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ITAT - Business Loss - NSEL - us 36(1)(vii) - taxscan

ITAT upholds ₹7.66 Cr Business Loss from NSEL Suspension as Bad Debt u/s 36(1)(vii) [Read Order]

Sandhra Suresh

The Mumbai bench of Income Tax Appellate Tribunal (ITAT) upheld the ₹7.66 Crore loss as a bad debt deduction under Section 36(1)(vii), recognising...

Real Expenditure on Goods Received Despite Fictitious Invoices: ITAT Restricts Bogus Purchases...

Delay of 3 Years 5 Months for Filing Appeal: ITAT Condones Delay Citing Covid-19 and Principle of...

ITAT Quashes ₹65 lakh Addition Revisionary Order Terming It “Unsustainable” [Read Order]

Income Tax Assessment Order u/s 153A Found Non-Est in Eyes of Law: ITAT upholds Assessee’s Appeal...

No Income Tax Penalty Leviable u/s 271D as Assessee did not Violate Section 296SS: ITAT Dismisses Appeal by Revenue [Read Order]

In a new development, the Pune bench of the Income Tax Appellate Tribunal (ITAT) dismissed an appeal filed by DCIT, Aurangabad against an order of CIT (A), Pune pertaining to Assessment Year...

CIT(Appeals)/NFAC Cannot Dismiss Appeals in Limine without Examining Merits: ITAT [Read Order]

The Income Tax Appellate Tribunal ( ITAT ) of Raipur Bench, has held that the Commissioner of Income Tax (Appeals) [CIT(A)]/National Faceless Appeal Centre (NFAC) cannot summarily dismiss an...

Interest on Statutory Deposits Integral to Lending Business, qualifies for Deduction u/s 80P(2)(a)(i): ITAT [Read Order]

The Bangalore bench of Income Tax Appellate Tribunal (ITAT) held that the Sullia Primary Co-operative Agricultural & Rural Development Bank, the assessee, is eligible for deduction u/s ...

Housing Loan Deduction u/s 80C Disallowed by AO: ITAT Confirms Eligibility of Co-op Credit Society for Deduction [Read Order]

The Panaji Bench of the Income Tax Appellate Tribunal (ITAT) held that repayment of a housing loan to a cooperative society is qualified for deduction under Section 80C(2)(xviii)(c). ITAT confirmed...

ITAT quashes Ex-Parte Order in Real Estate Cash Deposit Case Directing Fresh Hearing on Income Tax Additions [Read Order]

The bench of the Income Tax Appellate Tribunal, Ahmedabad, has set aside an ex-parte order of the Commissioner of Income Tax (Appeals), National Faceless Appeal Centre [CIT(A)], and remanded the...

Genuineness of Transaction Warrants Deletion of ₹3.55 Cr Income Tax Addition: ITAT Upholds Relief in Accommodation Entry Dispute [Read Order]

The bench of the Income Tax Appellate Tribunal, Ahmedabad, dismissed the Revenue’s appeals against the deletion of additions made under Section 68 of the Income Tax Act, 1961, in connection with...

ITAT quashes Additions made by CIT(A) against Real Estate Developer under PoCM Method without Due Notice [Read Order]

The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) has set aside additions and enhancements made against a Real Estate Developer ruling that both the Assessing Officer (AO) and the...