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ITAT Upholds 6% Profit Estimation on Alleged Bogus Diamond Purchases, Dismisses Cross Appeals [Read Order]

The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has upheld the estimation of profit on alleged non-genuine diamond purchases and...

ITAT Quashes Reopening of Assessment against WBEIDC, Holds it was Based on Mere Change of Opinion...

Madras HC Dismisses Department's Appeal on Tax Holiday Deduction Computation u/s 80IA and 80HHC...

Delhi HC Dismisses Revenue Appeals on India-Switzerland Treaty Issue in Light of Recent Ruling [Read...

Penalty to be Levied on Tax Amount Sought to be Evaded: ITAT Reduces Penalty u/s 271(1)(c) After...

Trust Deed Clause on Funds Utilization Outside of India Rectified by Amendment and Undertaking: ITAT Sets Matter for Review by CIT(E) on Merits [Read Order]

The Income Tax Appellate Tribunal (ITAT), Mumbai Bench, sent a matter back to the Commissioner of Income Tax-Exemption (CIT(E)) regarding utilisation of funds outside India clause in a trust deed...

PCIT(A)'s Change in Opinion from AO’s Reassessment Overruled : ITAT Reiterates Safe Harbour Rules of 10%, Invokes ‘Law Prospicit Non Respicit’ [Read Order]

The Income Tax Appellate Tribunal (ITAT), Raipur Bench, placed reliance on several judgments and held that if the difference between Stamp Duty Valuation and actual consideration of a property is...

ITAT Deletes Additions Made Solely on Basis of Third-Party Information, Grants Relief to Assessee

The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has deleted additions made solely on third-party information without independent verification by the Assessing Officer, finding it ...

ITAT Orders Re-evaluation of S. 14A Disallowances and Foreign Tax Credits for Bank of India, Dismisses Revenue’s Appeal [Read Order]

The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has held that no disallowance under Section 14A of the Income Tax Act, 1961 could be made in respect of exempt income earned from shares...

ITAT Condones 63 Day-Delayed Appeal due to Hospitalization, Remands ₹67L Income Tax Deduction Claim u/s 80IB [Read Order]

The Income Tax Appellate Tribunal (ITAT), Jodhpur Bench, condoned a delay of 63 days in filing the appeal and set aside the impugned order of the Commissioner of Income Tax (Appeals) ( CIT(A) )...

Balaji & Maruti Transactions Genuine: ITAT Rejects ₹5.49 Cr Accommodation Entry Allegation [Read Order]

In a recent rulling the Income Tax Appellate Tribunal (ITAT) Delhi bench dismissed the revenue's appeal, holding that amounts received from Balaji Enterprises and Maruti Enterprises could not be...

Income Tax Recovery without Supplying a Copy of Assessment Order Lacks Authority of Law: Delhi HC [Read Order]

In a recent ruling, the Delhi High Court held that recovery of tax dues without serving the assessment order and statutory demand notice is legally unsustainable. The high court directed the...

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