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Rent Income from Profit and Gains of Leasing Company Assessable as ‘Income from Profits and Gains of Business’: Bombay High Court [Read Order]

Avinash Kurungot

In a recent decision, the Bombay High Court maintained that Rent Income from the profit and gains of a leasing company derived through the lease of...

Income Tax Appeal Portal Update: ITAT Website Migrates to New Server

Non-discharge of Onus of Proof by AO: Bombay HC quashes treatment of Purchase Expenses as Bogus...

AO erred in Adding ₹12.10 Lakh to Income instead of ₹27 Cr: ITAT upholds Revision Order [Read Order]

Sales of ‘Kaccha Arahtia’ for Principal excluded from Turnover u/s 44AB: ITAT directs to Credit...

Pendency of Appeal w.r.t. Joint Development Agreement: ITAT Condones Delay of 395 Days to Avoid Double Addition [Read Order]

In a recent decision, the Income Tax Appellate Tribunal (ITAT) condoned a 395-day delay in the filing of an appeal by the assessee/appellant, M/s Khoday Ehshwarsa and Sons. The case involved a Joint...

ITAT Members get reshuffled Places of Posting: Central Govt issues Transfer Order [Read Order]

The Central Government, in consultation with the senior-most Vice Presidents, has issued a transfer order on 09th October, 2024, reshuffling several Honourable Members of the Income Tax Appellate...

ITAT quashes Income Tax Additions based on Third Party Statements [Read Order]

The Income Tax Appellate Tribunal ( ITAT ) has quashed income tax additions based solely on third-party statements, as seen in the recent ruling in Olive Overseas Pvt. Ltd. vs. DCIT. In this case,...

Calcutta HC allows Income Tax Deduction u/s 80IA on Port Infrastructure Development [Read Order]

While upholding the order of Income Tax Appellate Tribunal ( ITAT ), the Calcutta High Court held that deduction under section 80IA of the Income Tax Act is allowable on port infrastructure...

[BREAKING] “Purchases in question were not Bogus”: ITAT uses CESTAT Ruling Ratio to quash Income Tax Revision Proceedings [Read Order]

In a significant ruling, the Income Tax Appellate Tribunal ( ITAT ) quashed the revision proceedings under Section 263 of the Income Tax Act initiated against the assessee at Vadodara, for Assessment...

Approval of S. 153D Assessment on Next day by Addl. CIT: ITAT quashes Demand Order [Read Order]

Recently in a case, the Income Tax Appellate Tribunal ( ITAT ) quashed a demand order that arose from an assessment approved under Section 153D of the Income Tax Act 1961 (ITA), The assessee/...

Non-Compliance and Failure to Explain Bank Credits: ITAT upholds ₹3.13 Crore S.69 Addition under Income Tax [Read Order]

In a recent ruling, the Income Tax Appellate Tribunal ( ITAT ) upheld the addition of ₹3.13 crore as unexplained cash deposits in the bank accounts of an appellant, citing his failure to provide any...

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