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Software Exports to Foreign Subsidiaries Genuine on Documentary Evidence: ITAT Upholds Exemption u/s 10A and 10AA [Read Order]

Sandhra Suresh

The Mumbai bench of Income Tax Appellate Tribunal (ITAT) upheld the exemption u/s 10A and 10AA made by the CIT(A) based on the ground that the...

Rs. 20k Incremental Rent Paid to Related Party Disallowed as Excess u/s 40A(2)(b): ITAT Remits for...

Profit from Shop Sale Disputed as Business or Capital Gain: ITAT Remits Matter to AO to Verify and...

Client Code Modification Misuse: ITAT Upholds CIT(A)’s Restriction of Additions to 1% as Assessee...

Condonation of Delay Over Spam Email: ITAT Remands 12AB Registration Application to CIT(E) [Read...

ITAT Deletes Unexplained Cash Credit Addition of ₹2.85 Lakh u/s 68 Due to Lack of AO Verification of Broker Documents [Read Order]

The Mumbai Bench of Income Tax Appellate Tribunal ( ITAT ) deleted the unexplained cash credit addition of ₹2.85 lakh under section 68 of Income Tax Act,1961,due to the Assessing Officer’s (AO) ...

ITAT Condones Significant Appeal Delay for Elderly Directors Citing Health Concerns Due to Pandemic [Read Order]

The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has granted relief to an assessee by condoning a substantial delay in their appeal noting the health circumstances of the company's...

Unverified Third-Party Pen Drive Data Cannot Justify Income Tax Addition Without Confronting Taxpayer: ITAT [Read Order]

The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) set aside an addition made under Section 69A of the Income Tax Act, 1961, ruling that third-party data from a pen drive and statements...

Hawala Transactions: ITAT Upholds Addition on Bogus Purchases Due to Absence of Evidence to Rebut [Read Order]

The Mumbai Bench of Income Tax Appellate Tribunal ( ITAT ) upheld the addition of Rs. 74,61,350 made by the Assessing Officer (AO) , being 25% of purchases treated as bogus due to hawala...

No Tax on Redevelopment Flats u/s 56(2)(x) of Income Tax Act: ITAT

The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) in a decision, has held that The value of a new apartment acquired during a renovation project could not be taxed as "Income from Other...

Advance Payment Not Unexplained Credit: ITAT Deletes ₹2 Cr Addition u/s 68 of Income Tax Act [Read Order]

In a recent case, the Mumbai bench of the Income Tax Appellate Tribunal ( ITAT ) dismissed an appeal put forth by the revenue, deleting a ₹2 Crore addition made under the provisions of Section 68 of...

Penalty Not Maintainable When Assessment Order No Longer Exists: ITAT [Read Order]

The Mumbai Bench of Income Tax Appellate Tribunal(ITAT) ruled that the penalty imposed under section 271(1)(c) of Income Tax Act,1961 was not maintainable since the assessment order no longer...