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Date of Share Transfer Determines “Holding Period”, Not Allotment Date: ITAT allows LTCG Exemption [Read Order]

The Mumbai Bench, Income Tax Appellate Tribunal (ITAT) held that for the purpose of determining the “holding period” of shares concerning...

ITAT Grants Relief on Unexplained Income in ₹94-Lakh Property Sale Despite Invalid Income Tax Return...

Reversal of Interest u/s 23 of MSMED Act Cannot Attract Addition In Absence of Deduction Claim: ITAT...

Section 11 Exemption Cannot Be Denied for Belated Form 10B Once Delay is Condoned: ITAT [Read Order]

Supreme Court Upholds ITAT Order Restoring Income Tax Appeal Despite Pending Settlement Proceedings...

Supreme Court dismisses Revenue’s Plea on Income Tax Addition from Sale of Penny Stock Shares for 154-Day Delay [Read Order]

The Supreme Court of India recently dismissed a Special Leave Petition (SLP) instituted by the Principal Commissioner of Income Tax, noting that the case which pertained to additions on the basis of...

Refund Adjustment against stayed Income Tax Demand Violates S.220(6) of Income Tax Act: Calcutta HC [Read Order]

The Calcutta High Court has ruled that a refund adjustment against income tax demand that has already been stayed violates section 220(6) of the Income Tax Act, 1961 The case arose from an...

Satisfaction Note Lacked Reference of Income Escapement in the Form of Assets Worth ₹50 Lacs: ITAT quashes Reassessment Beyond 6 Yrs [Read Order]

The Chennai Bench of the Income Tax AppellateTribunal (ITAT) ruled that the AO must record a "Satisfaction Note" expressly stating that they possess evidence of escaped income which was represented...

S. 153C cannot be invoked against Searched Person: ITAT Rules Assessment required u/s 153A, dismisses Revenue Appeal [Read Order]

The Bangalore Bench of the Income Tax Appellate Tribunal (ITAT) ruled that the Assessing Officer (AO) must initiate proceedings under Section 153A for searched persons and held that Section 153C ...

Unauthenticated Excel Sheets and Emails Sent by Lenders deemed "Dumb Documents" for interest Addition: ITAT quashes order [Read Order]

The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) held that loose papers, printouts, or emails not forming part of the assessee’s regular books and lacking independent corroboration were ...

Notices to suspend activities and Maintain Status Quo Not Seizure: ITAT Rules closing stock cannot be valued at Nil, Remands for valuation

The Bangalore Bench of the Income TaxAppellate Tribunal (ITAT) ruled that administrative notices directing a taxpayer to suspend mining activities and maintain status quo did not constitute a legal...

Reopening Invalid Due to Mismatch in Sanctioning Authorities and Lack of Proper Sanction u/s 151: ITAT quashes order [Read Order]

The Kolkata Bench of the Income Tax AppellateTribunal (ITAT) quashed a reassessment order due to the mismatch in sanctioning authorities and lack of proper approval required under Section 151 of...