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Judicial Member Amit...

Relief for Nippon India: ITAT Rules S.14A read with rule 8D Disallowance Applies Only to Investments Yielding Exempt Income [Read Order]

Sneha Sukumaran Mullakkal

The Mumbai Bench of Income Tax Appellate Tribunal ( ITAT ) granted relief to Nippon Life India Asset Management Limited by holding that disallowance...

Addition u/s 43CA r.w.s. 56(2) on Flat Sale Requires Merits-Based Review: ITAT sets aside...

Name of Assessee not Mentioned in Seized Documents: ITAT deletes Income Tax Additions [Read Order]

Surcharge on Private Discretionary Trust Income: ITAT Applies 15% Rate as Income Does Not Exceed ₹2...

Dividend Paid to IFC Exempt from Dividend Distribution Tax Under Overriding Immunity of IFC Act,...

No Addition Can Be Made Solely on 26AS-Sales Mismatch Due to Double TDS Deduction by Client: ITAT [Read Order]

The Mumbai Bench of Income Tax Appellate Tribunal( ITAT) held that no addition could be made solely on the basis of a mismatch between sales reported in the books and figures in Form 26AS,...

Cash Seized During 2019 Elections: ITAT Quashes Assessments u/s 153A for Failure to Issue Certificate u/r 112F [Read Order]

The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has set aside the assessment orders and ruled that the proceedings under Section 153A of the Income Tax Act, 1961, were invalid due to...

ITAT quashes Impugned Additions imposed in “Injudicious Manner”, reprimands Lack of Requisite Care [Read Order]

The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) expressed strong dissatisfaction with the careless conduct of the Faceless Assessing Officer (AO) and the Faceless Commissioner of Income...

ITAT Condones 450-Day Delay in Income Tax Appeal Filing Due to Former CA's Oversight [Read Order]

The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) condoned a delay of 450 days in filing an appeal, attributing it to the negligence of the former Chartered Accountant (CA) in failing to...

GST Collected by Foreign Company not to be Included in Gross Receipts for Computation of Income u/s 44BB: ITAT [Read Order]

The Income Tax Appellate Tribunal ( ITAT ) bench of Mumbai has ruled that the GST (Goods and Services Tax) collected by the foreign company is excluded from Gross Receipts for calculating income...

ITAT upholds invocation of revisional jurisdiction u/s 263 by PCIT: Twin Conditions of “Error” and “Prejudice to the Interest of Revenue” Satisfied [Read Order]

The Mumbai bench of Income Tax Appellate Tribunal (ITAT) recently upheld the invocation of revisional jurisdiction under Section 263 of the Income Tax Act, 1961 by the Principal Commissioner of...

ITAT dismisses Tax Appeal as assessee Applies for Vivad Se Vishwas Scheme [Read Order]

In a recent case, the Income Tax Appellate Tribunal (ITAT) in Mumbai granted the assessee's request to drop their appeal after the assessee opted for the Vivad Se Vishwas (VSV) Scheme. The...