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GST Demand Order issued Post-Resignation of Directors lie Against Company, Not Against Ex-directors: Patna HC [Read Order]

In a recent ruling, the High Court of Patna held that the demand order issued post resignation of directors lies against the company and not against...

AO made S.69 Income Tax Addition based on Mere Suspicion: ITAT deletes Rs.2.25 Crore Addition [Read...

AO’s Income Tax Assessment has to be Erroneous and Prejudicial to Revenue to warrant S.263...

Establishment of Nexus between Property Sale Advance and NHAI Bond Investment: ITAT allows Deduction...

ITAT upholds CIT(A) Decision on Exemption u/s 11 Despite ITR-6 Filing, Citing Consistency in Tax...

ITAT allows Concessional Tax Rate u/s 115BAA, Citing Timely Submission of Form 10IC and CPC's Acknowledgment [Read order]

The Chennai Bench of Income Tax Appellate Tribunal ( ITAT ) allowed the concessional tax rate under Section 115BAA of Income Tax Act,1961 for the assessee, on account of the timely submission of Form...

ITAT Restores Matter to AO for De Novo Adjudication on Alleged Bogus Purchases, Allowing Additional Evidence [Read Order]

The Chennai Bench Of Income Tax Appellate Tribunal ( ITAT ) restored the matter to the Assessing Officer ( AO ) for de novo adjudication concerning alleged bogus purchases by the assessee, allowing...

No Reason to Doubt Source of Funds as Loans in Bank Statement: ITAT dismisses Revenue’s Appeal [Read Order]

In a recent judgment, the Income Tax Appellate Tribunal ( ITAT ) in Mumbai ruled in favor of an assessee, Ashok Jasraj Jain, dismissing an appeal by the Revenue Department that questioned the...

Income from Sale of White Button Mushroom Cultivated Indoors is still “Agricultural Income”, not “Business Income”: ITAT [Read Order]

The Income Tax Appellate Tribunal ( ITAT ) in Mumbai recently ruled that income from the sale of white button mushrooms cultivated indoors should be classified as "agricultural income" under Section...

Capital Gains arising out of Sale of Long-Term Capital Assets shall be Taxable at Rate of 20% u/s 112 of Income Tax Act: ITAT [Read Order]

The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) ruled that capital gains arising from the sale of long-term capital assets shall be taxable at a rate of 20% under Section 112 of the Income...

Capital Gains Arising Out of Sale of Long-Term Capital Assets Shall Be Taxable at Rate of 20% u/s 112 Of Income Tax Act: ITAT [Read Order]

The Mumbai Bench of Income Tax Appellate Tribunal ( ITAT ) ruled that capital gains arising from the sale of long-term capital assets shall be taxable at a rate of 20% under Section 112 of the Income...

AO Fails to Verify Loan Recorded as Journal Entry in Shareholder's Account: ITAT deletes ₹25.93 Lakh Deemed Dividend Addition [Read Order]

The Ahmedabad Bench of the Income Tax Appellate Tribunal ( ITAT ) deleted an addition of Rs. 25.93 lakh categorized as a "deemed dividend" under Section 2(22)(e) of the Income Tax Act due to the...

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