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Stay updated with the latest ITAT judgments, orders, and appellate rulings impacting income tax matters in India.

Penalty imposed u/s 271(1)(c) of IT Act without proving either Concealment of Income or Filing of Inaccurate Particulars of Income: ITAT quashes Order [Read Order]

Shabna Rahim

The Dehradun bench of the Income Tax Appellate Tribunal ( ITAT) held that the penalty imposed under section 271(1)(c ) of the Income Tax Act,1961...

The difference in non-delivery derivative Transactions be taken for determining Turnover for Tax...

Charitable Trust Registration Rejected Without Fair Hearing Opportunity: ITAT orders Reconsideration...

Carat Wise Stock Maintenance is Sufficient Compliance to Genuine Purchases in Diamond Trade :ITAT...

Section 44BB of the Income Tax Act cannot be applied in the absence of PE: ITAT [Read Order]

Money Borrowed for Business Purpose is Allowable as Business Expenditure :ITAT [Read Order]

The Ahmedabad Bench of Income Tax Appellate Tribunal (ITAT) has held that the money borrowed for business purposes was allowable as business expenditure. The assessee Applitech Solution Ltd. was...

Valuation Report of Equity Shares prepared by Accountant is not Sacrosanct: ITAT upholds Revision Order [Read Order]

The Kolkata bench of the Income Tax Appellate Tribunal (ITAT) has recently held that a valuation report of equity shares prepared by an accountant is not sacrosanct. Hence the bench upheld the...

Deduction u/s 80IB of IT Act shall not be Allowable in Respect of Increase in Business Income due to Addition on Account of Concealed Production: ITAT [Read Order]

The Mumbai bench of Income Tax Appellate Tribunal (ITAT) has recently held that deduction under Section 80IB of Income Tax Act, 1961 should not be allowable in respect of increase in business...

Penalty Imposed u/s 270A of IT Act for Misreporting of Income without Application of Mind: ITAT directs Re-adjudication [Read Order]

The Mumbai bench of Income Tax Appellate Tribunal (ITAT) held that the penalty imposed by the assessing officer under section 270A of Income Tax Act,1961 for misreporting of income without the...

Disallowance u/s 14A of IT Act shall not exceeds limit of exempted income: ITAT [Read Order]

The Mumbai bench of Income Tax Appellate Tribunal( ITAT) held that the disallowance under section 14A of Income Tax Act,1961 cannot exceeds the limit of exempted income. Anant Raj Limited, the...

No Addition can be made u/s 56(2)(x)(b) of IT Act if Allotment Letter issued for Purchase Property in Future: ITAT [Read Order]

The Mumbai bench of Income Tax Appellate Tribunal (ITAT) has recently held that no addition could be made under Section 56(2)(x)(b) of Income Tax Act 1961 if an allotment letter is issued for...

HUF Eligible for Capital Gain Exemption u/s 54B From 01/04/2013: ITAT [Read Order]

The Delhi Bench of Income Tax Appellate Tribunal (ITAT) has held that the Hindu Undivided Family (HUF) would be eligible for capital gain exemption under Section 54B of the Income Tax Act 1961 from...

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