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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...

Loan Not Utilised for Business Purposes: ITAT upholds PCIT's Decision Directing AO to Verify...

ITAT Denies Section 54F Exemption for Property Purchased in Mother's Name [Read Order]

Deferred Sales Tax Waiver is Taxable as Business Income Under Section 28(iv) of Income Tax Act: ITAT...

Capital Gains Exemption u/s 54F Allowable for Purchase of Residential Property Using Sale Proceeds...

Income from Live Sports Licensing Not Taxable as Royalty Due to Lack of Copyright Protection: ITAT [Read Order]

The Delhi bench of the Income Tax Appellate Tribunal (ITAT) held that income earned from licensing live sports broadcasts is not taxable as royalty because live broadcasts do not enjoy copyright...

ITAT Rules 10% Recorded, 90% Live Revenue Split Fair for Sports Broadcast Licensing Income [Read Order]

The Delhi bench of the Income Tax Appellate Tribunal (ITAT) partly allowed an appeal concerning the apportionment of sports broadcast licensing income, where the Assessing Officer (AO) treated the...

Only 3 Out of 26 Gold Transactions Found Bogus: ITAT Orders Re-computation Based on Gross Profit Margin [Read Order]

The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) held that only 3 out of 26 gold purchase transactions by Shah Traders were bogus and directed the Assessing Officer (AO) to recompute the...

Re-Deposited Cash from Withdrawals Not Turnover: ITAT quashes Rs. 33.7 Lakh Income Addition [Read Order]

The Jaipur Bench of the Income Tax Appellate Tribunal (ITAT) allowed the appeal of an individual taxpayer, holding that re-deposited cash from earlier bank withdrawals and cash sales could not be...

“Sheer Ignorance of Law”: Himachal Pradesh HC Slams AO for Income Tax Order against Deceased Proprietor [Read Order]

In a scathing rebuke to tax authorities, the Himachal Pradesh High Court has quashed an assessment order issued against a deceased individual, condemning the Assessing Officer (AO) for acting in...

Bulk Disposal Indicates Absence of Judicial Mind: ITAT Slams Income Tax Dept [Read Order]

The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) held that the bulk disposal of cases by the Income Tax Department amounts to a mechanical and non-judicious approach in granting ...

Post-Midnight Search Confession by Non-Accounting Partner Unreliable Without Corroborative Evidence: ITAT [Read Order]

The Delhi Bench of Income Tax Appellate Tribunal (ITAT) held that a post-midnight confession made during a search by a non-accounting partner with limited knowledge of the firm’s finances could...

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