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Co-op Society wins ₹10.14L Tax Relief: ITAT rules FDR Interest Eligible for 80P Deduction [Read Order]

The Pune Bench of the Income Tax Appellate Tribunal (ITAT) has granted substantial tax relief to a cooperative credit society, holding that interest...

ITAT sets aside Income Tax Penalty on Fruit Dealer for Misreporting, Directs CIT(A) to Reconsider...

ITAT permits Inclusion of Five Comparable Companies for Transfer Pricing, quashes Rs. 2.39 Cr...

Defective Income Tax Notice Invalidates S. 271(1)(C) Proceedings: ITAT Deletes Penalty [Read Order]

ITAT Holds Peak Credit Theory Not Applicable in Undisclosed Income Gold Stock Case; Directs AO to...

ITAT Quashes Assessment Orders on Grounds of Invalid Special Audit Reference: Allows Appeals of Legal Heirs [Read Order]

The Income Tax Appellate Tribunal (ITAT), Hyderabad Bench, has quashed assessment orders passed against late Laxman Rao Banapuram for the assessment years 2014–15 and 2015–16, holding that the ...

Calcutta HC Quashes Order u/s 154 of Income Tax Act Passed Against Deceased, Allows Appeal Filed by Daughter-in-law of Deceased [Read Order]

The Calcutta HighCourt, in a recent ruling, quashed the order under section 154 of the IncomeTax Act, 1961, which was passed against the deceased, and allowed the petition filed by the...

ITAT Sets Aside Penalty Order, Cites Denial of Fair Hearing Due to Improper E-Notice Delivery [Read Order]

The Income Tax Appellate Tribunal (ITAT) Lucknow has canceled a penalty order against a Raebareli taxpayer, ruling that authorities failed to provide a fair hearing by ignoring the assessee's...

ITAT Upholds Tax on Unsold Inventory as 'Income from House Property,' Directs Recalculation of ALV Based on Market Rates [Read Order]

The Ahmedabad Bench of the Income Tax Appellate Tribunal (ITAT) has upheld the taxability of unsold flats held as stock-in-trade under the head "Income from House Property," while remanding the...

ITAT Directs Fresh Assessment in Petrol Pump Case, Cites Denial of Natural Justice Over Electronic Notices [Read Order]

The Income Tax Appellate Tribunal (ITAT) Lucknow Bench has ordered tax authorities to conduct a fresh assessment in the case of a Kanpur petrol pump owner, ruling that the taxpayer's right to...

Relief to Mahindra & Mahindra Ltd, AO Has No Jurisdiction to Alter Net Profit in P & L Account Except Under S. 115J of Income Tax Act: Bombay HC [Read Order]

In a ruling in favour of Mahindra & Mahindra Ltd, the Bombay High Court stated that assessing officer do not have the jurisdiction to go behind net profit in profit and loss (P&L)account...

Cash on Hand in Real Estate Business Not Unusual, Cannot Be Taxed Solely for Demonetization Deposits: ITAT [Read Order]

The Surat Bench of the Income Tax Appellate Tribunal (ITAT) partly allowed the appeal in a case concerning the addition of cash deposits made during the demonetization period, ruling that cash on...

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