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Section 56(2)(vii) not Applicable to Individual Receiving Sum from HUF as its Member: ITAT [Read Order]

Gayathri C.H

The Income Tax Appellate Tribunal (ITAT), Surat Bench, has recently, in an appeal filed before it, held that section 56(2) (vii) is not applicable to...

Fair Market Value determined by Registered valuers for Computation of Taxable value should not be...

Relief to Finesse International: Business Promotion Expenses for Improving Visibility of Brand...

Delay in Filing Form 67 not a Reason for Denial of Relief u/s 90 of Income Tax Act: ITAT [Read...

Cane Development Council is Local Authority u/s 10(20) of Income Tax Act: ITAT deletes Tax...

Income Tax Addition cannot be Made Merely on Retracted Statement: ITAT [Read Order]

The Delhi Bench of Income Tax Appellate Tribunal (ITAT) has held that Income Tax additions cannot be made merely based on retracted statements. The AO primarily based on the statements of Sh. Babu...

Assessment Order passed u/s 147 of Income Tax Act against Non-Existing Entity is Void Ab Initio: ITAT [Read Order]

The Delhi bench of Income Tax Appellate Tribunal (ITAT) has recently held that assessment order passed under Section 147 of the Income Tax Act, 1961 against non-existing entities is void ab...

No Addition can made on Account of Income received from sale of Scrap/Waste: ITAT [Read Order]

The Delhi bench of Income Tax Appellate Tribunal (ITAT) has recently held that no addition could be made on account of income received from sale of scrap/Waste . Assessee New Delhi Export House is...

Loss of Chit Fund Utilized for Business Purpose allowable as Business Loss: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT) of Delhi bench has held that loss incurred on chit fund is allowable as a business loss if money is utilized for business purposes. Nijhawan Travel, the...

Cost of New Property has to be Assessed as per Collaboration Agreement for Exemption u/s 54: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT) of Delhi bench has held that the cost of new property has to be assessed as per collaboration agreement for exemption under section 54 of the Income Tax Act,...

ITAT quashes Assessment Order framed u/s 143(3) of Income Tax Act in Name of Non-Existent Entity [Read Order]

The Income Tax Appellate Tribunal (ITAT) of Ahmedabad bench quashed the assessment order framed under Section 143(3) of Income Tax Act 1961 in the name of non- non-existent entity . The appeal was...

No Addition during Reassessment once Genuineness of Transaction is Proven: ITAT [Read Order]

The Surat Bench of Income Tax Appellate Tribunal (ITAT) has held that addition would not sustain once the genuineness of transaction is proven. During the assessment proceedings the assessing...

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