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Reopening Based Solely on Third-Party Information and 'Reason to Suspect' Invalid: ITAT Quashes ₹80.59 Lakh Addition [Read Order]

Franklin Joshva

The Chandigarh Bench of the Income Tax Appellate Tribunal (ITAT) quashed the reassessment proceedings initiated under Section 147 of the Income Tax...

“Reason to Believe” Must Rest on Correct Facts: ITAT invalidates Reopening Based on Wrong...

JDA Does Not Constitute Transfer u/s. 2(47): ITAT Deletes Capital Gains Addition on Security Deposit...

Valuation Report for Cost of Acquisition in LTCG Computation Accepted: ITAT Directs Re-Computation...

No Independent Evidentiary Value For Statement Recorded u/s 133A During Survey: ITAT Deletes ₹9.6...

AO Not Required to Record Categorical Finding For Income Escapement: ITAT Upholds Reassessment Despite Lack of Cross Examination [Read Order]

The Chandigarh Bench of the Income Tax Appellate Tribunal ( ITAT ) has upheld the reassessment proceedings initiated by the Assessing Officer (AO) stating that a categorical finding of income...

Loose Computerized Sheet Found at Taxpayer’s Premises Not Corroborative Evidence: ITAT Deletes ₹7 Crore Addition and Penalty [Read Order]

The Chandigarh Bench of the Income Tax Appellate Tribunal (ITAT) has ruled that a loose computerized sheet found during a search without corroborative evidence, did not constitute valid grounds for...

S. 12A Application Pending Before CIT(E): ITAT Remands S. 80G Claim Rejection Matter for Concurrent Consideration [Read Order]

The Chandigarh Bench of the Income Tax Appellate Tribunal ( ITAT ) remanded the matter concerning the rejection of Shiv Manav Nirman Sansthan’s application for registration under Section 80G of the...

10% Tolerance Band u/s 43CA Applies Retrospectively to Address Stamp Valuation Discrepancies: ITAT [Read Order]

The Kolkata Bench of Income Tax Appellate Tribunal ( ITAT ) ruled that the 10% tolerance band under Section 43CA introduced by the Finance Act, 2020 to address stamp duty valuation discrepancies...

ITAT invalidates Deemed Gift Addition u/s 56(2)(vii)(b)(ii) based on Allotment Letter Validity [Read Order]

The Kolkata Bench of Income Tax Appellate Tribunal ( ITAT ) invalidated the deemed gift addition made under Section 56(2)(vii)(b)(ii) of the Income Tax Act,1961, emphasizing that an allotment letter...

S.80G(5)(iv) Exemption allowable as Application Filed within CBDT's Extended Deadline: ITAT rules in Favour of Income Tax Bar Association [Read Order]

The Calcutta Bench of Income Tax Appellate Tribunal ( ITAT ) has held that exemption under Section 80G (5)(iv) of the Income Tax Act, 1961 allowable as an application filed within the extended time...

Payment to Pollution Control Board for Environmental Norms Violation does not amount to Penalty, No Disallowance under Income Tax Act: ITAT [Read Order]

The Kolkata bench of Income Tax Appellate Tribunal ( ITAT ) has held that payment made by the assessee to the Pollution Control Board for violation of environmental norms would not be penal and held...