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Rule 11UA Allows 10% Tolerance Limit for Differences Between Issue Price and FMV, No Additions Required u/s 56(2)(viib): ITAT

Kavi Priya

The Chennai bench of Income Tax Appellate Tribunal ( ITAT ) ruled that no addition was required under Section 56(2)(viib) of the Income Tax, 1961 if...

Foreign Tax Credit already Paid: ITAT directs to Exclude Foreign Assignment Salary for Income...

Sufficient Documentary Evidence: ITAT directs AO to treat Income as Agricultural and not from Other...

Revenue fails to consider submissions, Violating Principles of Natural Justice: ITAT Restores Case...

ITAT upholds Reopening of Income Tax Assessment: grants partial relief w.r.t. unexplained cash...

Exemption u/s 10(23C)(iv) cannot be rejected if Net Surplus is less than 20% of Total Receipts: ITAT [Read Order]

The Chennai bench of the Income Tax Appellate Tribunal ( ITAT ) held that the exemption claimed under Section 10(23C)(iv) of Income Tax Act, 1961, cannot be rejected if the net surplus is less...

Expense Disallowance u/s 14A exceeds Exempt Income, no Error or Revenue Prejudice Found: ITAT criticizes PCIT's unnecessary revision [Read Order]

The Chennai Bench of Income Tax Appellate Tribunal ( ITAT ) criticized the Principal Commissioner of Income Tax for not recognizing that the assessee had already disallowed a higher amount of...

ITAT Weekly Round Up

This weekly round-up analytically summarizes the key stories related to the Income Tax Appellate Tribunal (ITAT) reported at Taxscan.in during the previous week 28th July 2024 to 2nd August...

Tamil Nadu Advocates Welfare Fund exempted from Income Tax u/s 23 of AWF Act: ITAT [Read Order]

The Chennai Bench of the Income Tax Appellate Tribunal ( ITAT ) ruled that the Tamil Nadu Advocates Welfare Fund is exempted from Income Tax under section 23 of the AWS Act, against the provisions of...

Penalty u/s 271B for Not Filing Audit Report: ITAT upholds Order [Read Order]

Recently the Income Tax Appellate Tribunal (ITAT) Chennai dismissed an appeal made for the deletion of penalty imposed under section 271 of the Income Tax Act 1961 (ITA), as ordered by the...

AO must Forward Draft Assessment to assessee u/s 144 C of Income Tax Act if he proposes to make any variation in ITR: ITAT [Read Order]

The Chennai bench of the Income Tax Appellate Tribunal ( ITAT ) held that as per section 144 C of the Income Tax Act, 1961 the Assessing Officer ( AO ) must pass a draft assessment order to the...

Bonus paid as CTC to Employees cannot be Disallowed u/s 43B of Income Tax Act: ITAT grants Relief to Renault [Read Order]

In a ruling that grants relief to Renault Nisan Automotive, the Chennai bench of the Income Tax Appellate Tribunal ( ITAT ) has held that bonuses paid as CTC of employees cannot be disallowed under...

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