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Incomplete Interest Income Verification: ITAT Orders Revaluation of Co-op Society's 80P Deduction Eligibility [Read Order]

Recently, the Bangalore bench of Income Tax Appellate Tribunal (ITAT) ordered the reevaluation of a Co-Operative Society’s income tax deduction...

ITAT deletes Penalty u/s 270 A over Income Discrepancy Caused by Auditors Incorrect Recording of WDV...

Auditor’s Misreporting leads to Income Tax Addition of Rs. 3.7cr on Payment of ESI/PF : ITAT...

Acceptance of Purchase and Sale Documents: ITAT deletes Addition of Income from Property Transaction...

Section 56(2)(viib) of Income Tax not attracted when Shares issued below Market Value Determined by...

Non-Adjudication and Failure to State Point of Determination u/s 250(6) of Income Tax: ITAT remands Matter to CIT(A) [Read Order]

The Pune Bench of Income Tax Appellate Tribunal ( ITAT ) remanded the matter to the Commissioner Of Income Tax (Appeals) due to non-adjudication and failure to state the point of determination under...

ITAT Reverses Addition made Solely based on Survey Statement u/s 133A without Corroborative Evidence [Read Order]

The Pune Bench of Income Tax Appellate Tribunal ( ITAT ) reversed the addition made solely based on the survey statement under Section 133A of the Income Tax Act, 1961 without any corroborative...

Torn Papers alone not Sufficient to Prove same Represents Unreported Sales: ITAT Orders Re-adjudication [Read Order]

The Delhi bench of Income Tax Appellate Tribunal ( ITAT ) stated that torn papers alone were not sufficient to prove the same papers represents the unreported sales in the books of accounts. The...

Cess Collected under BOCW Act is Taxable Income, not a Grant, Despite Section 12A Registration: ITAT [Read Order]

The Delhi Bench of Income Tax Appellate Tribunal ( ITAT ) denied tax exemption for cess collected under the Building and Other Construction Work Act, 1996 ( BOCW Act ) despite Section 12A...

Misleading Advice by Auditor Led to Excess Income Tax Payment: ITAT Orders Rectification [Read Order]

The Income Tax Appellate Tribunal ( ITAT ) of Bangalore in a recent case ordered rectification of the revised return filed by the assessee, observing that misadvice by the assessee’s tax auditor led...

ITAT Orders Detailed Verification of KYC for Cooperative Society’s SBN Deposits during Demonetization [Read Order]

In a recent case, The Bangalore bench of the Income Tax Appellate Tribunal (ITAT) ordered detailed verification of “KYC” ( Know Your Customer) of the members of the assessee-cooperative society in...

Extended Gap due to Covid 19 Pandemic led to Inability to Track Hearing Notice: ITAT remands case to CIT (A) for Fresh Adjudication [Read Order]

In a recent ruling, the Bangalore bench of the Income Tax Appellate Tribunal (ITAT) has remanded the case to the Commissioner of Income Tax (Appeal) (CIT (A) for fresh adjudication, noting that the...

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