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Addition for Unsecured Loans Without PAN: ITAT Grants Partial Relief and Remands Matter for Verification of Submitted Documents [Read Order]

Franklin Joshva

The Ahmedabad Bench of the Income Tax Appellate Tribunal (ITAT) granted partial relief and remanded the matter for verification of submitted...

Deletion of ₹11.54 Crore Addition on Unsecured Loans: ITAT Partially Restores Addition Citing Lack...

Penalty Liability on Legal Heirs: ITAT Upholds Liability u/s 159 and Restores Matter to AO to Verify...

ITAT Treats ₹1.50 Crore Cash Addition as Business Turnover in Bullion Trader’s Case [Read Order]

AO fails to Specify Sub-Clause u/s 270A(9): ITAT deletes Penalty for Under-Reporting [Read Order]

Closing Individual Debtor Accounts Not Mandatory for Claiming Bad Debt Deduction u/s 36(1)(vii): Kerala HC [Read Order]

In a recent judgment, the Kerala High Court held that closing individual debtor accounts is not a legal requirement for claiming a bad debt deduction under Section 36(1)(vii) of the Income Tax Act, ...

“Trade Scheme Payments” to be Treated as Commission: ITAT Upholds PCIT’s Revision under Section 263 in Income Tax Case [Read Order]

The bench of the Income Tax Appellate Tribunal (ITAT), Delhi, upheld the Principal Commissioner of Income Tax’s (PCIT) revision order under Section 263 of the Income Tax Act, 1961, ruling that...

Unexplained Cash Credit: ITAT Restores Matter to CIT(A), allows to Rebut Remand Report [Read Order]

The Chennai Bench of the Income Tax Appellate Tribunal (ITAT) restored the appeal to the file of the Commissioner of Income Tax (Appeals) [CIT(A)] due to the failure to grant the assessee an...

Amount Received for Reduced LLP Profit Share Not Taxable as Goodwill or Capital Gains: ITAT Deletes ₹1.98 Cr Addition [Read Order]

The Chennai Bench of the Income Tax Appellate Tribunal (ITAT) deleted the addition of Rs.1,98,86,210 and ruled that the amount received by the assessee for a reduction in her profit-sharing ratio in...

Non-receipt of Notices and Lack of Digital Access: ITAT remands ₹34.77 Lakh LTCG Addition as 'Equitable Relief' [Read Order]

The Nagpur Bench of the Income Tax Appellate Tribunal (ITAT) granted relief to an auto driver assessee in a case involving the disallowance of ₹34.77 lakh towards long-term capital gains. In...

Interest Deduction u/s 57: ITAT Allows Claim After Verifying Payments and Interest Earned [Read Order]

The Ahmedabad Bench of Income Tax Appellate Tribunal ( ITAT ) allowed the assessee’s claim for interest deduction under section 57 of Income Tax Act,1961 after verifying payments and interest...

Rs. 18.76 cr Disallowed for Non-Deduction of TDS u/s 194Q: ITAT Restores Matter to CIT(A) [Read Order]

The Mumbai Bench of Income Tax Appellate Tribunal ( ITAT ) restored the matter to the Commissioner of Income Tax (Appeals) [CIT(A)] in the matter, where a disallowance of Rs. 18.76 crore was made...

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