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Penny Stock Transactions Found Genuine: ITAT Deletes ₹1 Cr Addition Relying on SEBI Report and Sister Case Precedent [Read Order]

The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) deleted additions under Sections 68 and 69C in a case involving penny stock...

Section 69A Inapplicable For Audited Cash Deposits: ITAT Deletes ₹58.50 Lakh Unexplained Money...

Delhi HC Directs Refund of ₹15 Lakh With 4% Interest as Re-Credit Not Permissible Under Abolished...

Non-Disclosure of ₹27.67 Lakh Interest Received u/s 244A: ITAT Holds It Taxable and Rejects...

Section 50C of Income Tax Act Not applicable retrospectively: Delhi HC upholds ITAT’s order Deleting...

Addition Based on Suspicion of Fictitious Profit via Client Code Modification Facility in F&O Segment Without Investigation Not Sustainable: ITAT [Read Order]

The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) in its recent ruling held that the addition made by the Assessing Officer(AO) on suspicion basis without any independent investigation ...

Project Completion Method Upheld: ITAT Deletes ₹3.56 Crore Addition for Real Estate Developer [Read Order]

The Ahmedabad Bench of the Income Tax Appellate Tribunal (ITAT) deleted an addition of Rs. 3,56,16,215 made by the Assessing Officer (AO) held that the assessee correctly followed the Project ...

Reassessment After 4 Years With Same Set of Facts Which Already Available During Original Assessment Legally Bad: ITAT [Read Order]

The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has set aside the reassessment order and declared the reopening of the assessment for Assessment Year (AY) 2012-13 after 4 years with the...

BroadBand and Bandwidth Charges Not a Royalty: ITAT Dismisses TDS claim of Revenue [Read Order]

The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has dismissed the Revenue’s appeals and upheld the Commissioner of Income Tax (Appeals) [CIT(A)] order that deleted disallowances...

Conditions For Donees U/s 80G Satisfied: ITAT Allows Deduction of CSR Donations [Read Order]

The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has dismissed the revenue’s appeal and upheld the Commissioner of Income Tax (Appeals) [CIT(A)]’s order to delete the disallowance of a...

In Absence of Concrete Material Revision u/s 263 of Income Tax Act Not Possible on Assessment Based on DVO's Valuation: Kerala HC [Read Order]

The Kerala High Court ruled that, in the absence of tangible evidence, an assessment based on the Department Valuation Officer's (DVO) valuation cannot be changed under Section 263 of the Income Tax...

ITAT Deletes ₹52.91 Lakh Unexplained Investment Addition on Land Purchase Due to Unreliable Draft MOU Evidence [Read Order]

The Ahmedabad Bench of the Income Tax Appellate Tribunal (ITAT) deleted an addition of Rs. 52,91,053 made by the Assessing Officer ( AO ) as unexplained investment under Section 69 and ruled that...

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