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ITAT uphold upward adjustment towards guarantee fee in favor of bank with respect of transaction carried out by AE’s [Read Order]

Aparna. M

The Ahmedabad bench Income Tax Appellate Tribunal (ITAT) confirmed the upward adjustment made towards the guarantee fee in favor of the bank with...

Unexplained Cash Deposits during the Demonetization period: ITAT remits matter to AO produce Bills...

Income Tax Refund Adjusted against Outstanding Demands: Jharkhand HC quashes Criminal Proceedings...

Partial relief of Disallowance u/s 40 40A(3) on Bogus Purchase without seeking Remand Report: ITAT...

Unsecured Loan Taken at Higher Rate for Commercial Expediency Admissible under Section 57(iii): ITAT...

No Penalty If Income Already Offered to Tax by Different Entity: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Ahmadabad Bench, has recently, in an appeal filed before it, held that no penalty can be imposed if income already offered to tax by a different entity. ...

Payment to Processing Agency for Computer Assisted Work Not 'Professional Service', No TDS u/s 194J: ITAT [Read Order]

The Raipur bench of the Income Tax Appellate Tribunal (ITAT) has held that the payment made to the processing agency for the computer assisted work cannot be considered as “professional service” for...

No Claim of Expenses when amount represents Net Income of Firm: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Ahmedabad Bench held that No claim of expenses can be made when amount represents net income of firm. The assessee had constructed a commercial scheme...

Enhancing Book Profit for amount disallowed u/s14A not a mistake apparent on record, cannot be rectified by Rectification Order: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Bangalore Bench held that Enhancing book profit for amount disallowed under Section 14A of the Income Tax, 1961 is not a mistake apparent on record, cannot...

MAT Credit of Transferee Company can be carried forward and set off against Tax Liability of Amalgamated Company: ITAT [Read Order]

The Kolkata Bench of the Income Tax Appellate Tribunal (ITAT) has held that MAT credit of the transferee company can be carried forward and set off against tax liability of the amalgamated company. ...

Inadequate Opportunity of Hearing in Appeal Proceedings: ITAT remands matter back to CIT(A) for Fresh Adjudication [Read Order]

The Ahmedabad Bench of Income Tax Appellate Tribunal ( ITAT ) has held that inadequate opportunity for hearing in appeal proceedings and remand matter back to Commissioner Income Tax (Appeal) for...

Findings on Bogus Purchases not rebutted by Material Records are not sustainable: ITAT upholds Addition made u/s 69 [Read Order]

The Delhi Bench of Income Tax Appellate Tribunal (ITAT) has held that findings on bogus purchases not rebutted by material records are not sustainable and upholds the addition made u/s 69 of the...