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ITAT upholds Reopening of Assessment u/s 147, Citing Sufficient Reasons and Compliance with Limitation [Read Order]

The Ahmedabad Bench of Income Tax Appellate Tribunal ( ITAT ) upholds reopening of the assessment under Section 147 of Income Tax Act,1961, citing...

AO Overlaps Unexplained Income with Declared Turnover: ITAT deletes Incorrect Addition and Lowers...

₹46 Lakh Ex-Parte Income Tax Addition after Assessment u/s 144 & 147 w/o Opportunity to adduce...

Investors Proven Genuine: ITAT quashes Additions u/s 68 and Revision Order [Read Order]

Incomplete Construction of New House Property: ITAT upholds Exemption u/s 54 towards Amount Utilized...

Sale Deed Does not Verify Classification of Land as Agricultural for Taxation Purposes: Delhi HC [Read Order]

The Delhi High Court in a significant case has held that sale deed is not a document issued by the revenue authorities or any government authority which would certify the agricultural nature of...

Delhi High Court - Delhi HC - Agricultural Land Tax - Land Tax - Sale Deed - TAXSCAN

Incorrect Exclusion of Interest Income: ITAT upholds Exemption for BAOU u/s 10(23C)(iiiab) earlier denied by CIT(E) [Read order]

The Ahmedabad Bench of Income Tax Appellate Tribunal ( ITAT ) upheld Dr. Babasaheb Ambedkar Open University’s ( BAOU ),the assessee’s exemption under Section 10(23C)(iiiab) of the Income Tax Act,1961...

CIT(A) Deleted Rs.120.55 Crore Income Tax Addition In Hasty Manner: Gauhati HC Refuses to Initiate Disciplinary Action Against CIT(A) [Read Order]

The Gauhati High Court has held that disciplinary action against CIT (A) could not be initiated for deleting Rs. 120.55 crore income tax addition in a hasty manner. The court held that the gravity of...

ITAT Partially upholds Addition of Rs.79.35 Lakh as Unexplained Investment, grants Time for Further Documentation [Read Order]

The Ahmedabad Bench of Income Tax Appellate Tribunal ( ITAT ) partially upheld the addition of RS.79.35 lakh as unexplained investment related to the property purchase made by the assessee and...

ITAT Rules Shareholder Transfer not Grounds for Company Property Revaluation [Read Order]

In a recent decision, the Income Tax Appellate Tribunal ( ITAT ) of New Delhi ruled that a mere transfer of shares among shareholders does not justify revaluing a company’s property for taxation...

PAN Error Linking to Partnership Firm leads to S. 69A Addition: ITAT rules FAA’s Order Cryptic, Directs Fresh Examination [Read Order]

In a recent ruling, the Bangalore bench of the Income Tax Appellate Tribunal ( ITAT ) has ruled that an error in linking a PAN to a partnership firm resulted in an addition under Section 69A to the...

ITAT upholds Deletion of Penalty on Mother Theressa Educational Society for Misreported Depreciation, Highlighting Spending Compliance [Read Order]

The Visakhapatnam Bench of Income Tax Appellate Tribunal ( ITAT ) upheld the Commissioner of Income Tax(Appeals)[CIT(A)]'s deletion of a penalty imposed on the Mother Theressa Educational Society,the...

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