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Sales Commission to Director’s Relatives allowable when Services Proven: ITAT Deletes ₹35.38 Lakh Disallowance [Read Order]

Navasree A.M

The Income Tax Appellate Tribunal ( ITAT ), Bangalore Bench, has deleted a disallowance of ₹35.38 lakh made by the Assessing Officer (AO) towards...

ITAT Estimates Agricultural Expenditure at ₹22.37 Lakhs on Onion Sale, Rejects 35% of CIT(A)'s...

AO Erred by Recording Consolidated Satisfaction Note for Multiple AY's: ITAT Quashes S.153C...

No Nexus with Employment: Karnataka HC Rules Interest on Loan Advanced to Company Not Deductible...

Property Attachment Cannot Continue Once ITAT Order Attains Finality and Dues Are Cleared: Madras HC...

Double Taxation: ITAT Deletes ₹19.03 Lakh Addition u/s 68 on Recorded Sales Receipts [Read Order]

The Mumbai Bench of Income Tax Appellate Tribunal ( ITAT ) deleted the ₹19.03 lakh addition made under Section 68 of Income Tax Act,1961 on recorded sales receipts, holding that the income had...

Banking Channel Records and Interest Paid Proves Loan Transaction: ITAT deletes ₹80.94 Lakh Unexplained Money Addition [Read Order]

The Ahmedabad Bench of the Income Tax Appellate Tribunal (ITAT) ruled that clear evidence of a genuine loan transaction, conducted through banking channels and including the payment of interest...

Non-Filer Gets a Second Chance as ITAT Sets Aside Tax Demand, Asks AO to Reconsider Unexplained Cash Deposits [Read Order]

The Agra Bench of the Income Tax Appellate Tribunal (ITAT) set aside an ex parte assessment order and directed the Assessing Officer to reconsider unexplained cash deposits after giving the assessee...

AO Disallows ₹1.75 Crore Donation u/s 35AC: ITAT Allows Deduction, Citing Valid Approval at Time of Donation [Read Order]

The Mumbai Bench of Income Tax Appellate Tribunal ( ITAT ) allowed a deduction of ₹1.75 crore under section 35AC of Income Tax Act,1961, for a donation to the School of Human Genetics and ...

Error in Reading Jewellery Sale as Purchase Costs CIT(A); ITAT Orders Fresh Look at Cash Deposit Addition [Read Order]

The Ahmedabad bench of the Income Tax Appellate Tribunal has set aside an order of the Commissioner of Income Tax (Appeals) after finding that a factual error had crept into the reading of evidence...

Disallowance of ₹16.28 Lakh Bogus Purchase without Rejection of Books: ITAT Restricts Addition to ₹1.29 Lakh Applying GP Rate [Read Order]

The Ranchi Bench of Income Tax Appellate Tribunal ( ITAT ) partly allowed the appeal and restricted the addition of ₹16.28 lakh for alleged bogus purchases to ₹1.29 lakh by applying a 7.92% gross ...

Cash Withdrawals During Demonetisation Taxed u/s 68: ITAT Deletes ₹62 Lakh Addition treating them as Business Turnover [Read Order]

The Kolkata Bench of Income Tax Appellate Tribunal ( ITAT ) deleted ₹62 lakh addition under section 68 of Income Tax Act,1961, holding that cash withdrawals during demonetisation formed part of ...