ITAT Weekly Round-Up [May 27th - 31st]
This weekly round-up analytically summarises the key stories related to the Income Tax Appellate Tribunal (ITAT) reported at Taxscan during the...
ITAT Sets Aside S.263 Order Disallowing Goodwill Depreciation for AY 2016-17, Ruling IND AS 103 Not Applicable [Read Order]
The Delhi Bench of Income Tax Appellate Tribunal (ITAT) set aside the Section 263 of Income Tax Act,1961 order disallowing depreciation on goodwill for assessment year 2016-17, ruling that IND AS 103...
Exemption on Interest from Enhanced Compensation u/s 10(37): ITAT Rules It Taxable as Income from Other Sources [Read Order]
The Delhi Bench of Income Tax Appellate Tribunal ( ITAT ) dismissed the claim for exemption on interest received from enhanced compensation for compulsory acquisition of agricultural land under...
Genuineness of Business Transaction Affirmed: ITAT Deletes Rs. 4.90 Lakh Addition for Director's Loan [Read Order]
The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) has set aside an addition of Rs. 4.90 lakh made under Section 68 of the Income Tax Act, 1961, and affirmed the genuineness of a business...
ITAT Orders Fresh Probe into Rs.50 Lakh Cash Robbery Case, Asks Department to Verify Farmers’ Claims [Read Order]
The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) has sent back the case involving an addition of Rs.50 lakh under Section 69A of the Income Tax Act to the Assessing Officer for a fresh...
ITAT Orders Re-Examination of Rs.83 Lakh Dispute for Shipping Firm, Cites Contingent Liability Error [Read Order]
The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) has directed a fresh verification in the case of Howe Robinson Shipping India Pvt. Ltd. regarding an addition of Rs.83,46,490, which had...
ITAT Grants Relief to Charitable Trust, Orders Fresh Hearing on Registration After Trust Deed Modifications [Read Order]
The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) has set aside the order of the Commissioner of Income Tax (Exemptions) rejecting the registration of Krishnavi Charitable Trust under...
ITAT Sets Aside Additions, Asks AO to Re-examine Rs.2.5 Cr Loans & Rs.1.66 Cr Property Advances [Read Order]
The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) has directed a fresh assessment in the case of Shri Hemant Kumar, setting aside key additions made by the Assessing Officer for Assessment...
