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

Manu Sharma

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

Categorisation of ₹38 Lakh Non-Compete Fee as Revenue Expenditure: ITAT Allows Deduction to Real...

ITAT Upholds CIT(A)’s Deletion of Rs. 318.40 Lakh Disallowance u/s 40A(3) for Land Cash Payment as...

Unexplained Cash Deposits in Bank: ITAT Restricts Addition to 12% as Interest on Short-Term Loans...

Addition of Rs.6.48 Lakh as Unexplained SBN Deposits During Demonetization: ITAT Deletes Addition,...

Client Code Modification Misuse: ITAT Upholds CIT(A)’s Restriction of Additions to 1% as Assessee Acted Only as Broker [Read Order]

The Mumbai Bench of Income Tax Appellate Tribunal ( ITAT ) upheld the Commissioner of Income Tax(Appeals)[CIT(A)]’s restriction of additions to 1% in a client code modification case, noting that the...

Penalty Paid to Third Parties for Breach of Contract Not Hit by Explanation u/s 37(1): ITAT Deletes ₹34.71 Lakh Disallowance [Read Order]

The Kolkata bench of Income Tax Appellate Tribunal (ITAT) held that the penalty paid to third parties for breach of contract does not come under the explanation of Sec 37(1). ITAT deleted the...

Serious Illness of Grandson: ITAT remands Section 54F Income Tax Exemption Claim to AO [Read Order]

The Income Tax Appellate Tribunal, Ahmedabad Bench, has directed the Assessing Officer to re-examine the assessee’s claim of exemption under Section 54F for AY 2012-13 after giving a fresh...

Final Income Tax Assessment Order Held Time-Barred u/s 144C(13): ITAT quashes ₹549 Cr Demand on Microsoft India [Read Order]

The Delhi bench of the Income Tax Appellate Tribunal ( ITAT ) quashed Rs 549 crore tax demand made on Microsoft India. The income tax assessment order was held invalid due to a breach of the...

ITAT Delivers Twin Blow to Revenue; Upholds 80-IA on Amalgamated Units, Caps 14A at Actual Exempt Income [Read Order]

The Income Tax Appellate Tribunal (ITAT), Ahmedabad Bench, has dismissed the Revenue’s appeal and allowed the Cross Objection providing a dual relief to the taxpayer. The Tribunal upheld the...

Agricultural Land Classified as Residential by SVA: ITAT Directs Fresh Verification by CIT(A) on Addition u/s 56(2)(x)(b) [Read Order]

The Delhi Bench of Income Tax Appellate Tribunal ( ITAT ) directed fresh verification by the Commissioner of Income Tax (Appeals)[CIT(A)] on the addition under section 56(2)(x)(b) of Income Tax ...

Credit Card Payments from Agricultural Income treated as Unexplained u/s 69C, Made Addition Based on Suspicion: ITAT Deletes Addition [Read Order]

The Delhi Bench of Income Tax Appellate Tribunal ( ITAT ) deleted the addition of Rs. 9.99 lakh made under Section 69C of Income Tax Act, 1961, where cash payments toward credit card bills from...

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