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Assessment Proceedings against a Non-Existent Company is Void Ab Initio: ITAT [Read Order]

The Kolkata bench of the Income Tax Appellate Tribunal (ITAT) recently held that the Assessment proceedings against a non-existent company is Void Ab...

ITAT quashes Assessment Order Due to Lack of Opportunity given to be Heard to Assessee u/s 144A...

ITAT disallows Exemption under Section 54B for Property Purchased in Name of Wife [Read Order]

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

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 Should Not Be Treated Personal, rules ITAT [Read Order]

The Delhi Bench of Income Tax Appellate Tribunal (ITAT) has granted relief to Finesse global company holding that the business promotion expenses for improving visibility of the brand should not be...

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

The Kolkata Bench of the Income Tax Appellate Tribunal (ITAT) recently held that the relief under Section 90 of the Income Tax Act, 1961 should not be denied solely on the ground of a delay in filing...

Cane Development Council is Local Authority u/s 10(20) of Income Tax Act: ITAT deletes Tax Demand [Read Order]

The Income Tax Appellate Tribunal (ITAT) of Delhi bench has held that Cane Development Council is a local authority under section 10(20) of the Income Tax Act, 1961. The assessee is a local...

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...

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