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Disallowance

Partial Interest Disallowance Upheld u/s 57(iii): ITAT Dismisses Revenue Appeal on Nexus of Borrowed Funds for Interest Income [Read Order]

Franklin Joshva

The Chandigarh Bench of the Income Tax Appellate Tribunal (ITAT) upheld the partial disallowance of interest expenditure under Section 57(iii) of...

Interest from Cooperative Banks Eligible for 80P Deduction: ITAT Allows ₹12.53 Lakh Claim Treating...

Assessee Fails to Prove Genuineness and Creditworthiness: ITAT upholds ₹75.6 Income Tax...

Relief for IndiGo: ITAT Upholds Deletion of Rs. 11.05 Crore Disallowance u/s 37 as AO’s Final...

ITAT Rules in Favor of Rural Co-op Society: Deduction Under Section 80P Valid for Nominal Members,...

NHAI Grant Not Deductible from Project Cost: ITAT Upholds Deletion of ₹43.43 Crore Depreciation Disallowance [Read Order]

The Hyderabad Bench of the Income Tax Appellate Tribunal ( ITAT ) has upheld deletion of the disallowance of Rs. 43.43 crore as depreciation and confirmed that the Rs. 38.40 crore grant received...

Partial Relief Granted to Palmshore Hotels: ITAT Directs Reassessment on Business Income Classification and Section 43B Disallowance [Read Order]

The Cochin Bench of the Income Tax Appellate Tribunal (ITAT) granted partial relief to Palmshore Hotels Pvt. Ltd. by directing a reassessment of key issues, including the classification of licence...

AO's Application of Rule 8D Valid for Exempt Dividend Income: ITAT Upholds ₹15 Lakh Disallowance [Read Order]

The Ahmedabad Bench of the Income Tax Appellate Tribunal (ITAT) has upheld the disallowance of Rs. 15,00,327 made by the Assessing Officer (AO) under Section 14A read with Rule 8D of the Income Tax...

AO failed to Consider Supplementary Agreement: ITAT Uphold Deletion of Rs 4 Crore Tax Addition over Development Cost [Read Order]

The Ahmedabad Bench of Income Tax Appellate Tribunal (ITAT) has upheld the addition of over Rs. 4 crore in tax additions made by the revenue authorities as it was found that the AO failed to...

Invoking S. 263 on Interest on Loan Disallowance While such Loan Addition Pending Before CIT(A) Invalid: ITAT [Read Order]

The Delhi Bench of the Income Tax Appellate Tribunal ( ITAT ) has held that a Principal Commissioner of Income Tax ( PCIT ) cannot invoke revisionary jurisdiction under Section 263 to disallow...

ITAT Slams CIT(A) for Denial of Natural Justice, Restores Unsecured Loan Addition Case to AO for Fresh Hearing [Read Order]

The Income Tax Appellate Tribunal (ITAT) Mumbai has strongly criticized the Commissioner of Income Tax (Appeals) for denying a fair hearing to a taxpayer, calling it a violation of natural justice....

Relief to SpiceJet: ITAT Dismisses Income Tax Department Appeals on Supplementary Rent Disallowance [Read Order]

The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) ruled that supplementary rent payments are exempt from tax in India under Section 10(15A) of the Income Tax Act, 1961, and not subject to ...