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ITAT Deletes Addition of Rs 40 Lakhs, Holds Assessee's Explanation on Cash Deposits as Sufficient [Read Order]

Adwaid M S

In a major relief to the assessee, the Income Tax Appellate Tribunal (ITAT) Chennai Bench has deleted an addition of Rs. 40 lakhs made under Section...

AO Adds based on Mobile Phone Image Indicating Higher Sale Consideration: ITAT Deletes due to...

Unsubstantiated Income shown in ITR: ITAT upholds Estimation of Income at 8% of Gross Receipts by AO...

Revenue Challenges ₹2.41 Crore Deletion by CIT(A): ITAT Confirms Stamp Paper Purchases for Customer...

Clear Violation of S. 250(6): ITAT sets aside Ex- Parte Order regarding addition on Cash Deposits of...

ITAT sets aside Ex-Parte Order after Technical Glitches led to Non-Compliance [Read Order]

The Chennai bench of the Income Tax Appellate Tribunal ( ITAT ) set aside an ex-parte order after technical glitches led to non-compliance by the assessee. The issue in this case pertains to the...

Income Tax Hearing Notice Not Received: ITAT Quashes Ex Parte Order, Remands Matter for Fresh Hearing [Read Order]

The Chennai Bench of the Income Tax Appellate Tribunal (ITAT) quashed an ex parte order issued by the Commissioner of Income Tax (Appeals) [CIT(A)] due to the assessee did not receive the income tax...

ITAT Reduces Penalty to Rs 10,000 for Non-Response to Notices, Citing Assessee's Depression and Business Loss [Read Order]

The Chennai Bench of Income Tax Appellate Tribunal ( ITAT ) reduces the penalty levied upon the appellant by Commissioner of Income Tax (Appeals). Jayasakthi Knit Wear,appellant-assessee...

ITAT Restores Case to AO for Fresh Assessment on Carry Forward of Losses and Unabsorbed Depreciation, Citing Incomplete Evaluation of Merger Impact [Read Order]

The Chennai Bench of Income Tax Appellate Tribunal ( ITAT ) restores the case to the Assessing Officer ( AO ) for fresh assessment on the carry forward of losses and unabsorbed depreciation, citing...

ITAT remands Case to CIT(A) for Fresh Review, Citing Procedural Deficiencies in Assessment Order [Read Order]

The Chennai Bench Of Income Tax Appellate Tribunal ( ITAT ) remanded the case to the Commissioner of Income Tax (Appeals)[CIT(A)] for a fresh review, citing procedural deficiencies in the assessment...

Relief to IDFC: ITAT Directs AO to Limit Disallowance u/s 14A to 0.5% of Exempt Income Earned Based on Rule 8D(2)(iii) [Read Order]

The Chennai Bench of Income Tax Appellate Tribunal (ITAT) directed the assessing officer (AO) to limit the disallowance under Section 14A to 0.5% of exempt income earned by the assessee based on Rule...

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

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 the difference between the issue price and Fair...