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NRI’s Income or Deposit in Foreign Bank Account cannot be Taxed in India: ITAT [Read Order]

Fathima Karama A.M

The Mumbai Bench of Income Tax Appellate Tribunal ( ITAT ) has held that Non-resident’s income or deposit in foreign bank accounts could not be taxed...

Deposit of Huge Amount of SBN Notes in Bank Account: ITAT Confirms Income Tax Addition, Directs...

No Addition u/s 69 of Income Tax Act when Cash Deposit, genuinely made in Bank Account: ITAT [Read...

Misuse of Bank Account proved by Assessee through FIR and Charge sheet, ITAT directs Re-adjudication...

No Evidence of Rental receipt from Property: ITAT sustain Addition on Cash Deposits into Bank...

Attachment of Bank Account Due to Non-Payment of Interest u/s 50 of GST Act: Madras HC directs Fresh Adjudication [Read Order]

The Madras High Court, in a recent ruling, held that, revenue may redetermine the amount demanded after consideration of submissions to be made by the assessee and allowed the attachment of bank...

Business Income not to be confirmed merely on the basis Closing Bank Balance: ITAT [Read Order]

The Income Tax Appellate Tribunal,(ITAT) ‘SMC’ Bench Chandigarh, has recently, in an appeal filed before it, held that business income is not to be confirmed merely on the basis of closing bank of...

Father cannot be Taxed for Cash Deposit in Bank Account opened in the Name of Son once He attained Majority: ITAT [Read Order]

The Pune bench of the Income Tax Appellate Tribunal (ITAT), while deleting an addition for cash deposit, has held that the clubbing of income under the provisions of the Income Tax Act, 1961 is...

Deposit of Banned Notes received out of Cash Sales during Demonetization Period is Legally Valid: ITAT deletes Addition [Read Order]

The Income Tax Appellate Tribunal (ITAT), Visakhapatnam bench has deleted an addition under section 69A of the Income Tax Act, 1961 by holding the deposit of banned notes received by the assessee...

Cash Book Transactions cannot be Doubted when Opening Balance of Cash stood Explained and Accepted: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Ahmedabad Bench has held that the cash book transactions cannot be doubted when the opening balance of cash stood explained and accepted. The appellant,...

PCIT Fails to Mention as to How Assessment Order was Erroneous and Prejudicial to Interest of Revenue: ITAT sets aside Order issued u/s 263 [Read Order]

The Delhi Bench of Income Tax Appellate Tribunal has held that Principal Commissioner of Income Tax (PCIT) fails to mention as to how assessment order was erroneous and prejudicial to interest of...

GST: Tamil Nadu issues Circular regarding Allowing New Registrations to Avoid Bill Traders [Read Circular]

The Goods and Services Tax (GST), Tamil Nadu State Department has issued a circular regarding allowing of new registrations to track and avoid bill traders. In the important matter of avoiding...

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