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Relief to Make My Trip: ITAT Quashes Revision Order Noting AO's Proper Inquiry on ESOP Expenses [Read Order]

The Delhi Bench of Income Tax Appellate Tribunal(ITAT) quashed the revision order issued by the Principal Commissioner of Income Tax (PCIT) against...

CIT(A) Must Decide on Merits Even in Ex Parte Cases: ITAT Remands Income Addition Dispute Matter...

Rental Income from Business Assets to be Taxed Under 'Income from House Property', Not as Business...

ITAT limits Disallowance in Circular Trading Case to 0.30% [Read Order]

ICAI - New Balance Sheet Format - Non-Corporate Entities - Increased Audit Reporting - Compliance Forecasted - taxscan

ICAI introduces New Balance Sheet Format for Non-Corporate Entities, Increased Audit Reporting and...

Demonetization Cash Deposits: ITAT directs Fresh Assessment, Gives Assessee Opportunity to Submit Relevant Documents [Read Order]

In a significant ruling, the Income Tax Appellate Tribunal ( ITAT ) Chennai Bench has remanded the case of Ramesh Sreenivasalu for fresh assessment, directing the Assessing Officer (AO) to reconsider...

No Interference with Trading Results and Gross Profits if Proof of Sales, Purchases, Quantity, Delivery, and Payment are Provided: ITAT [Read Order]

The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) while adjudicating a issue pertaining to additions based on alleged bogus purchases ruled that the trading results and gross profits...

ITAT Holds Service Receipts Not Taxable as FTS under India-Singapore DTAA due to Lack of Knowledge Transfer [Read Order]

The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) held that service receipts from maintenance, support, and additional services provided by the assessee were not taxable as fees for technical...

ITAT Strikes Down Excessive S.14A Disallowance Due to AO’s Failure to Record Dissatisfaction [Read Order]

The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) struck down an excessive disallowance made under Section 14A of the Income Tax Act, 1961 as the Assessing Officer (AO) had failed to...

ITAT Upholds Rs. 4.64 Crore addition U/s 69A due to Assessee’s Failure to Explain & lack of cooperation [Read Order]

The Ahmedabad bench of the Income Tax Appellate Tribunal (ITAT) upheld the addition of Rs. 4.64 crores made under Section due to the assessee’s failure to explain and lack of cooperation. In this...

ITAT Grants Infrasoft S. 10A Exemption Citing Unit Was Not Converted Export Unit but Newly Established STPI Unit [Read Order]

The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) granted an exemption under Section 10A of the Income Tax Act, 1961, ruling that the unit in question was not merely a converted export...

Disallowance should not Exceed the Amount of Exempt income: ITAT [Read Order]

The Kolkata bench of the Income Tax Appellate Tribunal (ITAT) held that the disallowance should not exceed the amount of exempt income. The assessee, Ambuja Neotia Hotel Ventures, had appealed...

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