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S.68 cannot be invoked for non-appearance before AO when genuineness established through documents: ITAT [Read Order]

Sneha Sukumaran Mullakkal

The Kolkata Bench of Income Tax Appellate Tribunal ( ITAT ) rules that Section 68 of Income Tax ACt, 1961 cannot be invoked for non-appearance before...

Tax Leviable on Gain out of Crypto Currency Sale as Capital Gains: ITAT [Read Order]

Assessee Not Given an Opportunity to Properly Canvas Appeal: ITAT Quashes Ex Parte Order [Read...

ITAT Overturns AO's Rejection of Books, deletes Addition of Cash Deposits as Unexplained Income...

ITAT remands Case to AO for Fresh Assessment of Unexplained Income, considering Additional Evidence...

Overreach beyond Limited Scrutiny Jurisdiction: ITAT quashes PCIT’s Order u/s 263 of Income Tax Act [Read Order]

The Delhi bench of Income Tax Appellate Tribunal ( ITAT ) recently quashed an order passed under section 263 of the Income Tax Act 1961 ( ITAT ) by the Principal Commisioner of Income Tax ( PCIT )...

CIT (A) cannot Dismiss Appeal for Non-Prosecution u/s 250 (6): ITAT orders for Fresh-Adjudication [Read Order]

The two member bench of the Income Tax Appellate Tribunal ( ITAT ), Ahmedabad has ruled that the Commissioner of Income Tax (Appeals) [CIT (A)] cannot dismiss an appeal for non-prosecution under...

Pandemic and Fire Incident Hinder Compliance with CIT (A): ITAT sets aside CIT (A) Addition, Directs Fresh Adjudication [Read Order]

The Ahmedabad bench of the Income Tax Appellate Tribunal ( ITAT ) has set aside the addition made by the Commissioner of Income Tax (Appeals) ( CIT (A) ) and directed fresh adjudication, noting that...

Income Tax Return Filing 2024: Common Portal Errors, Other Issues and Fixes that You Must Know

Filing Income Tax Returns ( ITR ) can sometimes be a labyrinthine process, filled with potential pitfalls. Despite the apparent straightforwardness, many taxpayers encounter recurring challenges that...

Creditworthiness of Share Subscriber Companies Proven: ITAT deletes Addition of Unexplained Share Application Money under Income Tax Act [Read Order]

The Kolkata Bench of the Income Tax Appellate Tribunal ( ITAT ) deleted the addition of unexplained share application money under the Income Tax Act, 1961 as the creditworthiness of share subscriber...

Increases in Short Term Loans and Advances Duly Explained: ITAT deletes Addition of Rs. 3.86 Crores u/s 69 of Income Tax Act [Read Order]

The Kolkata bench of the Income Tax Appellate Tribunal ( ITAT ) deleted the addition of Rs. 3.86 crores under Section 69 of the Income Tax Act, 1961 determining that the alleged increases in...

ITAT Kolkata - Income Tax Act - tax news - Increases in Short Term Loans - Taxscan

Taxpayer voluntarily clarifies discrepancy in Lease Equalization Disallowance without Malicious Intent: ITAT deletes Penalty u/s 271(1)(c) of Income Tax Act [Read Order]

The Mumbai bench of the Income Tax Appellate Tribunal ( ITAT ) deleted the penalty under Section 271(1)(c) of the Income Tax Act, 1961 as the taxpayer voluntarily clarified the discrepancy in lease...