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Supreme Court directs ITAT to Ensure E-filing of Appeals [Read Judgement]

The Supreme Court of India directed Income Tax Appellate Tribunal (ITAT) to ensure that the appeals are e- filed and not physically filed. In...

No Addition can be made on Unexplained Cash Credit from Sale and Purchase of Shares: ITAT [Read...

Income offered towards Excess Stock not Unexplained Investment u/s 69B, No Income Tax levy u/s...

Capital Gain Exemption Benefit u/s 54 can be availed in respect of Basement Property: ITAT [Read...

ITAT allows Stamp Duty paid on Sale by Builder, holds Section 43CA of Income Tax Act not to be...

Diversion of Borrowed Fund for non-business purposes: ITAT upholds Disallowance of Excess Interest

In a recent judgement, the Pune bench of the Income Tax Appellate Tribunal (ITAT)upheld the disallowance of excess interest on borrowed funds since the assessee diverted the fund for non-business...

Absence of Unabsorbed Depreciation in Earlier Years doesn’t bar Set off of Unabsorbed Depreciation against Income from Other Sources: ITAT

The Income Tax Appellate Tribunal (ITAT), Ahmedabad Bench, held that the absence of unabsorbed depreciation in earlier years does not bar set off of unabsorbed brought forward depreciation against...

No addition can be made on Unexplained Credit Amount in the Bank Account of Assessee: ITAT [Read Order]

The Delhi bench of Income Tax Appellate Tribunal (ITAT) recently held that no addition can be made on unexplained credit amount appearing in the bank account of assessee. Assessee-Ajay Kumar...

Payment to Contract Teachers does not amount to ‘Fee for Professional Services’, TDS u/s 194J Not Applicable: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Hyderabad Bench, has recently, in an appeal filed before it, held that payment to contract teachers does not amount to ‘Fee for Professional Services’, and...

No Addition u/s 68 for Turnover Already Reflected in Books of the Assessee: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Amritsar Bench, has recently, in an appeal filed before it, held that no addition can be made under Section 68 of the Income Tax Act, for turnover already...

Inter-Account Transfer and Sale of Shares for a Loss not Income: ITAT quashes Addition under Section 69 and 69A [Read Order]

The Income Tax Appellate Tribunal (ITAT), Delhi Bench, has recently, in an appeal filed before it, while quashing an addition made under section 69 and 69A, held that inter- account transfer and sale...

Reopening of Assessment on Change of Opinion: ITAT quashes Penalty against Assessee who correctly Declared Income [Read Order]

The Income Tax Appellate Tribunal (ITAT), Ahmedabad Bench, has recently, in an appeal filed before it, on the reopening of an assessment based on change of opinion, quashed the penalty against the...

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