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ITAT Holds Assessee's Delay in Filing Audit Report as Reasonable, Allows Claim u/s 80IAC [Read Order]

The Income Tax Appellate Tribunal (ITAT) Pune Bench has ruled in favor of the assessee, holding that the delay in filing the audit report was...

ITAT Deletes ₹12 Lakh Addition on SBN Deposits Post-Demonetization, Accepts Sales as Source [Read...

ITAT Condones 2202-Day Delay in Appeal Filing, due to Bona Fide Belief in Rectification u/s 154...

ITAT Deletes Rs. 29.82 Lakh Addition u/s 69A as Cash Deposits Duly Accounted in Books [Read Order]

Demonetization Cash Deposits: ITAT directs Fresh Assessment, Gives Assessee Opportunity to Submit...

Notice u/s 148 Beyond Three Years Not Allowed for Escaped Income Below Rs.50 Lakh: ITAT [Read Order]

The Bangalore Bench of Income Tax Appellate Tribunal(ITAT)ruled that a notice issued under Section 148 of the Income Tax Act,1961 beyond the prescribed three-year period is not valid when the escaped...

Ageing Effect is Standard Practice for Valuing Inventory at NRV: ITAT deletes Addition for Alleged Stock Undervaluation [Read Order]

The Jaipur Bench of the Income Tax Appellate Tribunal (ITAT) deleted the addition made due to the alleged undervaluation of stock, ruling that the assessee’s practice of applying an ageing effect for...

Disallowance of Depreciation Due to Lack of Evidence for Machinery Installation: ITAT Restores AO's Order [Read Order]

The Visakhapatnam Bench of Income Tax Appellate Tribunal (ITAT)restored the order of the Assessing Officer (AO) by disallowing the depreciation claim of ₹2,66,81,164 due to the lack of evidence for...

ITAT deletes Addition of Rs. 25 Lakh as Unexplained Cash Credits, Finds Loan from Promoters Genuine [Read Order]

The Delhi Bench of Income Tax Appellate Tribunal (ITAT) deleted the addition of Rs. 25 lakh as unexplained cash credits, ruling that the loan from the assessee's promoters was genuine. Mahadev...

ITAT Rejects Appeal, Upholds Tax Additions due to Unaccounted Income [Read Order]

The Income Tax Appellate Tribunal ( ITAT ) Patna Bench has dismissed the appeals filed by the appellant and upheld the income tax additions made under Section 153A of the Income Tax Act, 1961. The...

85% of Unaccounted Cash Receipts as Income: ITAT Directs AO to Tax based on Net Profit [Read Order]

The Pune Bench of Income Tax Appellate Tribunal ( ITAT ) directed the Assessing Officer (AO) to tax only the net profit from unaccounted cash receipts instead of treating 85% of the receipts as...

Delhi HC Upholds ITAT Order Allowing Deduction of Goodwill License Fee u/s 37 [Read Order]

The Delhi High Court has upheld an order by the Income Tax Appellate Tribunal (ITAT) allowing the deduction of a license fee paid for the use of goodwill under Section 37 of the Income Tax Act, 1961....

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