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Guarantee fee charged by trust for providing third-party guarantee to small-scale industries does not amount to profit motive: ITAT [Read Order]

Aparna. M

The Income Tax Appellate Tribunal (ITAT) Mumbai bench held that the guarantee fee charged by the trust for providing third-party guarantees to...

Non-Acceptance of Fresh Evidence u/r 46A: ITAT remands Income Tax Appeal to CIT(A) [Read Order]

ITAT directs AO to consider stamp duty value on date of Letter of Allotment for making addition...

Supreme Court - Written Down Value Method - Computing Depreciation - Jindal Steel & Power - depreciation of Assets - Power Generation - Jindal Steel - taxscan

[BREAKING] Supreme Court upholds Adoption of Written Down Value Method for Computing Depreciation of...

Life Insurance Business prepares Financial Statement as per IRDA regulations, for Purpose of...

Assessee unaware of Notices being issued in Income Tax Portal: ITAT provides another Opportunity [Read Order]

The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) granted another opportunity to the assessee as he was unaware of the notices that were being issued in the Income Tax Portal. The...

Delay in filing of Appeal should fall under Reasonable Cause: ITAT [Read Order]

The Chennai bench of the Income Tax Appellate Tribunal (ITAT) held that the delay in filing of the appeal should come under the reasonable cause. The counsel submitted that the appeal had been...

Proceedings u/s 153 C of Income Tax Act is not Valid in Absence of Incriminating material: Delhi HC [Read Order]

The Delhi High Court proceedings under section 153 C of the Income Tax Act, 1961 are not valid in the absence of incriminating material. The appellant/revenue is the order dated 24.03.2017 passed...

ITAT deletes assessment order passed u/s 153A of Income Tax Act against non existent partnership firm [Read Order]

The Income Tax Appellate Tribunal (ITAT), Bangalore bench, deleted the assessment order passed under Section 153A of the Income Tax Act, 1961, against a non-existent partnership firm. The...

No Addition shall be made on basis of AIR information when Profit has already been booked by Another and offered to Tax: ITAT [Read Order]

The Delhi bench of the Income Tax Appellate Tribunal (ITAT) held that no addition shall be made on the basis of Annual Information Return (AIR) information when the profit has already been booked by...

Cash deposited in name of various proprietorship concerns involving in bogus business activities: ITAT directs to restrict addition to extent of 0.05% of gross total [Read Order]

The Income Tax Appellate Tribunal (ITAT), Mumbai bench, while directing to restrict the addition to the extent of 0.05% of gross total, observed that cash deposited in the name of various...

No investment made outside books of Accounts: ITAT deletes Income Tax Addition [Read Order]

The Income Tax Appellate Tribunal (ITAT), Delhi bench, while deleting the Income Tax Addition, held that no investment has been made by the assessee outside the books of account. The assessee, Direct...

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