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ITAT Delhi Drops Tax Appeal as LiuGong India Opts for Relief under Vivad Se Vishwas Scheme [Read Order]

Nandan GK

In a recent ruling, the Income Tax Appellate Tribunal (ITAT), Delhi Bench dismissed an appeal after the appellant opted for the Direct Tax Vivad se...

Amount transferred from Current Account to Deposit Account to maintaining shortfall of...

Failure to prove genuinity of Income from Agriculture Activities: ITAT upholds Addition [Read Order]

Delay of 726 Days not properly explained: ITAT dismisses Appeal [Read Order]

No addition can be made u/s 153A in absence of incriminating evidence found as a result of search,...

Onus to Prove Non-Accrual of Capital Gain Lies on Assessee: ITAT Orders for Readjudication of Capital Gain Assessment [Read Order]

In a ruling by the Chennai Bench of the Income Tax Appellate Tribunal (ITAT), it was determined that the burden of proof lies with the assessee to demonstrate that the capital gains did not accrue to...

VAT collected Separately from Customer differ from Charges u/s 40 (a) (iib), Deduction allowable: ITAT quashes Revisional Order [Read Order]

The Chennai bench of the Income Tax Appellate Tribunal (ITAT) VAT collected separate from customers different from charges u/s 40 (a) (iib) of the Income Tax Act,1961 and deductionis allowable. ...

No Material Records to invoke Disallowance u/s 40A(3): ITAT directs AO to estimate Addition at 10% for Purchases [Read Order]

The Chennai Bench of the Income Tax Appellate Tribunal (ITAT) has held in partial relief to the assessee that, it was erroneous to invoke Section 40A(3) of the Income Tax Act, 1961 and disallow...

ITAT deletes Penalty against Balaji Telefilms on grounds of non-specific charges [Read Order]

The Income Tax Appellate Tribunal (ITAT), Mumbai Bench deleted the penalty imposed by the Assessing Officer (AO) against M/s Balaji Telefilms on grounds of non-specific charges. The AO initiated...

ITAT confirms deletion of Penalty against ICICI Bank [Read Order]

The Income Tax Appellate Tribunal (ITAT), Mumbai Bench confirmed the deletion of penalty against ICICI Bank. The assessee, ICICI Bank was engaged in the business of share and stockbroking...

Excess Expenditure can’t be allowed since Interest bearing Loans were Utilized to Advances Interest Free Loans: ITAT [Read Order]

In a recent decision in Nitin Kumar Ganeriwala vs. Income Tax Officer, Mumbai bench of Income Tax Appellate Tribunal (ITAT) recently held that excess expenditure cannot be allowed since...

ITAT confirms Penalty since Wealth Tax Return was Filed after Search Proceedings [Read Order]

The Mumbai bench of Income Tax Appellate Tribunal has confirmed the penalty since Wealth Tax Return was filed after search proceedings. The bench comprising of Judicial Member Mahavir Singh and...