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Taxpayer Unable to Sign Appeal Does Not Constitute Reasonable Cause : ITAT Refuses to Condone 1,233 Days Delay [Read Order]

The Cochin Bench of the Income Tax Appellate Tribunal (ITAT) refused to condone the delay, and held that the unavailability of the taxpayer to sign ...

Ownership of Property in Individual Capacity of Partners Cannot Be Considered For LTCG To Their...

Superannuation Contribution Allowable if Paid Before Return Due Date and Fund Is Approved: ITAT...

Past Assessment History Relevant When no Comparables Available: ITAT

Relief to Muthoot Bankers: ITAT Allows ₹5L Interest Deduction u/s 40(b) as Payment was within 12%...

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

In a notable ruling reaffirming the necessity for concrete evidence in income tax assessments, the Income Tax Appellate Tribunal (ITAT) Ahmedabad has deleted an addition of ₹2.53 lakh made by the...

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

The Income Tax Appellate Tribunal (ITAT), Nagpur Bench, has set aside an ex-parte order issued by the Commissioner of Income Tax (Appeals), National Faceless Appeal Centre, and remanded the matter...

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

The Income Tax Appellate Tribunal (ITAT) Mumbai Bench has set aside an addition of ₹1.26 crore made under Section 68 of the Income Tax Act against the appellant holding that for assessment years...

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

The Nagpur Bench of the Income Tax Appellate Tribunal (ITAT) has condoned a delay of 87 days in filing an appeal, granting relief to a taxpayer who claimed ignorance of proceedings due to negligence...

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...