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ITAT Upholds ₹168.61 Crore TDS Credit Due to Form 26AS Discrepancy, Directs AO to Verify Income [Read Order]

The Ahmedabad Bench of Income Tax Appellate Tribunal(ITAT) upheld the Commissioner of Income Tax(Appeals)[CIT(A)]’s decision allowing Tax Deducted at...

ITAT Quashes Penalty for Under-Reporting: Holds Assessee's Actions Bona Fide [Read Order]

Chhagan Bhujbal's Agricultural Income under Scanner: ITAT directs AO to Verify Sales Records [Read...

Addition of Rs. 21,42,857 u/s 56(2)(vii)(b)(ii): ITAT Allows Appeal for Failure to Refer Valuation...

ITAT Condones Delay in Appeal Due to serious dispute among Partners, Remands Case for Fresh...

Disallowance of Interest Expenses on Alleged Fund Misuse: ITAT Allows Citing Lack of Nexus Between Borrowed Funds and Personal Investments [Read Order]

The Ahmedabad Bench of the Income Tax Appellate Tribunal (ITAT) allowed the interest expenses of the assessee on alleged fund misuse citing that lack of nexus between borrowed funds and personal...

Trader Sold Opening Stock at Discounted Rates Leading to Higher Sales Compared to Previous Years: ITAT deletes ₹32 Lakh Addition [Read Order]

The Chandigarh Bench of the Income Tax Appellate Tribunal (ITAT) deleted the addition of Rs. 32 lakhs made by the Assessing Officer (AO), citing the assessee’s higher sales as a result of the...

No Addition Warranted on Alleged Bogus Purchases When GP Rate Exceeds Genuine Purchases: ITAT [Read Order]

The Income Tax Appellate Tribunal Tribunal ( ITAT ), Mumbai held that no addition by way of disallowance of alleged bogus purchases is warranted when the GP rate exceeds genuine purchases. The...

ITAT Weekly Round-Up [Jan 11-Jan 17,2025]

This weekly round-up analytically summarises the key stories related to the Income Tax Appellate Tribunal (ITAT) reported at Taxscan during the previous week from January 11th to January 17th 2025. ...

ITAT - ITAT Weekly Round-UP - Income tax - ITAT news - Income tax news - section 147 of the Income Tax Act - Kolkata Bench of Income Tax Appellate Tribunal - Income Tax Act - National Faceless Appeal Centre - Taxscan

Delay in filing appeal due to pending cases in civil courts and financial struggle: ITAT condones 180 days delay [Read Order]

The Pune Bench of Income Tax Appellate Tribunal (ITAT) condoned the delay of 180 days for delay in filing appeal due to pending cases in civil courts and financial struggle of the assessee. ...

Discrepancy in FMV: ITAT Directs AO to Determine by Conducting Thorough Fact-Finding Process, Applying Explanation u/s 56(2)(viib)[Read Order]

The Chennai Bench of the Income Tax Appellate Tribunal (ITAT) directed the Assessing Officer (AO) to Determine the Fair Market Value (FMV) of Shares by conducting a thorough Fact-Finding Process and...

Credit Card Misuse by Friend Not Attributable as Personal Expenditure: ITAT [Read Order]

The Ahmedabad bench of the Income Tax Appellate Tribunal ( ITAT ), held that the misuse of credit cards by a friend cannot be treated as personal expenditure. The assessee, Abdulmannan...

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