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Judicial Member George...

ITAT Weekly Round-Up (28th September- 4th October)

Akhaigha T Josh

This weekly round-up analytically summarises the key stories related to the Income Tax Appellate Tribunal (ITAT) reported at Taxscan during the...

Chennai ITAT Applies ‘Surviving Period’ Rule for First Time, quashes Income Tax Reassessment Notice...

Partial Relief Granted to Palmshore Hotels: ITAT Directs Reassessment on Business Income...

ITAT Sets Aside Best Judgment Assessment u/s 144, Orders Fresh Hearing Noting Prior Grant of S.11...

Non-Mention of Rule 46A Not Ground to Reject additional evidence: ITAT Remands Rs. 23.08 Cash...

Absence of Form 3CL Alone Cannot Justify Denial of Weighted Deduction for R&D Expenditure: ITAT [Read Order]

The Chennai Bench of the Income Tax Appellate Tribunal (ITAT) ruled that the absence of Form 3CL alone cannot justify the denial of weighted deduction under Section 35(2AB) of the Income Tax Act,...

ITAT Deletes Rs.12.14 Lakh Addition, Citing CBDT Instruction on Jewellery [Read Order]

The Income Tax Appellate Tribunal ( ITAT ) Chennai Bench has ruled in favor of Laxmi Nanda Kishore, setting aside the Rs.12.14 lakh addition made under Section 69 of the Income Tax Act, 1961. The...

Medical Reasons caused Delay in Appeal after Payment of Requisite Fees: ITAT remands Matter to CIT(A) [Read Order]

The Income Tax Appellate Tribunal ( ITAT ), Bangalore while hearing an Income Tax Appeal, endorsed the medical reasons cited by the Appellant while praying for the condonation of delay to file the...

ITAT orders Condonation of 1809-Day Delay in FTC Disallowance Appeal After Verification of Form 67 [Read Order]

The Bangalore Bench of the Income Tax Appellate Tribunal ( ITAT ) passed a decision to condone a delay of 1809 days in a matter regarding disallowance of Foreign Tax Credit ( FTC ), while also...

No Specification of Concealment or Inaccurate Particulars in SCN: ITAT rescinds Rs.10 Crore Income Tax Addition u/s 271(1)(c) [Read Order]

The Income Tax Appellate Tribunal (ITAT), Bangalore recently dismissed the addition of Rs.10 Crore to the Income Tax of an Assessee under Section 271(1)(c) of the Income Tax Act, 1961, upon...

Interest Income received from Co-Op Society/Banks entitled to Deduction u/s 80P(2)(d): ITAT [Read Order]

The Income Tax Appellate Tribunal ( ITAT ), Bangalore recently affirmed that deductions under Section 80P(2)(d) of the Income Tax Act, 1961 may be availed on interest income received from...

VAT Penalties cannot be allowed as Income Tax Deduction u/s 37: ITAT [Read Order]

The Income Tax Appellate Tribunal ( ITAT ), Bangalore Bench, has clarified that penalties levied under the Value Added Tax ( VAT ) cannot be claimed as a deduction under Section 37 of the Income Tax...