ITAT Dismisses Appeal against Shoppers Stop [Read Order]

The Mumbai Bench of Income Tax Appellate Tribunal ( ITAT ), has dismissed the revenue’s appeal against Shoppers Stop. It had deleted an addition made on account of notional interest, holding that...

Supreme Court dismisses Revenue’s Plea on Income Tax Addition from Sale of Penny Stock Shares for 154-Day Delay [Read Order]

The Supreme Court of India recently dismissed a Special Leave Petition (SLP) instituted by the Principal Commissioner of Income Tax, noting that the case which pertained to additions on the basis of...

S. 50C Not Applicable to Transfer of Life Interest in Property: ITAT Deletes ₹80.04 lakh Addition [Read Order]

The Income Tax Appellate Tribunal ( ITAT ) ruled that Section 50C of the Income Tax Act, 1961 is not applicable where the subject matter of transfer is only a life interest in the property. The bench...

No Exclusion of DEPB from Gross Profit while Calculating Business Income: ITAT strikes down ₹2.55 Cr Addition [Read Order]

The Income Tax Appellate Tribunal, Mumbai Bench held that Duty Entitlement PassBook (DEPB) benefits cannot be excluded from gross profit while estimating business income, thereby quashing an...

ITAT Holds PLR Applicable for Benchmarking Interest on Rupee-Denominated CCDs, Deletes ₹9.35 Crore TP Adjustment [Read Order]

The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) has held that interest paid on rupee-denominated convertible debentures cannot be benchmarked using LIBOR-based rates and must instead be ...

PCIT found to have Erred in Exercising Revisionary Powers u/s 263: ITAT sets aside Revisionary Order [Read Order]

The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) has set aside the revisionary order under Section 263 of theIncome-tax Act, 1961, holding that the Principal Commissioner of Income Tax ...

Only Profit Element Taxable in Bogus Purchase Cases : ITAT Reduces Gross Profit Addition to 11% [Read Order]

The Income Tax Appellate Tribunal (ITAT) Bench at New Delhi has held that in cases involving alleged bogus purchases obtained through accommodation entries, only the profit element can be brought to...

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