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ITAT Panaji

Sugar Company Claims Rs. 14.45 Lakh Interest on FDs against Pre-Operative Expenses: ITAT Allows Set-Off [Read Order]

Sneha Sukumaran Mullakkal

The Panaji Bench of Income Tax Appellate Tribunal ( ITAT ) allowed a set-off of Rs. 14.45 lakh interest earned on fixeddeposits (FD) by the assessee...

Housing Loan Deduction u/s 80C Disallowed by AO: ITAT Confirms Eligibility of Co-op Credit Society...

₹4.81L Housing Loan Repayment Treated as Unexplained u/s 69C: ITAT Remands Matter to AO for...

Number of Associate Members of Cooperative Society continued to be more than 15% of Total membership...

Rejection of Income Tax Appeal citing Time Barred by One Day: ITAT sets aside NFAC’s Dismissal on...

ITAT Restores Co-op Society’s Appeal, Orders Fresh Hearing on Rs.1.1 Cr 80P Deduction Denial [Read Order]

The Income Tax Appellate Tribunal (ITAT) Panaji Bench has set aside an ex parte order against The Mercantile Co-op Credit Society Ltd., directing the Commissioner of Income Tax (Appeals) [CIT(A)] to...

ITAT gives Second Chance to Fruit Trader in Rs.28 Lakh Demonetization Case Over Procedural Lapses [Read Order]

The Income Tax Appellate Tribunal (ITAT), Panaji Bench, has granted relief to a fruit trader by remanding the matter back to the Commissioner of Income Tax (Appeals) [CIT(A)] for fresh adjudication...

Natural Justice Prevails: ITAT Grants Assessee Fresh Hearing Opportunity Subject to Rs. 2,000 Cost Payment [Read Order]

The Panaji Bench of the Income Tax Appellate Tribunal (ITAT), upheld the principles of natural justice by providing the assessee with another opportunity to present their case before the Commissioner...

Denial of video conferencing without Justification: ITAT sets aside NFAC Order [Read Order]

The Panaji Bench of Income Tax Appellate Tribunal ( ITAT ) set aside the National Faceless Appeal Centre ( NFAC ) order after finding that the appellant's request for a video conference hearing was...

Stock Record Discrepancies: ITAT restricts Profit Estimation to 5% of Purchase Transactions of Petroleum Firm [Read Order]

In a recent judgment by the ITAT Panaji, the Tribunal restricted the profit estimation to 5% of the purchase transactions for a petroleum firm facing stock record discrepancies. A petroleum firm,...

Tax evasion by way of Colourable Devices and Sham Transaction to defraud Department: ITAT dismisses assessee appeal [Read Order]

The Income Tax Appellate Tribunal (ITAT) Panaji bench dismissed the appeal filed by the assessee and observed that the assessee has evaded tax by way of colourable devices and sham transactions to...

Anonymous Donations received by Religious Trust not Taxable: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Panaji has held that the provisions of taxation of the anonymous donations are not applicable in case of Religious Trust. The main object of the assessee, a...