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Illiterate Assessee Running Mobile Shop fails to Comply with Income Tax Notice: ITAT imposes Fine [Read Order]

The Ahmedabad Bench of Income Tax Appellate Tribunal ( ITAT ) set aside the order made income tax addition on unexplained income due to non...

ITAT directs CIT(A) to Conduct Fresh Hearing, Imposes ₹5,000 Cost for Non-Attendance in Appeal [Read...

Income Tax - Income Tax Act - Telangana High Court - FD cases in Telangana HC - TAXSCAN

Loss of FD Investments is Capital Loss Not a 'Trading Loss': Telangana HC Upholds Disallowance of...

ITAT Remands Back Appeal to CIT(A) u/s 249(3), Citing Delay in Filing Appeal Not a Valid Ground for...

Circular Transactions proven by Father’s Bank Statement: ITAT upholds Peak Credit Assessment by...

Concealment Or Inaccurate Particulars u/s 271(1)(c) of Income Tax Carry Different Meanings, Revenue Fails To Specify: Delhi HC Invalidates Penalty [Read Order]

In a recent ruling, the Delhi High Court invalidated penalty proceedings under Section 271(1)(c) of the Income Tax Act stating the different meanings of "concealment of income" and "furnishing...

ITAT allows Sales Promotion Expenses and Discount Provisions, Citing Minimal Impact on Revenue and Proper Documentation [Read Order]

The Ahmedabad Bench of Income Tax Appellate Tribunal(ITAT) allowed sales promotion expenses and discount provisions citing their minimal impact on the company’s revenue and the proper documentation...

Compressing Natural Gas Qualifies as Manufacturing Activity: ITAT Upholds Gujarat Gas Ltd.'s Additional Depreciation Claim [Read Order]

The Ahmedabad Bench of Income Tax Appellate Tribunal ( ITAT ) upheld Gujarat Gas Ltd.'s claim for additional depreciation, ruling that compressing natural gas qualifies as a manufacturing activity...

ITAT sets aside CIT(A) Order in Unexplained Income Case Involving Suspicious Mother-Son Transaction [Read Order]

The Kolkata Bench of Income Tax Appellate Tribunal ( ITAT ) has set aside the order of the Commissioner of Income Tax -Appeals [CIT-A] and remanded the case back to the CIT for fresh adjudication,...

Loan Interest Deduction u/s 48 of Income Tax Valid Despite Prior Claim u/s 24(b), Amendment to S. 48 Effective from AY 2024-25: ITAT [Read Order]

The Kolkata Bench of the Income Tax Appellate Tribunal ( ITAT ) confirmed that taxpayers can claim loan interest deductions under Section 48 of the Income Tax Act even if they have already claimed...

10% Tolerance Band u/s 43CA Applies Retrospectively to Address Stamp Valuation Discrepancies: ITAT [Read Order]

The Kolkata Bench of Income Tax Appellate Tribunal ( ITAT ) ruled that the 10% tolerance band under Section 43CA introduced by the Finance Act, 2020 to address stamp duty valuation discrepancies...

ITAT upholds Staff Welfare Addition made by AO due to No Evidence Submitted by Assessee [Read Order]

In a recent ruling, the Kolkata bench of the Income Tax Appellate Tribunal ( ITAT ) found adequate allowed salary and rent claims made by the assessee due to adequate proof and upheld the addition of...

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