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Set off of Income under ‘House Property’ against Loss is not allowable to Closed Business: ITAT [Read Order]

The Bangalore Bench, of the Income Tax Appellate Tribunal, held that set-off of income under ‘house property’ against loss is not allowable to a...

'Not All Appellate Orders are Erroneous': ITAT asks Dept to be Careful in Filing Appeals [Read...

Unexplained Income offered Consolidated basis under PMGKY: ITAT deletes Addition as Unexplained...

Non-Issuance of Notice during Appeal u/s 250(1) is Procedural Irregularity: ITAT restores file to...

Money received from House Rent and Agricultural Land deposited during Demonetization won't attract...

Extraordinary Profit cannot be a criterion for Adjustment in Transfer Price: ITAT [Read Order]

The Kolkata Bench of Income Tax Appellate Tribunal has held that extraordinary profit cannot be a criterion for adjustment in the transfer price. The assessee, M/s Deepak Industries Ltd. has three...

No Disallowance on Ad-Hoc basis on the plank that Interest-Bearing Funds are Diverted: ITAT [Read Order]

The Delhi Bench of Income Tax Appellate Tribunal (ITAT) has held that no disallowance on an ad hoc basis on the plank that interest-bearing funds are diverted. The appellant, Guardian Nutrition...

ITAT Weekly Round-Up

This weekly round-up analytically summarizes the key stories related to the Income Tax Appellate Tribunal (ITAT) reported at Taxscan.in during the previous week from June 18 to June 24, 2022 Shree...

Interest Income earned by enterprises in Other Jurisdictions is Taxable, if attributable to the PE: ITAT [Read Order]

In a ruling, in favour of Marubeni Corporation India Pvt. Ltd, the Mumbai bench of Income Tax Appellant Tribunal has held that Interest income earned by the enterprise in other jurisdictions is...

Non-Filing of Audit Report due to Virus Attack in System: ITAT Condones Delay [Read Order]

The Income Tax Appellate Tribunal (ITAT), Chennai bench comprising Shri Mahavir Singh, Vice President and Shri Manoj Kumar Aggarwal, Accountant Member has condoned the delay in filing of audit report...

Exemption u/s 10(2A) applicable to Legitimate Share of Profit earned based on LLP Agreement: ITAT [Read Order]

The Kolkata bench of the Income Tax Appellate Tribunal (ITAT) has held that exemption u/s 10(2A) applies to a Legitimate share of profit earned based on LLP agreement. The assessee is an...

Expenses vouched and Verified incompletely will invalidate the Addition: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Amritsar bench has held that expenses vouched and verified incompletely will invalidate the addition to the Income. Shri Kul Bharat, Judicial member...

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