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AO Cannot make Additions on Issues Unrelated to Recorded Reopening Reasons: ITAT [Read Order]

The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) held that a reassessment cannot be sustained where the Assessing Officer (AO) makes ...

STT-Paid STCL Set-Off allowed against 30% STCG Despite 15% Rate: ITAT Quashes Denial [Read Order]

No Hierarchy in STCL Set-Off u/s 70(2): ITAT Strikes Down AO’s Computation Method

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

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 Cr Income Tax Addition [Read Order]

The Chhattisgarh High Court recently dismissed an appeal filed by a Deputy Commissioner Of Income Tax, noting that no new evidence had been produced at any of the appellate stages that were not...

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

The Bangalore Bench of the Income Tax Appellate Tribunal (ITAT) has remanded a case involving addition towards unexplained investment under Section 69A of the Income Tax Act, 1961, back to the...

Claimed Property Gift by Father-in-Law Mistakenly Registered as Sale: ITAT Remands Capital Gain Addition u/s 50C for Fresh Examination [Read Order]

The Bangalore Bench of the Income TaxAppellate Tribunal (ITAT) has remitted a dispute where a property meant to be a gift was mistakenly executed as a sale deed, resulting in a capital gains ...

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...

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