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

Franklin Joshva

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

Interest Income from Business Investments by Co-operative Society Eligible for Deduction u/s...

Agreement for transfer of operations and movable assets not a ground to deny exemption u/s 11 and...

Trader Sold Opening Stock at Discounted Rates Leading to Higher Sales Compared to Previous Years:...

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

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...

ITAT Weekly Round-Up [Jan 11-Jan 17,2025]

This weekly round-up analytically summarises the key stories related to the Income Tax Appellate Tribunal (ITAT) reported at Taxscan during the previous week from January 11th to January 17th 2025. ...

ITAT - ITAT Weekly Round-UP - Income tax - ITAT news - Income tax news - section 147 of the Income Tax Act - Kolkata Bench of Income Tax Appellate Tribunal - Income Tax Act - National Faceless Appeal Centre - Taxscan

AO Partially Disallows Property Improvement Costs; ITAT Allows Full Deduction, Accepting Architect's Valuation [Read Order]

The Chandigarh Bench of the Income Tax Appellate Tribunal (ITAT) overturned the partial disallowance of property improvement costs claimed by the assessee, directing full allowance based on the...

Discrepancy in FMV: ITAT Directs AO to Determine by Conducting Thorough Fact-Finding Process, Applying Explanation u/s 56(2)(viib)[Read Order]

The Chennai Bench of the Income Tax Appellate Tribunal (ITAT) directed the Assessing Officer (AO) to Determine the Fair Market Value (FMV) of Shares by conducting a thorough Fact-Finding Process and...

ITAT Condones Delay Due to Bona Fide Reasons Based on Affidavit and Remands Case to CIT(A) for Fresh Hearing [Read Order]

The Kolkata Bench of Income Tax Appellate Tribunal(ITAT) condoned the delay in filing an appeal by the assessee based on bona fide reasons outlined in an affidavit including financial difficulties...

Disallowance of Sales Promotion Expense u/s 37(1): ITAT Allows Deduction Based on Evidence Provided [Read Order]

The Kolkata Bench of Income Tax Appellate Tribunal(ITAT)allowed the deduction of Rs. 4,81,477 as sales promotion expenses under section 37(1) of Income Tax Act,1961 after the assessee provided...

Commission Rate on Accommodation Entries: ITAT Directs AO to Apply 0.15% Instead of 1% [Read Order]

The Kolkata Bench of Income Tax Appellate Tribunal ( ITAT ) directed the Assessing Officer ( AO ) to apply a 0.15% commission rate for accommodation entries instead of the 1% rate initially used. ...

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