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Interest Rate on Secured Loan From banks Cannot be Compared with Interest Rate on Unsecured Loan: ITAT [Read Order]

In a recent case, the Indore bench of Income Tax Appellate Tribunal (ITAT) ruled that interest rate on secured loans from banks cannot be...

CIT(A) Fails to Verify Correct Date of Filing Income Tax Return: ITAT Restores Case to CIT(A) [Read...

Original Allotment Date Applies to Property Acquisition: ITAT Overturned Short-Term Capital Gain...

CIT(A) fails to Address Key issue on Adjustment of Actual Expenditure against Provisions: ITAT...

No Sufficient Cause Shown: ITAT dismisses Income Tax Appeal due to Inordinate Delay in Filing [Read...

Depreciation claim on Non Compete Fee Allowable Under Income Tax Act: ITAT Deletes Penalty Imposed [Read Order]

In the recent ruling, the Delhi bench Of Income Tax Appellate Tribunal (ITAT) quashed the penalty for disallowing Rs. 21,89,970 in non-compete fee depreciation due to conflicting High Court rulings...

Penalty u/s 271B for Not Filing Audit Report: ITAT upholds Order [Read Order]

Recently the Income Tax Appellate Tribunal (ITAT) Chennai dismissed an appeal made for the deletion of penalty imposed under section 271 of the Income Tax Act 1961 (ITA), as ordered by the...

Interest Paid on Borrowings to Acquire Property deductible from Sale Consideration: ITAT directs to Re-Compute Capital Gain [Read Order]

The Chennai Bench of the Income Tax Appellate Tribunal ( ITAT ) has directed that interest paid on borrowings to acquire property should be deductible from the sale consideration, ordering the...

Gujarat HC rules Admission Fee Paid to Educational Trust is Corpus Donation, allows Exemption u/s 11(1)(d) of Income Tax Act [Read Order]

The Gujarat High Court has ruled that admission fees paid to a charitable educational trust can be considered a corpus donation and are thus eligible for exemption under Section 11(1)(d) of the...

Taxpayer discharges Burden to prove Identity, Creditworthiness and Genuineness of Loan Creditors: ITAT deletes Income Tax Addition of 1.17Cr u/s 68 [Read Order]

The Mumbai bench of the Income Tax Appellate Tribunal ( ITAT ) deleted the addition of 1.17 crore under Section 68 of the Income Tax Act, 1961 as the taxpayer had discharged the burden to prove...

Money Introduced from JDS Industries not Deemed Taxpayer’s Own Income: ITAT deletes Addition of 4.45 Core u/s 69 [Read Order]

The Ahmedabad bench of Income Tax Appellate Tribunal ( ITAT ) has deleted the addition of Rs. 4.45 crore under Section 69, of Income Tax Act, 1961 ruling that money introduced from JDS Industries is...

Ratification Order under Income Tax Act Passed on Non Existing Entity is Invalid: ITAT [Read Order]

The Mumbai bench of the Income Tax Appellate Tribunal ( ITAT ) held that a rectification order passed in the name of a non-existent entity, despite informing Revenue regarding its merger is invalid. ...

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