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Relief to Muthoot Bankers: ITAT Allows ₹5L Interest Deduction u/s 40(b) as Payment was within 12% Limit and Authorized by Partnership Deed [Read Order]

Thahani Fathima T V

The Cochin Bench of the Income Tax Appellate Tribunal (ITAT) in its recent ruling granted relief to Muthoot Bankers by allowing a deduction of...

Failure to Prove Assessee's Share Ownership: ITAT deletes ₹2.53 Lakh Income Tax Addition u/s 68 in...

ITAT Sets Aside Ex-Parte CIT(A) Order, Slaps ₹10k Cost on Assessee for Chronic Delays [Read Order]

ITAT quashes ₹1.26Cr Addition: No Need to Prove ‘Source of Source’ for Pre-2013 Loans [Read Order]

Accountant’s Negligence: Uneducated Taxpayer wins Second Chance, ITAT condones 87-Day Delay [Read...

ITAT Allows Foreign Tax Credit Despite Delay in Filing Form 67, Says Compliance is Directory and Not Mandatory [Read Order]

The Kolkata Bench of the Income Tax Appellate Tribunal (ITAT) has recently allowed a Foreign Tax Credit (FTC) to an assessee, despite a delay in filing Form 67, holding that procedural lapses cannot...

ITAT directs De Novo Proceedings due to lack of Evidence to substantiate Deffered Revenue in P & L account [Read Order]

In a recent case, the Ahmedabad bench of the Income Tax Appellate Tribunal (ITAT) directs de novo proceedings due to lack of evidence to substantiate deferred revenue in the profit & loss...

FM Directs Income Tax Dept to Expedite Dispute Resolution, Withdraw Appeals Below New Threshold in 3 Months

Finance Minister Nirmala Sitharaman directed the Income Tax Department to accelerate the resolution of long-pending disputed tax cases and withdraw departmental appeals that fall below the recently...

Property with Shops and Single Room Not Eligible for S.54 Exemption: ITAT [Read Order]

The Agra Bench of Income Tax Appellate Tribunal ( ITAT ) held that a property comprising four shops on the ground floor and a single room on the first floor could not be treated as a residential...

Addition of 1% Commission to ₹63L Income for Issuing Bogus Sales Bills: ITAT sustains Tax Computation due to No Plausible Explanation [Read Order]

The Raipur bench of the Income Tax Appellate Tribunal (ITAT) recently dismissed six appeals with common grounds, challenging the justification of the order by the Commissioner of Income Tax...

ITAT Slams CIT(A) for Denial of Natural Justice, Restores Unsecured Loan Addition Case to AO for Fresh Hearing [Read Order]

The Income Tax Appellate Tribunal (ITAT) Mumbai has strongly criticized the Commissioner of Income Tax (Appeals) for denying a fair hearing to a taxpayer, calling it a violation of natural justice....