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No Finding by CIT(A) against Claim u/s 56(2)(viib): ITAT remands Revision Order for Re-examination of Qualification as Venture Capital [Read Order]

The Chandigarh bench of the Income Tax Appellate Tribunal ( ITAT ) remanded the revision order for the re-examination of qualification as venture...

Lack of Notice for Hearing served to assessee: ITAT restores file for Denovo proceedings [Read...

Interest Earned from Savings Account in Co-operative Bank cannot be treated as Income or Dividend...

ITAT sets aside Ex-Parte addition of Rs. 29.5 lakh due to assessee’s Illness and Husband's Demise...

ITAT Quashes Reassessment Over Invalid Rs.10 Lakh Addition, Citing Intraday Profit Below Threshold...

Insufficient Evidence for Unexplained Cash Deposits Contradicts Registered Sale Deed: ITAT Dismisses Appeal [Read Order]

The Raipur Bench of Income Tax Appellate Tribunal ( ITAT ) dismissed the appeal of the assessee, due to insufficient evidence supporting the claim of unexplained cash deposits. Bisauha Ram...

Assessee entitled to raise Additional claims in Appeal when not made in Returns filed: ITAT [Read Order]

In a recent ruling, the Ahmedabad bench of the Income Tax Appellate Tribunal ( ITAT ) held that the assessee is entitled to raise additional claims in appeal that were not made when the returns were...

Approval of S. 153D Assessment on Next day by Addl. CIT: ITAT quashes Demand Order [Read Order]

Recently in a case, the Income Tax Appellate Tribunal ( ITAT ) quashed a demand order that arose from an assessment approved under Section 153D of the Income Tax Act 1961 (ITA), The assessee/...

Foreign Tax Credit already Paid: ITAT directs to Exclude Foreign Assignment Salary for Income Recomputation [Read Order]

The Income Tax Appellate Tribunal ( ITAT ) A Bench, Chennai directed to exclude the Foreign Assignment Salary for Income Recomputation, as the Foreign Tax Credit has already been paid. The above...

Non-Compliance and Failure to Explain Bank Credits: ITAT upholds ₹3.13 Crore S.69 Addition under Income Tax [Read Order]

In a recent ruling, the Income Tax Appellate Tribunal ( ITAT ) upheld the addition of ₹3.13 crore as unexplained cash deposits in the bank accounts of an appellant, citing his failure to provide any...

Co-operative Society Entitled to Deduction u/s 80P(2)(d) of Income Tax for Deposits in Co-operative Banks: ITAT [Read Order]

In a recent ruling, the Income Tax Appellate Tribunal ( ITAT ) allowed the appeal filed by the co-operative society and held that it was entitled to deductions under Section 80P(2)(d) of the Income...

Sufficient Documentary Evidence: ITAT directs AO to treat Income as Agricultural and not from Other Sources [Read Order]

The Chennai Bench of the Income Tax Appellate Tribunal ( ITAT ) in a recent judgment directed the Assessing Officer ( AO ) to treat Income of an Assessee as ‘Agricultural Income’ in light of...

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