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Relief to Tata Chemicals: ITAT Allows Deduction of ₹156 crores Interest on Loan Utilized for Overseas Investment u/s 36 (1) (iii) [Read Order]

Aakanksha Bajoria

The Mumbai bench of Income Tax Appellate Tribunal (ITAT) has set aside an order passed by the Principal Commissioner of Income Tax (PCIT) which...

Interest u/s 234C to be calculated on Returned Income: ITAT in Goldman Sachs case [Read Order]

GST cannot be included while computing Deemed Income u/s 44B: ITAT [Read Order]

CIT(A) accepts additional Evidence on LTCG without complying with Rule 46A: ITAT Remands to AO for...

Tax Treaty Benefit Not Denied merely on Ground of Mobile Number Provided in ITR showed Fraud in True...

Appellant’s Bank statements Confirms Full Payment and Compliance with Section 56 (2)(x) (b) (B): ITAT deletes addition of Rs. 60.1 Lakhs [Read Order]

The Mumbai bench of the Income Tax Appellate Tribunal ( ITAT ) has deleted the addition of INR 60.1 Lakhs after the appellant's bank statements confirmed full payment and compliance with Section...

AO fails to Record Dissatisfaction mandated u/s 14A: ITAT allows Expenditure Claim u/s 14A Incurred in relation to Earning Exempt Income [Read Order]

The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) allowed the claim of expenditure incurred in relation to earning exempt income under Section 14A, as the assessing officer failed to...

Management Fees for Sale of Securities is allowable Expenditure u/s 48 of Income Tax Act: ITAT [Read Order]

The two member bench of the Income Tax Appellate Tribunal ( ITAT ), Mumbai, ruled that management fees for sale of securities is allowable expenditure under Section 48 of the Income Tax Act, 1961 ...

ITAT upholds Transfer Pricing Adjustment made on Purchase consideration paid under Scheme of Amalgamation entered with Holding Company [Read Order]

The Mumbai bench Income Tax Appellate Tribunal ( ITAT ) upheld that transfer pricing adjustment made on purchase consideration paid under the scheme of amalgamation entered with the holding company. ...

Surplus on Redemption of Treasury bill is to be taxed under Capital Gains: ITAT [Read Order]

The Mumbai bench of the Income Tax Appellate Tribunal ( ITAT ) observed that Surplus on Redemption of Treasury bill is to be taxed under Capital Gains. The Assessing Officer ( AO ) had observed...

ITAT deletes Penalty imposed u/s 271(1)(c) of Income Tax Act on Estimated Quantum Addition based upon information from Sales Tax Department [Read Order]

The Income Tax Appellate Tribunal (ITAT) Mumbai bench deleted the penalty imposed under Section 271(1)(c) of the Income Tax Act ,1961 on estimated quantum addition based upon information from the...

Reopening of Assessment after 4 Year with Approval of Joint Commissioner is Invalid: ITAT [Read Order]

The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) has held that the reopening of assessment after 4 years with the approval of joint commissioner was invalid. Assessee, Maiden Marketing...