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Incomplete Construction of New House Property: ITAT upholds Exemption u/s 54 towards Amount Utilized [Read Order]

The Bangalore Bench of the Income Tax Appellate Tribunal ( ITAT ) held that exemption under Section 54 of the Income Tax Act,1961 can be allowed...

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

Sale Deed Does not Verify Classification of Land as Agricultural for Taxation Purposes: Delhi HC...

Incorrect Exclusion of Interest Income: ITAT upholds Exemption for BAOU u/s 10(23C)(iiiab) earlier...

CIT(A) Deleted Rs.120.55 Crore Income Tax Addition In Hasty Manner: Gauhati HC Refuses to Initiate...

ITAT Partially upholds Addition of Rs.79.35 Lakh as Unexplained Investment, grants Time for Further...

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...

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 the ex-directors. In this case, the...

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

Recently, the Income Tax Appellate Tribunal ( ITAT ) recently set aside an addition of Rs. 2.25 crore made by the Assessing Officer ( AO ) against one assessee/appellant, Tirupati Jewels, New Delhi,...

AO’s Income Tax Assessment has to be Erroneous and Prejudicial to Revenue to warrant S.263 Proceedings: ITAT [Read Order]

The Cochin Bench of the Income Tax Appellate Tribunal ( ITAT ) while adjudging an Income Tax Appeal held that an Income Tax Assessment by the Assessing Officer ( AO ) has to be both, erroneous and...

Establishment of Nexus between Property Sale Advance and NHAI Bond Investment: ITAT allows Deduction Claim u/s 54EC [Read Order]

In a recent ruling, the Ahmedabad Bench of the Income Tax Appellate Tribunal ( ITAT ) allowed the declaimed by the assessee under Section 54EC of the Income Tax Act,1961 as the assessee was able to...

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