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Relief to 70-Year Old Taxpayer: ITAT quashes Reopening of Assessment based on Mechanical Approval [Read Order]

The Income Tax Appellate Tribunal (ITAT), Chandigarh bench, while granting relief to a 70-year old taxpayer, quashed re-assessment under Sec.148 of...

Case of erroneous Application of Law will fall outside the scope of Section 254(2): ITAT recalls...

ITAT allows Capital Gain Exemption as Re-investment was made within Prescribed Period [Read Order]

ITAT deletes disallowance on account of Loss on Share Trading as not supported by reasonable basis...

Staff Recruitment Expenses incurred by Hotel allowable as Business Expenditure: ITAT [Read Order]

No Addition in absence of Incriminating Material during Search: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), ruled that no addition can be made in absence of any incriminating material found during the search. The assessee, USG Buildwell Pvt. Ltd. is a company...

Levy of Interest u/s 234E has no Retrospective Effect: ITAT deletes Proceedings[Read Order]

The Income Tax Appellate Tribunal (ITAT), Bangalore Bench ruled that the levy of interest under section 234-E of the Income Tax Act was illegal for returns of tax deducted at source (TDS) prior to...

Information discovered during Search, If capable of generating satisfaction for issuing a Notice can’t altogether become irrelevant for further Action: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Allahabad Bench held that the information discovered in the course of the search, if capable of generating the satisfaction for issuing a notice under...

Peak Credit Theory to be considered before treating the Cash Deposit as Unexplained Cash Credits: ITAT remits matter back to AO [Read Order]

The Income Tax Appellate Tribunal (ITAT), Bangalore Bench while directing the matter to the file of Assessing Officer, observed that additional evidence showing the withdrawals and deposits of cash...

ITAT restricts the disallowance to the Accommodation entries [Read Order]

The Income Tax Appellate Tribunal (ITAT), Ahmedabad Bench restricted the disallowance to the accommodation entries. The assessee-company, Darshanam Life Space Pvt. Ltd has filed its return of...

Additions based on estimate basis cannot be sustained in Law: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Delhi Bench ruled that the additions based on an estimated basis cannot be sustained in Law. A search and seizure operation under section 132 of the...

ITAT deletes Addition made on account of Disallowance of Deduction of Debit Note without appreciating the other facts [Read Order]

The Income Tax Appellate Tribunal (ITAT), Ahmedabad Bench upheld the deletion of addition made on account of disallowance of deduction of debit note without appreciating the other facts. The...

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