![No Incriminating Material Found against Oswal Fab Knits: ITAT deletes Additions [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/12/ITAT-ITAT-Chandigarh-Income-Tax-Income-Tax-Appellate-Tribunal-TAXSCAN.jpg "No Incriminating Material Found against Oswal Fab Knits: ITAT deletes Additions [Read Order]")
No Incriminating Material Found against Oswal Fab Knits: ITAT deletes Additions [Read Order]
In a significant ruling, the Income Tax Appellate Tribunal ( ITAT ) in Chandigarh has dismissed additions made against Oswal Fab Knits Ltd. and...
![Section 14A Disallowance: ITAT Directs Restricting Disallowance to Rs. 12 Lakh, Following Previous Years Ruling [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/12/Section-14A-ITAT-Directs-Section-14A-Disallowance-ITAT-Ahmedabad-Income-Tax-CITAs-order-taxscan.jpg "Section 14A Disallowance: ITAT Directs Restricting Disallowance to Rs. 12 Lakh, Following Previous Years Ruling [Read Order]")
![Medical Reasons caused Delay in Appeal after Payment of Requisite Fees: ITAT remands Matter to CIT(A) [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/12/ITAT-ITAT-Bangalore-Income-Tax-Income-Tax-Appellate-Tribunal-TAXSCAN-2.jpg "Medical Reasons caused Delay in Appeal after Payment of Requisite Fees: ITAT remands Matter to CIT(A) [Read Order]")
![Illiterate Assessee Running Mobile Shop fails to Comply with Income Tax Notice: ITAT imposes Fine [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/12/ITAT-Ahmedabad-Income-Tax-Appellate-Tribunal-Income-Tax-notice-on-mobile-shop-TAXSCAN.jpg "Illiterate Assessee Running Mobile Shop fails to Comply with Income Tax Notice: ITAT imposes Fine [Read Order]")
![ITAT directs CIT(A) to Conduct Fresh Hearing, Imposes ₹5,000 Cost for Non-Attendance in Appeal [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/12/ITAT-Income-Tax-Income-Tax-Appellate-Tribunal-ITAT-Ahmedabad-ITAT-appeal-Cases-TAXSCAN.jpg "ITAT directs CIT(A) to Conduct Fresh Hearing, Imposes ₹5,000 Cost for Non-Attendance in Appeal [Read Order]")
Loss of FD Investments is Capital Loss Not a 'Trading Loss': Telangana HC Upholds Disallowance of Deduction Claim u/s 28 Of Income Tax Act [Read Order]
In a significant case, the Telangana High Court has held that the loss of fixed deposit investments does not qualify as a 'trading loss' for the purposes of claiming deduction from income under...
ITAT Remands Back Appeal to CIT(A) u/s 249(3), Citing Delay in Filing Appeal Not a Valid Ground for Dismissal [Read Order]
The Ahmedabad Bench of Income Tax Appellate Tribunal ( ITAT ) ruled that the CIT(A) cannot dismiss an income tax appeal on limitation grounds after condoning the delay. Rambadal Dhunmum Yadav, the...
![ITAT Remands Back Appeal to CIT(A) u/s 249(3), Citing Delay in Filing Appeal Not a Valid Ground for Dismissal [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/12/ITAT-Income-Tax-ITAT-Ahmedabad-Income-Tax-Appellate-Tribunal-TAXSCAN-1.jpg "ITAT Remands Back Appeal to CIT(A) u/s 249(3), Citing Delay in Filing Appeal Not a Valid Ground for Dismissal [Read Order]")
Circular Transactions proven by Father’s Bank Statement: ITAT upholds Peak Credit Assessment by CIT(A) [Read Order]
Recently, the Chennai bench of the Income Tax Appellate Tribunal ( ITAT ) has upheld the peak credit assessed by the Commissioner of Income Tax (Appeals) [CIT(A)], owing to the circular transactions....
![Circular Transactions proven by Father’s Bank Statement: ITAT upholds Peak Credit Assessment by CIT(A) [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/12/ITAT-ITAT-Chennai-ITAT-upholds-Peak-Credit-Assessment-Peak-Credit-Assessment-Assessment-CITA-taxscan.jpg "Circular Transactions proven by Father’s Bank Statement: ITAT upholds Peak Credit Assessment by CIT(A) [Read Order]")
Concealment Or Inaccurate Particulars u/s 271(1)(c) of Income Tax Carry Different Meanings, Revenue Fails To Specify: Delhi HC Invalidates Penalty [Read Order]
In a recent ruling, the Delhi High Court invalidated penalty proceedings under Section 271(1)(c) of the Income Tax Act stating the different meanings of "concealment of income" and "furnishing...
![Concealment Or Inaccurate Particulars u/s 271(1)(c) of Income Tax Carry Different Meanings, Revenue Fails To Specify: Delhi HC Invalidates Penalty [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/12/Income-Tax-Delhi-High-Court-invalidates-income-tax-penalty-Income-tax-penalty-under-Section-271-TAXSCAN.jpg "Concealment Or Inaccurate Particulars u/s 271(1)(c) of Income Tax Carry Different Meanings, Revenue Fails To Specify: Delhi HC Invalidates Penalty [Read Order]")
ITAT allows Sales Promotion Expenses and Discount Provisions, Citing Minimal Impact on Revenue and Proper Documentation [Read Order]
The Ahmedabad Bench of Income Tax Appellate Tribunal(ITAT) allowed sales promotion expenses and discount provisions citing their minimal impact on the company’s revenue and the proper documentation...
![ITAT allows Sales Promotion Expenses and Discount Provisions, Citing Minimal Impact on Revenue and Proper Documentation [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/12/ITAT-Allows-Sales-Promotion-ITAT-Ahmedabad-ITAT-Allows-Sales-Impact-on-Revenue-Impact-on-Proper-Documentation-Minimal-Impact-Minimal-Impact-on-Revenue-taxscan.jpg "ITAT allows Sales Promotion Expenses and Discount Provisions, Citing Minimal Impact on Revenue and Proper Documentation [Read Order]")
Compressing Natural Gas Qualifies as Manufacturing Activity: ITAT Upholds Gujarat Gas Ltd.'s Additional Depreciation Claim [Read Order]
The Ahmedabad Bench of Income Tax Appellate Tribunal ( ITAT ) upheld Gujarat Gas Ltd.'s claim for additional depreciation, ruling that compressing natural gas qualifies as a manufacturing activity...
![Compressing Natural Gas Qualifies as Manufacturing Activity: ITAT Upholds Gujarat Gas Ltd.s Additional Depreciation Claim [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/12/ITAT-ITAT-Ahmedabad-Income-Tax-Income-Tax-Appellate-Tribunal-TAXSCAN.jpg "Compressing Natural Gas Qualifies as Manufacturing Activity: ITAT Upholds Gujarat Gas Ltd.s Additional Depreciation Claim [Read Order]")
ITAT sets aside CIT(A) Order in Unexplained Income Case Involving Suspicious Mother-Son Transaction [Read Order]
The Kolkata Bench of Income Tax Appellate Tribunal ( ITAT ) has set aside the order of the Commissioner of Income Tax -Appeals [CIT-A] and remanded the case back to the CIT for fresh adjudication,...
![ITAT sets aside CIT(A) Order in Unexplained Income Case Involving Suspicious Mother-Son Transaction [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/11/ITAT-ITAT-Kolkata-Income-Tax-unexplained-income-case-Income-Tax-Appellate-Tribunal-TAXSCAN.jpg "ITAT sets aside CIT(A) Order in Unexplained Income Case Involving Suspicious Mother-Son Transaction [Read Order]")