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Disallowance of Stock Write-Down u/s 37(1) without Examining Evidence Unjustified: ITAT Remands Matter for Fresh Adjudication [Read Order]

In a recent ruling, the Income Tax Appellate Tribunal (ITAT) Mumbai Bench set aside the order of the CIT(A), and remanded the matter for fresh...

Demonetisation Cash Deposit Explained through Sale Deeds & Wealth-Tax Records: ITAT Allows 90%...

71-Year-Old Senior Citizen Not Tech Savvy to Check E-mails and Income Tax Portal: ITAT grants Final...

Presumption u/s 292C of Income Tax is Rebuttable and Not Conclusive: ITAT Deletes ₹18 Lakh Addition...

Intra-Group Services Not Stewardship: ITAT Deletes ₹28.74 Cr TP Adjustment for Corteva Agriscience...

Section 11(7) Amendment Not Retrospective: ITAT Allows Tata Social Welfare Trust’s Pre-Amendment Exemptions u/s 10(34) & 10(35) [Read Order]

The Mumbai bench of Income Tax Appellate Tribunal (ITAT) confirmed that Section 11(7), which limits alternative exemptions for charitable trusts, cannot be applied retrospectively. Tata Social...

Purchases Attributed to Other Entities: ITAT Deletes ₹2.27 Crore Addition Citing AO's Acceptance of Facts in Remand Report [Read Order]

The Chennai Bench of the Income Tax Appellate Tribunal (ITAT) deleted an addition of ₹2,27,76,680 towards alleged unaccounted purchases made under Section 69C of the Income Tax Act, 1961 and...

Reconciliation Establishes Cash Deposits as Agency Collections: ITAT Deletes ₹19.04 Lakh Addition u/s 69A [Read Order]

The bench of the Income Tax Appellate Tribunal, Chandigarh (ITAT), deleted the addition of ₹19,04,800 made under Section 69A of the Income Tax Act, 1961, holding that the assessee had duly...

ITAT upholds ₹7.66 Cr Business Loss from NSEL Suspension as Bad Debt u/s 36(1)(vii) [Read Order]

The Mumbai bench of Income Tax Appellate Tribunal (ITAT) upheld the ₹7.66 Crore loss as a bad debt deduction under Section 36(1)(vii), recognising the loss as a genuine business loss arising from...

Real Expenditure on Goods Received Despite Fictitious Invoices: ITAT Restricts Bogus Purchases Disallowance to 25% [Read Order]

The Mumbai bench of Income Tax Appellate Tribunal ( ITAT ) restricted bogus purchase allowance to 25% on the ground that there was real expenditure on the goods received even though the invoices...

Delay of 3 Years 5 Months for Filing Appeal: ITAT Condones Delay Citing Covid-19 and Principle of Substantial Justice [Read Order]

The Agra Bench of the Income Tax Appellate Tribunal (ITAT) condoned the delay of 3 years and 5 months in filing the first appeal and restored the matter to the Commissioner of Income-tax (Appeals) ...

ITAT Quashes ₹65 lakh Addition Revisionary Order Terming It “Unsustainable” [Read Order]

The bench of the Income Tax Appellate Tribunal, Raipur, has ruled that the addition of ₹65 lakh made under Section 68 of the Income Tax Act, 1961 cannot be sustained, as the very basis of such...

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