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ITAT Rules Shareholder Transfer not Grounds for Company Property Revaluation [Read Order]

Varda Marakkar

In a recent decision, the Income Tax Appellate Tribunal ( ITAT ) of New Delhi ruled that a mere transfer of shares among shareholders does not...

PAN Error Linking to Partnership Firm leads to S. 69A Addition: ITAT rules FAA’s Order Cryptic,...

ITAT upholds Deletion of Penalty on Mother Theressa Educational Society for Misreported...

GST Demand Order issued Post-Resignation of Directors lie Against Company, Not Against Ex-directors:...

AO made S.69 Income Tax Addition based on Mere Suspicion: ITAT deletes Rs.2.25 Crore Addition [Read...

AO’s Income Tax Assessment has to be Erroneous and Prejudicial to Revenue to warrant S.263 Proceedings: ITAT [Read Order]

The Cochin Bench of the Income Tax Appellate Tribunal ( ITAT ) while adjudging an Income Tax Appeal held that an Income Tax Assessment by the Assessing Officer ( AO ) has to be both, erroneous and...

Establishment of Nexus between Property Sale Advance and NHAI Bond Investment: ITAT allows Deduction Claim u/s 54EC [Read Order]

In a recent ruling, the Ahmedabad Bench of the Income Tax Appellate Tribunal ( ITAT ) allowed the declaimed by the assessee under Section 54EC of the Income Tax Act,1961 as the assessee was able to...

ITAT upholds CIT(A) Decision on Exemption u/s 11 Despite ITR-6 Filing, Citing Consistency in Tax Treatment Across A.Ys [Read Order]

The Chennai Bench of Income Tax Appellate Tribunal ( ITAT ) upheld the Commissioner of Income Tax (Appeals)[CIT(A)] decision granting exemption under Section 11 of the Income Tax Act,1961 despite the...

ITAT allows Concessional Tax Rate u/s 115BAA, Citing Timely Submission of Form 10IC and CPC's Acknowledgment [Read order]

The Chennai Bench of Income Tax Appellate Tribunal ( ITAT ) allowed the concessional tax rate under Section 115BAA of Income Tax Act,1961 for the assessee, on account of the timely submission of Form...

ITAT Restores Matter to AO for De Novo Adjudication on Alleged Bogus Purchases, Allowing Additional Evidence [Read Order]

The Chennai Bench Of Income Tax Appellate Tribunal ( ITAT ) restored the matter to the Assessing Officer ( AO ) for de novo adjudication concerning alleged bogus purchases by the assessee, allowing...

No Reason to Doubt Source of Funds as Loans in Bank Statement: ITAT dismisses Revenue’s Appeal [Read Order]

In a recent judgment, the Income Tax Appellate Tribunal ( ITAT ) in Mumbai ruled in favor of an assessee, Ashok Jasraj Jain, dismissing an appeal by the Revenue Department that questioned the...

Income from Sale of White Button Mushroom Cultivated Indoors is still “Agricultural Income”, not “Business Income”: ITAT [Read Order]

The Income Tax Appellate Tribunal ( ITAT ) in Mumbai recently ruled that income from the sale of white button mushrooms cultivated indoors should be classified as "agricultural income" under Section...

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