![Circular Transactions proven by Father’s Bank Statement: ITAT upholds Peak Credit Assessment by CIT(A) [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/12/ITAT-ITAT-Chennai-ITAT-upholds-Peak-Credit-Assessment-Peak-Credit-Assessment-Assessment-CITA-taxscan.jpg "Circular Transactions proven by Father’s Bank Statement: ITAT upholds Peak Credit Assessment by CIT(A) [Read Order]")
Circular Transactions proven by Father’s Bank Statement: ITAT upholds Peak Credit Assessment by CIT(A) [Read Order]
Recently, the Chennai bench of the Income Tax Appellate Tribunal ( ITAT ) has upheld the peak credit assessed by the Commissioner of Income Tax...
![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]](https://www.taxscan.in/wp-content/uploads/2024/12/Income-Tax-Delhi-High-Court-invalidates-income-tax-penalty-Income-tax-penalty-under-Section-271-TAXSCAN.jpg "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]")
![ITAT allows Sales Promotion Expenses and Discount Provisions, Citing Minimal Impact on Revenue and Proper Documentation [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/12/ITAT-Allows-Sales-Promotion-ITAT-Ahmedabad-ITAT-Allows-Sales-Impact-on-Revenue-Impact-on-Proper-Documentation-Minimal-Impact-Minimal-Impact-on-Revenue-taxscan.jpg "ITAT allows Sales Promotion Expenses and Discount Provisions, Citing Minimal Impact on Revenue and Proper Documentation [Read Order]")
![Compressing Natural Gas Qualifies as Manufacturing Activity: ITAT Upholds Gujarat Gas Ltd.s Additional Depreciation Claim [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/12/ITAT-ITAT-Ahmedabad-Income-Tax-Income-Tax-Appellate-Tribunal-TAXSCAN.jpg "Compressing Natural Gas Qualifies as Manufacturing Activity: ITAT Upholds Gujarat Gas Ltd.s Additional Depreciation Claim [Read Order]")
![ITAT sets aside CIT(A) Order in Unexplained Income Case Involving Suspicious Mother-Son Transaction [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/11/ITAT-ITAT-Kolkata-Income-Tax-unexplained-income-case-Income-Tax-Appellate-Tribunal-TAXSCAN.jpg "ITAT sets aside CIT(A) Order in Unexplained Income Case Involving Suspicious Mother-Son Transaction [Read Order]")
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...
![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]](https://www.taxscan.in/wp-content/uploads/2024/11/ITAT-Income-Tax-ITAT-Kolkata-Income-Tax-Appellate-Tribunal-Income-Tax-Deduction-TAXSCAN.jpg "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]")
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...
![10% Tolerance Band u/s 43CA Applies Retrospectively to Address Stamp Valuation Discrepancies: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/11/ITAT-ITAT-Kolkata-Income-Tax-Income-Tax-Appellate-Tribunal-TAXSCAN.jpg "10% Tolerance Band u/s 43CA Applies Retrospectively to Address Stamp Valuation Discrepancies: ITAT [Read Order]")
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...
![ITAT upholds Staff Welfare Addition made by AO due to No Evidence Submitted by Assessee [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/11/ITAT-Kolkata-ITAT-on-Staff-welfare-ITAT-Staff-welfare-Income-Tax-taxscan.jpg "ITAT upholds Staff Welfare Addition made by AO due to No Evidence Submitted by Assessee [Read Order]")
Incomplete Disclosure of Seized Material and Statements: Karnataka HC quashes Income Tax Assessment Order u/s 147 [Read Order]
In a recent ruling, the Karnataka High Court quashed the assessment order under Section 147 of the Income Tax Act, 1961, due to incomplete disclosure of seized materials and statements by the...
![Incomplete Disclosure of Seized Material and Statements: Karnataka HC quashes Income Tax Assessment Order u/s 147 [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/11/Karnataka-HC-Karnataka-High-Court-Karnataka-HC-quashes-Income-Tax-Income-Tax-Assessment-Order-Income-Tax-Assessment-taxscan.jpg "Incomplete Disclosure of Seized Material and Statements: Karnataka HC quashes Income Tax Assessment Order u/s 147 [Read Order]")
NFAC Validates AO's Action without Examining Taxpayer’s Submissions: ITAT remands for fresh Consideration [Read Order]
In a recent ruling, the Hyderabad bench of the Income Tax Appellate Tribunal ( ITAT ) remands the income tax matter for denovo consideration as the National Faceless Assessment Centre ( NFAC )Â ...
![NFAC Validates AOs Action without Examining Taxpayer’s Submissions: ITAT remands for fresh Consideration [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/11/ITAT-Income-Tax-ITAT-Hyderabad-Income-Tax-Appellate-Tribunal-National-Faceless-Assessment-Centre-TAXSCAN.jpg "NFAC Validates AOs Action without Examining Taxpayer’s Submissions: ITAT remands for fresh Consideration [Read Order]")
ITAT caps S.14A Disallowance at 1% of Dividend Income for Period prior to Rule 8D, Income Tax Rules [Read Order]
The Delhi Bench of the Income Tax Appellate Tribunal ( ITAT ) recently directed an Assessing Officer ( AO ) to disallow 1% of dividend income as expenditure under Section 14A of the Income Tax Act,...
![ITAT caps S.14A Disallowance at 1% of Dividend Income for Period prior to Rule 8D, Income Tax Rules [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/11/Income-Tax-ITAT-ITAT-Delhi-Income-Tax-Appellate-Tribunal-Dividend-Income-TAXSCAN-2.jpg "ITAT caps S.14A Disallowance at 1% of Dividend Income for Period prior to Rule 8D, Income Tax Rules [Read Order]")
![ITAT dismisses Revenue Appeal on Ground of CBDT Circular on Low Tax Effect [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/11/ITAT-Income-Tax-ITAT-Ahmedabad-Income-Tax-Appellate-Tribunal-low-tax-effect-TAXSCAN.jpg "ITAT dismisses Revenue Appeal on Ground of CBDT Circular on Low Tax Effect [Read Order]")