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CIT(Appeals)

High Court cannot dispose of Tax Appeal with a One Paragraph Order: Supreme Court [Read Order]

Taxscan Team

A two-judge bench of the Supreme Court comprising Justice Uday Umesh Lalit and Justice S. Ravindra Bhat has held that the High Court is not justified...

Mere Non-Submission of E-TDS Statements just a Procedural Lapse, No Loss to Revenue caused: ITAT...

Assessee failed to discharge onus of proving Genuineness of Income from Undisclosed Sources: ITAT...

Assessee eligible to Claim Exemption on LTCG only If Investment in eligible Bonds is made within 6...

ITAT quashes Addition of alleged Unexplained Investment as Assessee discharged Onus of Explaining...

Earnest Money was Forfeited on Cancellation of Land Purchase resulting into Business Loss: ITAT deletes disallowance of Commission

The Income Tax Appellate Tribunal (ITAT), Kolkata Bench allowed the Business Loss in respect of loss on purchase of land or earnest money paid. The assessee, M/s. K.B. Developers is a partnership...

ITAT remits the matter to AO on issue of non-grant of Depreciation on Goodwill [Read Order]

The Income Tax Appellate Tribunal (ITAT), Bangalore Bench remitted the matter to AO on the issue of non-grant of depreciation on goodwill. The assessee, NXP India Private Limited filed its...

ITAT deletes Penalty on Undisclosed Income as Search wasn’t initiated [Read Order]

The Income Tax Appellate Tribunal (ITAT), Bangalore Bench deleted the penalty on undisclosed income as search was not initiated as per Section 271AAB of the Income Tax Act. The assessment...

Losses on account of Exchange Fluctuation on Forward Contracts are allowable as Deduction: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Bangalore Bench held that losses on account of exchange fluctuation on forward contracts are allowable as a deduction. The assessee, ABB Global Industries...