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Disallowance under Income Tax Act cannot be based on Presumptions of Earning Dividend Income in future: ITAT [Read Order]

Yogitha S. Yogesh

The Mumbai Bench of the Income Tax Appellate Tribunal ( ITAT ) has held that disallowance under Income Tax Act, 1961 cannot be based on presumptions...

ITAT deletes Addition of ‘On Money’ due to Lack of Information about Receipt of Money [Read Order]

Assessment order passed u/s 147 of the Income Tax Act without considering Reply of Assessee is...

Date of Allotment of Under-Construction Property cannot be Treated as “Date of Purchase”: ITAT...

Purchase of Agricultural Land not fall under Definition of Capital Asset: ITAT deletes Addition...

Addition on Unaccounted Sales and Purchases under Income Tax Act Solely Based on Loose Slips is Invalid: ITAT [Read Order]

The Banglore Bench of Income Tax Appellate Tribunal ( ITAT ) has held that the addition on unaccounted sales and purchases under the income tax act solely based on loose slips is invalid and deleted...

[BREAKING] Alleged Non Compliance with S. 100 of CrPC Witness Requirement in GST Inspection: Patna HC Orders Dept to Produce Evidence of Witnesses [Read Order]

The Patna High Court has directed the GST ( Goods and Services Tax ) department to provide evidence from two witnesses who were present during the inspection. This directive pertains to a case...

AO cannot Refer Matter to DVO without Rejecting Books of Account u/s 142A of Income Tax Act: Allahabad HC dismisses Appeals on Lack of Merit [Read Order]

In a recent ruling, the Allahabad High Court dismissed two income tax appeals filed by the Principal Commissioner of Income Tax against Parmarth Iron Pvt. Ltd., affirming that an Assessing Officer (...

Creditworthiness of Share Subscriber Companies Proven: ITAT deletes Addition of Unexplained Share Application Money under Income Tax Act [Read Order]

The Kolkata Bench of the Income Tax Appellate Tribunal ( ITAT ) deleted the addition of unexplained share application money under the Income Tax Act, 1961 as the creditworthiness of share subscriber...

CSR Expenses Eligible for Deduction u/s 80G of the Income Tax Act: ITAT restores Matter to CIT ( Appeals ) [Read Order]

In a recent case, the Raipur Bench of the Income Tax Appellate Tribunal ( ITAT ) held that “Corporate Social Responsibility” ( CSR ) expenses are eligible for deduction under section 80G...

Assessments concluded u/s 153A without Mandatory Approval is Invalid: ITAT [Read Order]

The Delhi bench of the Income Tax Appellate Tribunal( ITAT ) has held that assessments concluded under section 153A of the Income Tax Act, 1961 without mandatory approval are invalid. ...

Addition on Sale of Partner's Property Sold before issuance of Notice u/s 148 of Income Tax Act: ITAT quashes Re-assessment Proceedings against Firm [Read Order]

The Delhi bench of the Income Tax Appellate Tribunal ( ITAT ) quashed the reassessment proceedings, noting that the firm used a partner's property as its address, but the property had been sold...

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