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CIT(A)

Deduction allowable even If Capital Gain is not disclosed in Original Return: ITAT [Read Order]

In an assessee-friendly ruling, the Income Tax Appellate Tribunal (ITAT), Hyderabad bench has recently observed that the assessee is eligible for...

ITAT deletes addition for Unexplained Jewellery supported by Purchase Bills and Books of Accounts...

ITAT upholds Addition of 12.5% for taking Bills without Delivery of Goods [Read Order]

No Capital Gain Tax on Amount Received by Retiring Partner: ITAT [Read Order]

Order passed by AO in absence of valid search is bad in law: ITAT [Read Order]

Profit Element embedded in Purchases would be subjected to Tax, not the entire Amount: Bombay HC

The Bombay High court held that the profit element embedded in purchases would be subjected to tax and not to the entire amount. The division bench comprising Justices Milind N Jadhav and Ujjal...

Expenses incurred on Demise / Birthday Greetings / Congratulating some politicians not allowable as Business Expenditure: ITAT [Read Order]

The Pune bench of the Income Tax Appellate Tribunal (ITAT) has held that the expenses incurred on the demise, birthday greetings and congratulating some politicians are not eligible for a tax...

Taxpayer can Opt a Method resulting in Lowest Tax Liability, When Two Alternatives are Available: ITAT [Read Order]

The Mumbai bench of the Income Tax Appellate Tribunal (ITAT), in an assessee-friendly ruling, held that if there exist two methods for tax payment, the assessee can opt the method which would result...

No Obligation to pay Advance Tax if Assesses denies his Income Tax Liability: ITAT [Read Order]

The Delhi bench of the Income Tax Appellate Tribunal (ITAT) has recently held that no obligation can be imposed on the assessee to pay advance tax if he alleges that his income is not taxable under...

Assessing Officer cannot reject a Claim without any basis: ITAT [Read Order]

The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has recently held that the Assessing Officer cannot reject a claim made by the assessee without any basis. While allowing an appeal filed...

Purchase of Property in the name of Son eligible for Capital Gain Exemption: ITAT [Read Order]

In an assessee-friendly ruling, the Income Tax Appellate Tribunal (ITAT), Delhi bench has recently allowed capital gain exemption under section 54 of the Income Tax Act, 1961 to the assessee for the...

Addition on Bogus Purchase should be made only to the extent of Lower GP declared: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Mumbai bench has recently ruled that the addition in respect of Bogus purchase can be made only to the extent of the lower gross profit declared by the...

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