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ITAT Overturns AO's Additions for deemed Rental Income, upholding Long-Term Lease Agreements [Read Order]

Sneha Sukumaran Mullakkal

The Visakhapatnam Bench of Income Tax Appellate Tribunal ( ITAT ) overturned the Assessing Officer's ( AO ) additions for deemed rental income,...

ITAT upholds Deletion of Penalty on Mother Theressa Educational Society for Misreported...

AO's Notices were never served to Assessee: ITAT sets aside Ex-Parte Order [Read Order]

ITAT Rules Doctrine of Merger not applicable to Income Retained by CPC from Intimation u/s 143(1)(a)...

ITAT allows Concessional Tax Rate u/s 115BAA, Citing Timely Submission of Form 10IC and CPC's...

ITAT Restores Matter to AO for De Novo Adjudication on Alleged Bogus Purchases, Allowing Additional Evidence [Read Order]

The Chennai Bench Of Income Tax Appellate Tribunal ( ITAT ) restored the matter to the Assessing Officer ( AO ) for de novo adjudication concerning alleged bogus purchases by the assessee, allowing...

Purchase of One Residential House with Modifications of Two Adjacent Properties Amounts to a Single Residential House: ITAT Allows S.54F Exemption Claim [Read Order]

In a recent ruling, the Income Tax Appellate Tribunal ( ITAT ) in Mumbai granted Section 54F exemption under the Income Tax Act 1961 ( ITA ) to an assessee/ appellant, Mr. Nakul Aggarwal,...

AO Fails to Verify Loan Recorded as Journal Entry in Shareholder's Account: ITAT deletes ₹25.93 Lakh Deemed Dividend Addition [Read Order]

The Ahmedabad Bench of the Income Tax Appellate Tribunal ( ITAT ) deleted an addition of Rs. 25.93 lakh categorized as a "deemed dividend" under Section 2(22)(e) of the Income Tax Act due to the...

216 Days undue Delay in Filing ITR by Co-Op Society: Madras HC dismisses Petition Claiming 80P Deduction under Income Tax [Read Order]

In a recent ruling, the Madras High Court dismissed the writ petition filed for claiming deductions under Section 80 P of the Income Tax Act, 1961 and did not condone the delay in filing Income Tax...

Extension of Deadline by CBDT: ITAT deletes Addition of Deemed Income to Trust for Belated Filing of Form 10B [Read Order]

In a recent ruling, the Mumbai bench of the Income Tax Appellate Tribunal ( ITAT ) deleted the addition of deemed income to the trust, citing the CBDT's extension of the deadline, which allowed for...

Decades-old Assessments: ITAT denies re-adjudication for evidence lapses [Read Order]

In a recent ruling, the Mumbai bench of the Income Tax Appellate Tribunal ( ITAT ), denied re-adjudication, stating that remanding decades-old assessment appeals to the Assessing Officer ( AO ) would...

AO Fails to Verify FMV with Valuation Officer u/s 50C(2) upon Taxpayer’s Dispute: ITAT Invalidates STCG Addition [Read Order]

The Lucknow Bench of the Income Tax Appellate Tribunal ( ITAT ) invalidated the addition of short-term capital gains ( STCG ) after the assessing officer failed to consult a valuation officer to...

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