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Section 115BBE of Income Tax Act Applies on Transactions On or After 01.04.2017 Only: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Delhi, held that the provisions of Section 115BBE of the Income Tax Act, 1961, are applicable only to...

Addition on Excess Cane Price and Concessional Sugar Sale Remands for want of Evidence: ITAT directs...

ITAT allows LTCG Exemption u/s 54 on Sale of Old Flat as Possession of New Flat falls Within...

Individual Fails to Prove Cash Deposits as Land Sale Proceeds by Father: ITAT remits Matter back on...

ITAT rules PAN Not Mandatory to Prove Cash Sales, orders Fresh Look at Aadhaar Details [Read Order]

‘6kg & 7kg’ Cash Entries Not Proven as ₹13 Lakh: ITAT Reduces Addition to ₹1.30 Lakh Due to Lack of Corroboration [Read Order]

The Pune Bench of the Income Tax Appellate Tribunal (ITAT) has reduced an addition of ₹13 lakh made on account of cash entries described as “6kg” and “7kg” in seized papers and held that the...

ITAT Rebukes CIT(A) for "Lazy" Dismissal, Orders Fresh Hearing on Demonetization Cash Deposits [rEad Order]

In a sharp critique of appellate procedure, the Income Tax Appellate Tribunal (ITAT), Cochin Bench has set aside an order that dismissed a taxpayer’s appeal without examining the merits of a...

Disallowance of INR 17.95 Lakh Royalty Expenses: ITAT Deletes Addition Applying Consistency Principle [Read Order]

The Delhi Bench of Income Tax Appellate Tribunal ( ITAT ) applying the consistency principle, deleted the disallowance of INR 17.95 lakh royalty expenses made by the Assessing Officer (AO).Travel...

Seven-Year Delay in Filing Appeals Due to Trustee’s Health: Karnataka HC Dismisses Appeal as No Substantial Question of Law Arises [Read Order]

The High Court of Karnataka, in a case involving a seven-year delay in filing appeals due to the trustee’s health, dismissed the appeal, upholding the Income Tax Appellate Tribunal ( ITAT ) and ...

ITAT Holds SBI PLR Applicable for Arm’s Length Interest on INR-Denominated FCCDs [Read Order]

The Chennai Bench of the Income Tax Appellate Tribunal (ITAT) held that for debentures denominated in Indian Rupees (INR), the correct benchmark for arm’s length interest is the State Bank of India...

Expenditure on Subsidiary for Commercial Expediency Allowable as Business Deduction: Bombay HC in Mahindra Case [Read Order]

In a recent ruling, the Bombay High Court held that expenditure incurred by a company on its subsidiary for commercial expediency is allowable as a business deduction. Mahindra & Mahindra...

ITAT Grants Relief to Assessee, Orders Fresh Hearing as CIT(A) Failed to Discuss Case Merits [Read Order]

The Income Tax Appellate Tribunal (ITAT), Agra Bench, has set aside an ex-parte order passed by the Commissioner of Income Tax (Appeals) [CIT(A)] and directed a fresh hearing, noting that the CIT(A)...

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