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Loan Interest Deduction u/s 48 of Income Tax Valid Despite Prior Claim u/s 24(b), Amendment to S. 48 Effective from AY 2024-25: ITAT [Read Order]

Kavi Priya

The Kolkata Bench of the Income Tax Appellate Tribunal ( ITAT ) confirmed that taxpayers can claim loan interest deductions under Section 48 of the...

10% Tolerance Band u/s 43CA Applies Retrospectively to Address Stamp Valuation Discrepancies: ITAT...

ITAT upholds Staff Welfare Addition made by AO due to No Evidence Submitted by Assessee [Read Order]

Incomplete Disclosure of Seized Material and Statements: Karnataka HC quashes Income Tax Assessment...

NFAC Validates AO's Action without Examining Taxpayer’s Submissions: ITAT remands for fresh...

ITAT caps S.14A Disallowance at 1% of Dividend Income for Period prior to Rule 8D, Income Tax Rules [Read Order]

The Delhi Bench of the Income Tax Appellate Tribunal ( ITAT ) recently directed an Assessing Officer ( AO ) to disallow 1% of dividend income as expenditure under Section 14A of the Income Tax Act,...

ITAT dismisses Revenue Appeal on Ground of CBDT Circular on Low Tax Effect [Read Order]

The Ahmedabad Bench of the Income Tax Appellate Tribunal ( ITAT ) dismissed the appeal filed by the Revenue as the case is non-maintainable at the court of law, as mandated by CBDT Circular on low...

Disallowance u/s 37 of Income Tax Act: ITAT Allows Opportunity to Prove Genuineness of Payment [Read Order]

In a recent case, the Income Tax Appellate Tribunal, Bangalore ( ITAT ) has directed the Commissioner of Income-tax (Appeals), CIT(A) to restore and review the Income Tax Appeal filed by the...

ITAT Rejects ₹14 Crore Protective Income Tax Addition Against Lalit Modi [Read Order]

The Income Tax Appellate Tribunal ( ITAT ), Delhi recently rejected the applicability of Protective Addition of Rs.14 Crore attributed towards Income Tax of arraigned business personality, Lalit...

VAT Penalties cannot be allowed as Income Tax Deduction u/s 37: ITAT [Read Order]

The Income Tax Appellate Tribunal ( ITAT ), Bangalore Bench, has clarified that penalties levied under the Value Added Tax ( VAT ) cannot be claimed as a deduction under Section 37 of the Income Tax...

ITAT Remands Case to CIT(A) for Fair Hearing in ₹49.5 Lakh Addition Due to Denial of Natural Justice [Read Order]

The Ahmedabad Bench of Income Tax Appellate Tribunal ( ITAT ) remanded the matter to the Commissioner of Income Tax (Appeals) [CIT(A)] directing a fair hearing in the matter concerning an addition of...

ITAT Grants Partial Relief on Rs.35.13 Lakh Cash Deposit, Remands Vehicle Sale Issue to AO Due to Incomplete Documentation [Read Order]

The Bangalore Bench of Income Tax Appellate Tribunal ( ITAT ) granted partial relief on a cash deposit of Rs.35.13 lakh while remanding the vehicle sale claim to the Assessing Officer ( AO ) for...

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