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ITAT Deems Labor Charges Genuine as Contractor Retracts Admission of False Payments, Quashes Disallowance [Read Order]

Recently, the Income Tax Appellate Tribunal (ITAT) of Mumbai quashed the disallowance of labor charges after determining the payments to be genuine,...

Non-Appearance of Form 10B on E-Portal due to Technical Glitch not Taxpayer Mistake: ITAT Remands...

ITAT deletes Unexplained Jewelry Additions, Applies CBDT Instruction 1916 allowing Jewelry Holding...

Mere Submission of Documents Insufficient u/s 263, Proper Inquiry and Verification by AO Essential...

Rental Income from Factory Building Taxed as Income from House Property, Eligible for Deduction u/s...

S.54F Deduction Fully Allowable on Capital Gains Reinvestment with Proforma Purchaser: ITAT [Read Order]

In a recent ruling, the Income Tax Appellate Tribunal (ITAT) Pune Bench held that full deduction claim under Section 54F of the Income Tax Act 1961 (ITA) is allowable on capital gains...

Set back to Nayara: ITAT Confirms ₹2,513 Crore Loss Disallowance, cites Inter-Corporate Deposits as Sham Due to Missing SPA and Fair Valuation [Read Order]

The Mumbai Bench of Income Tax Appellate Tribunal ( ITAT ) confirms Rs. 2513 Crore loss disallowance of the assessee Nayara Energy Ltd. The tribunal cited the lack of a Share Purchase Agreement ( SPA...

AO Levied Penalty u/s 271AAB for Alleged Undisclosed Income during Search: ITAT deletes Penalty due to Lack of Clear Evidence [Read Order]

The New Delhi Bench of Income Tax Appellate Tribunal ( ITAT ) deleted the penalty levied under Section 271AAB of the Income Tax Act, 1961 for alleged undisclosed income during the search. The...

ITAT deletes Rs. 14 Lakhs Addition made by AO due to Misreported Property Transaction Details [Read Order]

The Bangalore Bench of Income Tax Appellate Tribunal ( ITAT ) deleted a Rs. 14 lakhs addition made by the Assessing Officer ( AO ) under section 69A of Income Tax Act,1961. The addition was based on...

ITAT Orders Review of S.80I Income Tax Deduction Claim by Windmill Business amidst Conflicting Precedents [Read Order]

The Income Tax Appellate Tribunal ( ITAT ) of Ahmedabad recently remanded a case involving a Section 80IA deduction claim by a company engaged in windmill power business amidst conflicting precedents...

Income Tax Notices Sent via Email against Assessee's Request: ITAT Sets aside CIT(A)’s Ex Parte Order [Read Order]

The Ahmedabad “B” bench of Income Tax Appellate Tribunal ( ITAT ) in a recent case set aside an ex parte order passed against the appellant, noting that the notices were sent to the appellant through...

Penalty u/s 270A cannot be Imposed if Assessed and Processed Income are Same: ITAT Quashes Penalty on S. 43B Disallowances [Read Order]

The Delhi Bench of Income Tax Appellate Tribunal ( ITAT ) ruled that the penalty under Section 270A of Income Tax Act,1961 cannot be imposed when the assessed income matches the income determined in...

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