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Student cannot be Taxed for Temporary Family Deposits made to Show Financial Capacity Abroad: ITAT [Read Order]

The Income Tax Appellate Tribunal ( ITAT), Surat Bench has held that a student cannot be taxed under the Income-tax Act for temporary cash...

Balaji & Maruti Transactions Genuine: ITAT Rejects ₹5.49 Cr Accommodation Entry Allegation [Read...

Reassessment Beyond 3 Years Invalid When Actual Cash Deposits Below ₹50 Lakh: ITAT Quashes...

Confident Group Chairman CJ Roy commits Suicide in Bengaluru: Pressures over Income Tax Raid Linked

Unexplained Deposits are Cash Sales during Demonetization, Only 8% is Income: ITAT Allows Income Tax...

Consolidated Approval Without Proper Scrutiny u/s 153D Invalidates Search Assessments: ITAT [Read Order]

Patna Bench of the Income Tax AppellateTribunal [ ITAT ] held that a consolidated and routine approval granted under Section 153D of the Income Tax Act, 1961, without proper scrutiny, vitiates...

No S. 50C Addition When Sale Price Exceeds Stamp Value: ITAT Deletes Addition Caused by Typographical Error in Dept Records [Read Order]

In a recent rulling the Income Tax Appellate Tribunal (ITAT) Surat bench deleted ₹19 Lakh Addition after finding that the Assessing Officer had relied on incorrect departmental records arising from...

Income Tax order passed against Struck off Company despite being Informed: ITAT quashes Notice and Order [Read Order]

The income tax order passed against a struck off company was quashed by the Kolkata Bench of the Income Tax Appellate Tribunal ( ITAT ). It was ruled that proceedings against a struck off company is...

AO's Erroneous Assumption of Land Cost as Part of Construction Cost: ITAT Remands LTCG Matter for fresh consideration [Read Order]

In a recent ruling, the Income Tax Appellate Tribunal (ITAT), Hyderabad Bench, remanded the matter back to the Assessing Officer (AO) after observing that the AO had disallowed the claim for the...

Whatsapp Chat confirms Counsel’s Negligence Caused Delay in Filing Income tax Appeal: ITAT Restores matter to CIT(A) [Read Order]

The Indore Bench of the Income Tax Appellate Tribunal ( ITAT ) held that delay in filing income tax appeal was due to the negligence of the counsel. The tribunal accepted the proof of whatsapp chat...

STT-Paid STCL Set-Off allowed against 30% STCG Despite 15% Rate: ITAT Quashes Denial [Read Order]

The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) set aside denial of set-off ruling that short-term capital loss (STCL) arising from transactions on which Securities Transaction Tax (STT)...

No Hierarchy in STCL Set-Off u/s 70(2): ITAT Strikes Down AO’s Computation Method

The Income Tax Appellate Tribunal, Mumbai Bench (ITAT) held that Section 70(2) of the Income Tax Act, 1961 does not prescribe any hierarchy for setting off short-term capital losses (STCL) against...