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Judicial Member Sanjay...

Set off of any Loss Prior to AY 2016-17 cannot be Denied u/s 115BBE of Income Tax Act: ITAT [Read Order]

Ipsita Das

The Chandigarh Bench of Income Tax Appellate Tribunal (ITAT) held that set-off of any loss or deduction of any expenditure of business income, prior...

Claim of Loss against Surrendered Business Income Rejected on Ground of Unexplained Income: ITAT...

Addition made by AO by treating Agricultural Income as income from Undisclosed Sources : ITAT...

No Reassessment proceedings initiated u/s. 148 of IT Act without Proper Verification of Recorded...

Valuation Report of Equity Shares prepared by Accountant is not Sacrosanct: ITAT upholds Revision...

Deduction u/s 80P of IT Act cannot Denied Due to Late Filing of ROI : ITAT quashes Order [Read Order]

The Kolkata bench of Income Tax Appellate Tribunal( ITAT) held that the deduction under section 80P of Income Tax Act,1961 cannot be denied due to late filing of return of income (ROI). Kishorepur...

ITAT quashes Order for deleting Disallowance of Educational Cess Claim u/s 115JB of IT Act without Proper Verification [Read Order]

The Kolkata bench of Income Tax Appellate Tribunal (ITAT) quashed the order passed by the commissioner of income tax( appeals) for deleting the disallowance of education cess claim made by the...

ITAT deletes Addition due to Time-Barred Issuance of Notice u/s 143(2) [Read Order]

The Kolkata Bench of the Income Tax Appellate Tribunal (ITAT) recently deleted the addition due to time-barred issuance of notice under Section 143(2) of the Income Tax Act. The assessee M/s Osian...

Addition u/s 50C of Income Tax Act based on SVA's Overvaluation of Capital Gain Sale Consideration : ITAT directs Readjudication [Read Order]

The Kolkata Bench of the Income Tax Appellate Tribunal (ITAT) recently directed a readjudication due to an addition under Section 50C of the Income Tax Act, 1961. This addition was based on the...

Assessment Proceedings against a Non-Existent Company is Void Ab Initio: ITAT [Read Order]

The Kolkata bench of the Income Tax Appellate Tribunal (ITAT) recently held that the Assessment proceedings against a non-existent company is Void Ab Initio. The a1ssessee GPT Venture Pvt. Ltd....

Dept Appeal Below Tax Effect of Rs. 50 Lakhs: ITAT dismisses Appeal as per CBDT Circular

The Income Tax Appellate Tribunal (ITAT), Kolkata Bench, has recently, in an appeal filed before it, on finding the same to be a dept appeal below tax effect of RS 50 lacks, dismissed the same, as...

Addition u/s 68 not valid when assessee proves identity, Creditworthiness and Genuineness of Share Transaction: ITAT [Read Order]

The Kolkata bench of the Income Tax Appellate Tribunal ( ITAT ) has recently held that an addition under section 68 of the Income Tax Act is not valid when the assessee proves identity,...

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