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Legal Heirs Not Replied to Income Tax Notices: Madras HC remits case Subject to Deposit of 20% of Disputed demand Excluding Interest [Read Order]

The Madras High Court remitted an income tax reassessment case back to the Assessing Officer (AO) after noting that the legal heirs of the deceased ...

General Insurance Companies Entitled to S. 10(38) Income Tax Exemption on Equity Gains: ITAT [Read...

AO Must Give Reasons While Rejecting Immunity Plea u/s 270AA of Income Tax: Calcutta HC Sets Aside...

AO Cannot make Additions on Issues Unrelated to Recorded Reopening Reasons: ITAT [Read Order]

STT-Paid STCL Set-Off allowed against 30% STCG Despite 15% Rate: ITAT Quashes Denial [Read Order]

No Hierarchy in STCL Set-Off u/s 70(2): ITAT Strikes Down AO’s Computation Method

The Income Tax Appellate Tribunal, Mumbai Bench (ITAT) held that Section 70(2) of the Income Tax Act, 1961 does not prescribe any hierarchy for setting off short-term capital losses (STCL) against...

Mistaken Self-Disallowance u/S.36 in Income tax Return Can Be Rectified: ITAT Orders Fresh Review [Read Order]

The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) observed an inadvertent self-disallowance made by a taxpayer in the return of income cannot be treated as final if it does not reflect...

Purchases Disallowed Merely Because Suppliers Failed to File ITR: ITAT Rejects Disallowance [Read Order]

The Income Tax Appellate Tribunal, Mumbai Bench (ITAT), held that purchase expenditure cannot be disallowed solely on the ground that suppliers failed to file their Income Tax Returns (ITRs). The...

Perverse Finding by CIT(A) from Same Documents before AO: Chhattisgarh HC sustains Deletion of ₹4.89 Cr Income Tax Addition [Read Order]

The Chhattisgarh High Court recently dismissed an appeal filed by a Deputy Commissioner Of Income Tax, noting that no new evidence had been produced at any of the appellate stages that were not...

ITAT Remands Section 69A Addition After Holding AO Failed to Verify Creditworthiness of Donors [Read Order]

The Bangalore Bench of the Income Tax Appellate Tribunal (ITAT) has remanded a case involving addition towards unexplained investment under Section 69A of the Income Tax Act, 1961, back to the...

Claimed Property Gift by Father-in-Law Mistakenly Registered as Sale: ITAT Remands Capital Gain Addition u/s 50C for Fresh Examination [Read Order]

The Bangalore Bench of the Income TaxAppellate Tribunal (ITAT) has remitted a dispute where a property meant to be a gift was mistakenly executed as a sale deed, resulting in a capital gains ...

Notional Interest cannot be Taxed on Funds Provided to Subsidiary when no Interest Paid: ITAT Dismisses Appeal against Shoppers Stop [Read Order]

The Mumbai Bench of Income Tax Appellate Tribunal ( ITAT ), has dismissed the revenue’s appeal against Shoppers Stop. It had deleted an addition made on account of notional interest, holding that...

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