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ITAT Reverses AO's Additions, upholds Legitimacy of Long-Term Capital Gains from Share Transactions [Read Order]

Sneha Sukumaran Mullakkal

The Mumbai Bench of Income Tax Appellate Tribunal ( ITAT ) reversed the Assessing Officer's ( AO ) additions and upheld the legitimacy of long-term...

ITAT quashes Reopening of Assessment due to Procedural Flaws in issuance of Notice [Read Order]

ITAT Deletes ₹4.96 Crore Addition Citing Need for Fresh Valuation Instead of DVO's Seller Valuation...

Ad hoc addition of Unexplained Receipts without calling for records: ITAT remands matter for...

ITAT Deletes Expense Disallowance u/s 14A Due to Lack of Exempt Income [Read Order]

ITAT Deletes Interest Disallowance u/s 36(1)(iii) for Genuine Unsecured Loans, Upholding CIT(A) Decision [Read Order]

The Ahmedabad Bench of Income Tax Appellate Tribunal ( ITAT ) deleted the disallowance of interest under Section 36(1)(iii) of the Income Tax Act,1961 for genuine unsecured loans provided to the...

ITAT quashes Revision Order passed without showing Prejudice to Revenue or Error by AO [Read Order]

The Income Tax Appellate Tribunal (ITAT) Jaipur, in a ruling dated October 16, 2024, has quashed the revision order issued by the Principal Commissioner of Income Tax (PCIT) against the assessee...

Relief to ICICI: ITAT Deletes Disallowance of Dividend Income Citing S.44 Overrides S.14A in Computation of Insurance Company Income [Read Order]

The Mumbai Bench of the Income Tax Appellate Tribunal ( ITAT ) deleted the disallowance on dividend income claimed by ICICI Prudential Life Insurance, ruling that Section 44, being a non-obstante...

Disallowance of Interest Expenses: ITAT remands Matter for Fresh Adjudication [Read Order]

The Ahmedabad Bench of Income Tax Appellate Tribunal ( ITAT ) the matter of disallowance of interest expenses back to the Jurisdictional Assessing Officer for fresh adjudication. Upendra Chinubhai...

Penalty u/s 272A(1)(d) of Income Tax Cannot Be Imposed for Non-Compliance with Notices Due to Consultant’s Failure to Inform: ITAT deletes Penalty

The Kolkata bench of Income Tax Appellate Tribunal ( ITAT ) has deleted a penalty imposed under Section 272A(1)(d) of the Income Tax Act, 1961 stating that the penalty cannot be enforced when the...

ITAT Upholds Legitimacy of Cash Deposits, Rejects Unexplained Classification u/s 68 of Income Tax Act [Read Order]

The Jaipur Bench of Income Tax Appellate Tribunal ( ITAT ) upheld the legitimacy of cash deposits made during the demonetization period and rejected their classification as unexplained under Section...

AO is “Prescribed Income Tax Authority” to issue Notices u/s 143(2) and 142(1): Delhi HC [Read Order]

The Delhi High Court recently dismissed a petition challenging Notices issued by the Assistant Commissioner of Income Tax under Sections 143(2) and 142(1) of the Income Tax Act, 1961, affirming the...

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