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Import of Yogurt Flavoured Milk Drinks through Unauthorized Port Violates Livestock Import Norms: CESTAT Upholds Redemption Fine [Read Order]

The Kolkata Bench of the Customs, Excise and Service Tax Appellate Tribunal (CESTAT) upheld the redemption fine imposed under Section 111(d) of the...

ITAT Partly Deletes Addition of ₹10 Lakh on Cash Deposits from Agricultural Income u/s 69A [Read...

Partial Relief Granted on Cash Deposits During Demonetisation: ITAT Restricts Addition to ₹6,000...

Presumption u/s 292C of Income Tax is Rebuttable and Not Conclusive: ITAT Deletes ₹18 Lakh Addition...

ITAT Deletes Penalties u/s 271(1)(c) for Four Years Citing Vague and Defective IT Notice [Read...

Absence of Proof on Interest-Free Funding for Exempt Investments: ITAT Remands Matter for Verification [Read Order]

The Ahmedabad bench of Income Tax Appellate Tribunal (ITAT) directed a fresh verification of the disallowance made under Section 14A read with Rule 8D, after finding that the assessee had not...

Notional Interest Cannot Be Added to Fair Rent u/s 23: Bombay HC Upholds AO’s ₹22 Lakh Market Valuation Using Comparable Instances [Read Order]

Reaffirming settled law under Section 23(1)(a) of the Income Tax Act, in a recent case, the Bombay High Court has held that notional interest on security deposits cannot be considered in determining...

Municipal Value Not Binding for Tax Assessment: Bombay HC Upholds AO’s Higher Fair Rent Determination u/s 23(1)(a) of IT Act [Read Order]

The Bombay High Court has held that municipal rateable value is not binding on the Assessing Officer while determining the annual value of property under Section 23(1)(a) of the Income Tax Act. ...

Bona Fide and Debatable Claims No Ground for Penalty: ITAT Upholds Deletion of ₹271(1)(c) Levy on New India Assurance [Read Order]

The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has dismissed the Revenue’s appeal against the deletion of penalty under Section 271(1)(c) of the Income Tax Act. The Tribunal...

Calcutta HC finds Penny-Stock Trading Loss as Bogus, sets aside ITAT disallowance Order [Read Order]

The Calcutta High Court has set aside the order of the Income Tax Appellate Tribunal, Kolkata (ITAT), which had allowed the set-off of penny-stock trading loss claimed by the assessee under the...

Police Canteen Transactions with Members Not Business Activity, No Audit Required u/s 44AB: ITAT [Read Order]

The Chennai Bench of the Income Tax Appellate Tribunal ( ITAT ) has held that the transactions of a police canteen with its members are governed by the principle of mutuality and do not constitute...

Relief to Balaji Landmark LLP: Bombay HC directs CBDT to Condone Delay, Emphasizing 'Genuine Hardship' Over Technicality [Read Order]

The Bombay High Court in its recent ruling, has allowed a writ petition, setting aside an order of the Central Board of Direct Taxes (CBDT) that had rejected its application for condonation of delay...

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