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Actual profit in Indian Currency declared after determining the Foreign Profit by calculating all Transactions in Foreign Currency is valid method: ITAT deletes the Addition

The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) ruled that actual profit in Indian currency was declared after determining the foreign...

Claim as Residential House having no Basic Amenities for Habitation is invalid: ITAT upholds...

Stay Petition against Assessment Order passed under Income Tax Act: Kerala HC directs to consider...

AO has to Pass an Assessment Order u/s 92CA(4) of Income Tax Act After TPO's Order: Delhi HC [Read...

Addition u/s 41(1) of Income Tax Act not Allowable in Absence of Evidence of Cessation of...

Mere Difference of Opinion with AO not a Base to Exercise Revision Jurisdiction under Income Tax Act: ITAT [Read Order]

The Chandigarh bench of the Income Tax Appellate Tribunal ( ITAT ) has held that a mere difference in opinion with the Assessing Officer ( AO ) is not a valid base to exercise Revisionary...

Income Tax Authorities fails to discuss difference in Sundry Creditors before Confirming Addition u/s 41(1): ITAT remands Matter to AO [Read Order]

The Hyderabad bench of the Income Tax Appellate Tribunal ( ITAT ) remanded the matter to the Assessing Officer ( AO ) after noting that the Income Tax Authorities failed to discuss the difference in...

Company’s book, Including Manual Cash book, deemed Non-Incriminating u/s 153A of Income Tax Act: ITAT deletes S.69 Addition [Read Order]

The Delhi bench of the Income Tax Appellate Tribunal ( ITAT ) deleted the Section 69 addition, ruling that the company’s books, including the manual cash book, were deemed non-incriminating under...

Investment Source once accepted by AO cannot be Rectified using S.154: ITAT sets aside Income Tax Assessment Order [Read Order]

The Delhi bench of the Income Tax Appellate Tribunal ( ITAT ) set aside the Income Tax Assessment Order, emphasizing that an Investment Source, once accepted by the Assessing Officer ( AO ), cannot...

No Assessment Order shall be passed in name of Non Existing Company: ITAT upholds CIT(A) decision [Read Order]

The Delhi bench of Income Tax Appellate Tribunal ( ITAT ) comprising Rahul Chaudhary (Judicial Member) and Prashant Maharishi. ( Accountant Member ) directed to recompute the Arm...

ITAT directs to tax Cash Deposit coming out of store business at 8% [Read Order]

The Income Tax Appellate Tribunal ( ITAT ), Bangalore bench recently directed the Assessing officer to tax at 8% towards the cash deposit as coming out of the store business. The decision was...

Failure to prove Identity, Creditworthiness and Genuineness of receipt of Gift: ITAT upholds Addition made u/s 68 of IT Act [Read Order]

The two member bench of Delhi Income Tax Appellate Tribunal ( ITAT ) comprising Saktijit Dey, (Vice-President) and M. Balaganesh, (Accountant Member) while upholding the addition made under...

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