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Difference in Opening Stock and Closing Stock due to Clerical Mistake in ITR: ITAT upholds deletion of Addition [Read Order]

Aparna. M

The Income Tax Appellate Tribunal (ITAT) Delhi bench observed that difference in the opening stock and closing stock of assessee arised due to the...

Reassessment Proceedings can be Triggered only when Notice u/s 148 of Income Tax Act has been issued...

Filing of Statement as Neither Employees entitled to ERS Nor Company has Obligation against Relief...

ITAT deletes Penalty imposed u/s 271(1)(c) of Income Tax Act on Estimated Quantum Addition based...

No Addition u/s 68 of Income Tax Act when Share Application Money received from companies engaged in...

Non-issuance of Show Cause Notice as to Dissatisfaction on Insufficient Evidence is a Sufficient Cause preventing from Filing Additional Evidence: ITAT directs Re-adjudication [Read Order]

The Delhi Bench of Income Tax Appellate Tribunal (ITAT) has directed re-adjudication as non-issuance of show cause notice as to dissatisfaction on insufficient evidence was a sufficient cause...

Non appearance before lower authorities: ITAT directs assessee to deposit cost of Rs 5000/- to State Legal Aid Authority [Read Order]

The Income Tax Appellate Tribunal (ITAT), Chennai bench, directed the deposit cost of rupees 5,000/- to the State Legal Aid Authority due to non-appearance before the lower authorities for appeal...

No Addition shall be made u/s 68 of Income Tax Act when creditworthiness of Loan provider through Banking Channel satisfactorily explained: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Surat bench, held that an addition shall not be made under section 68 of the Income Tax Act, 1961 when the creditworthiness of the loan provider through the...

ITAT Quashes Assessment order framed in the name of deceased assessee [Read Order]

The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) has quashed the assessment order framed in the name of deceased assessee. The assessee, c was an individual and for the year under...

ITAT directs Readjudication in respect of sale of Gyrovator to customers out of Unaccounted Purchases [Read Order]

The Income Tax Appellate Tribunal (ITAT), Raipur bench, directed re-adjudication in respect of the sale of a gyrovator to customers out of its unaccounted purchases. The assessee, Shivam Tractor,...

Income from sale of shares/securities/PMS/mutual funds taxable under head “Capital Gains”: ITAT grants relief to Hero Investment [Read Order]

The Income Tax Appellate Tribunal (ITAT), Delhi bench, while granting relief to Hero Investment Pvt. Ltd., held that the income from the sale of shares, securities, PMS, and mutual funds is taxable...

Rental Income earned from Lease of building taxable under the head “Income from Business and Profession": ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Delhi bench held that rental income earned from the lease of a building would be taxable under the head "Income from Business and Profession." The tribunal...

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