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20% Pre-Deposit Not Mandatory for Grant of Stay u/s 220(6) of Income Tax Act: Delhi HC [Read Order]

In a recent decision, the Delhi High Court said that a taxpayer cannot be refused a stay on recovery of disputed tax just because they did not pay...

Rule of consistency Prevails: ITAT Rules Percentage completion cannot be forced when Taxpayer...

Creditworthiness of Creditor cannot be Denied merely due to Non-Filing of ITR: Patna HC deletes...

Sales Commission to Director’s Relatives allowable when Services Proven: ITAT Deletes ₹35.38 Lakh...

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 Assessment [Read Order]

The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) quashed the assessment orders passed under Section 153C for the Assessment Years (AY) 2015-16 and 2016-17, on the fundamental legal ground...

No Nexus with Employment: Karnataka HC Rules Interest on Loan Advanced to Company Not Deductible From Salary Income [Read Order]

The Karnataka High Court ruled that interest paid on a loan borrowed by an assessee and advanced to a company in which he was a Director cannot be deducted against salary income. Sri Mukesh...

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

The Madras High Court, held that property attachment cannot continue once the Income Tax Appellate Tribunal ( ITAT)’s order attains finality and all tax dues are cleared. JSR Infra Projects ...

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 ...