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Unexplained Income Addition of ₹5.78 Lakh: ITAT Orders AO to Delete Addition Based on Past Savings Explanation [Read Order]

Sneha Sukumaran Mullakkal

The Lucknow Bench of Income Tax Appellate Tribunal(ITAT) directed the Assessing Officer (AO) to delete the unexplained income addition of ₹5.78 lakh...

Setback to AAI: ITAT Directs Recalculation of Exempt Income Disallowance u/r 8D at 1%, Rejecting...

Tech-constraints Faced By Senior Citizen: ITAT sets aside Ex- Parte Order [Read Order]

Statement Recorded u/s 133A Lacks Evidentiary Value in Absence of Summons u/s 131: ITAT [Read Order]

ITAT Quashes Penalty for Under-Reporting: Holds Assessee's Actions Bona Fide [Read Order]

Technical Glitch No Ground for Rejection: ITAT Allows Charitable Trust to Refile Registration Application [Read Order]

In a recent ruling, the Income Tax Appellate Tribunal (ITAT), Mumbai, allowed a charitable trust, Celebrate Life, to refile its application for registration under Section 12AB of the Income Tax...

Disallowance of Interest Expenses on Alleged Fund Misuse: ITAT Allows Citing Lack of Nexus Between Borrowed Funds and Personal Investments [Read Order]

The Ahmedabad Bench of the Income Tax Appellate Tribunal (ITAT) allowed the interest expenses of the assessee on alleged fund misuse citing that lack of nexus between borrowed funds and personal...

Interest Income from Business Investments by Co-operative Society Eligible for Deduction u/s 80P(2)(a): ITAT [Read Order]

The Pune Bench of Income Tax appellate Tribunal (ITAT) held that interest income from Business investment earned by Cooperative Society is eligible for deduction under section 80(2)(a) of the Income...

Agreement for transfer of operations and movable assets not a ground to deny exemption u/s 11 and 12: ITAT [Read Order]

The Ahmedabad bench of the Income Tax Appellate Tribunal (ITAT) held that an agreement for the transfer of operations and movable assets cannot be grounds to deny exemption under sections 11 and 12...

Trader Sold Opening Stock at Discounted Rates Leading to Higher Sales Compared to Previous Years: ITAT deletes ₹32 Lakh Addition [Read Order]

The Chandigarh Bench of the Income Tax Appellate Tribunal (ITAT) deleted the addition of Rs. 32 lakhs made by the Assessing Officer (AO), citing the assessee’s higher sales as a result of the...

No Addition Warranted on Alleged Bogus Purchases When GP Rate Exceeds Genuine Purchases: ITAT [Read Order]

The Income Tax Appellate Tribunal Tribunal ( ITAT ), Mumbai held that no addition by way of disallowance of alleged bogus purchases is warranted when the GP rate exceeds genuine purchases. The...

ITAT confirms Tax Exemptions for Gujarat Housing Board u/s. 11&12 of the Income Tax Act [Read Order]

The Ahmedabad bench of the Income Tax Appellate Tribunal (ITAT), confirmed tax exemptions for Gujarat Housing Board Under Sections 11 and 12 of the Income Tax Act,1961 and rejected the Revenue’s...

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