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Estimated Profit Addition Not a Ground for Penalty: ITAT Deletes ₹42.68 Lakh Levy u/s 271(1)(c) [Read Order]

The Mumbai bench of Income Tax Appellate Tribunal ( ITAT ) in a recent case has deleted ₹42.68 Lakh under section 271(1)(c) as the mere estimation...

Revenue Recognition under POCM Upheld for Vacation Ownership Plans: ITAT Partly Allows Sterling...

Business Loss on Wind Turbine Generators Capital in Nature: ITAT Upholds Disallowance of ₹10.42...

No Misreporting, No Penalty: ITAT Deletes ₹7.40 Crore Levy u/s 270A on Gujarat Energy Development...

Beneficiary Cannot Be Taxed Again when Trust already Paid Tax on Income: ITAT Deletes ₹1.24 Cr....

Business Loss Claim was Properly Examined during Income Tax Original Assessment: ITAT Quashes Revision Order [Read Order]

The bench of the Income Tax Appellate Tribunal, Mumbai, held that the revisionary jurisdiction invoked under Section 263 of the Income Tax Act, 1961, could not be sustained since the issues forming...

Circular Trading Established: ITAT Restricts Additions in Alleged Bogus Purchase Case as No Cash Trail Found [Read Order]

The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) ruled that in the absence of any evidence demonstrating unaccounted cash movement, the additions towards alleged bogus purchases cannot...

Under-Invoicing Allegation Lacks Proof: ITAT Removes Cash Addition against Indo Count Industries u/s 153A [Read Order]

The Mumbai bench of the Income Tax Appellate Tribunal ( ITAT ), held that a search-based assessment under Section 153A of the Income Tax Act, 1961 cannot sustain additions where no incriminating...

No Discrepancy Found in Quantitative Stock Quantity for Valuation: ITAT Deletes Addition, Upholds Consistent Valuation Method [Read Order]

The Jaipur Bench of the Income Tax Appellate Tribunal (ITAT) deleted an addition of ₹95,07,903 made on account of alleged excess stock valuation for the Assessment Year (A.Y.) 2021-22 and ruled that...

Income Cannot be Taxed on Current Year When Sales Relates to Other AYs: ITAT Deletes Addition on Mismatch of Sales [Read Order]

The Jaipur Bench of the Income Tax Appellate Tribunal (ITAT) deleted an addition of ₹8,87,104 made on account of the alleged mismatch of sales for the Assessment Year (A.Y.) 2021-22 and held that...

Taxpayer Acted as Middleman and Not Beneficiary for Forfeited Advance of Property: ITAT Deletes Addition u/s 56(2)(ix) [Read Order]

The Jaipur Bench of the Income Tax Appellate Tribunal (ITAT) has deleted an addition of ₹75,00,000 made under Section 56(2)(ix) of the Income Tax Act, 1961, affirming that the assessee was acting ...

Wrongful Assessment on Non-Existent Entity Invalid: ITAT Drops Section 69A Additions [Read Order]

The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) deleted additions made on account of cash deposits treated as unexplained under Section 69A of the Income Tax Act, 1961, holding that...

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