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Mere Determination of Income based on Surmise and Conjecture is Grossly Illegal: ITAT [Read Order]

Sunayana Dhal

The Delhi bench of the Income Tax Appellate Tribunal (ITAT) held that mere determination of the income based on surmise and conjecture is grossly...

Income Tax on sum received from Mother-in-Law by way Settlement of case in Court: ITAT directs Fresh...

No addition can be made on Cash Deposited to Bank Account from Husband's Savings for pay of Bank...

Belated Return cannot be Submitted After the Expiry of One Year from the End of the AY: ITAT [Read...

ITAT grants benefit of CBDT Instruction with regard to Jewellery of Grand Mother [Read Order]

Relief to Maruti Suzuki: ITAT directs to consider Amount of Royalty as a Revenue Expenditure [Read Order]

As a relief to Maruti Suzuki India, the Delhi bench of the Income Tax Appellate Tribunal (ITAT) directed the Assessing Officer (AO) to consider the amount of royalty as a revenue expenditure. ...

Disallowance u/s 14A applicable only if AO finds assessee incurred Expenses with Credible Evidence: ITAT rules in favour of Maruti Suzuki

In a significant case, the Delhi bench of the Income Tax Appellate Tribunal (ITAT) has held that disallowance under section 14A of the Income Tax Act, 1961 is applicable only if the Assessing Officer...

Income Tax Penalty cannot be attracted for Application of S. 50C: ITAT [Read Order]

The Delhi bench of Income Tax Appellate Authority (ITAT) has recently held that the Income tax penalty could not be attracted for application of section 50C of Income Tax Act 1961. Section 50C of...

Repayment of Debt is Application of Income If Such Debt Was Taken as Part of Receipts of Charitable Trust: ITAT [Read Order]

The Income Tax Appellate Tribunal ITAT) recently held that repayment of debt is application of income if such debt was taken as part of receipts of charitable trust. Assessee , Spiritual...

Statutory Notice should not be Issued in a Casual and Mechanical Manner: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), New Delhi, has recently, in an appeal filed before it, held that statutory notice should not be issued in a casual and mechanical manner. The aforesaid...

Company Audit and AGM on 31st March: ITAT upholds Rejection of Valuation Report Violating Rule 11UA [Read Order]

Delhi Bench of Income Tax Appellate Tribunal (ITAT) upheld the rejection of valuation report submitted by the assessee on the grounds that it violated the rule 11UA of Income Tax Rules. The appeal...

Penalty u/s 271AAA can be Imposed When Assessee accepted Undisclosed Income in section 132(4) statement: ITAT [Read Order]

The Delhi bench of the Income Tax Appellate Tribunal (ITAT) has held that penalty under section 271AAA of the Income Tax Act can be imposed when the assessee accepted undisclosed income in the...

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