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Indusind Bank Share Transactions Explained, No Unexplained Cash Deposits: ITAT Quashes PCIT’s Revision u/s 263 [Read Order]

Akhaigha T Josh

The Chandigarh Bench of the Income Tax Appellate Tribunal (ITAT) has held that the share transactions of the assessee were genuine and not bogus long...

Bogus LTCG Addition without Incriminating Material in Search Assessment Invalid: ITAT Grants Relief...

ITAT Allows LTCG Exemption u/s 10(38) as Inherited Shares Were Held Long-Term, Deletes STCG Addition...

Ownership of Property in Individual Capacity of Partners Cannot Be Considered For LTCG To Their...

Property Transfer u/s 2(47) Requires Buyer Possession and Consideration Receipt: ITAT Remands Matter...

No Penalty if Assessee Discloses Genuine LTCG Amount: ITAT Deletes Income Tax Penalty finding Reasonable Cause for S.269SS Non-Compliance [Read Order]

The Income Tax Appellate Tribunal (ITAT), Bangalore recently held that no penalty may be levied on an Assessee if they have made genuine disclosure of their Long Term Capital Gains (LTCG) while...

Setting-off STCL from Sale of Shares against LTCG is Tax Planning, not Evasion: ITAT backs Assessee [Read Order]

The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) recently granted relief to an Assessee, ruling that setting-off of Short Term Capital Losses (STCL) against Long Term Capital Gains (LTCG)...

ITAT - Mumbai Bench of the Income Tax Appellate Tribunal - Short Term Capital Losses - genuine tax planning - STCL - STCL from Sale of Shares - National Faceless Appeal Centre - Avendus Capital Pvt. Ltd - Taxscan

Security Deposit Taxable Upon Arbitration Award Due to Earlier Uncertainty: ITAT [Read Order]

The Bangalore Bench of Income Tax Appellate Tribunal ( ITAT ) ruled that the refundable security deposit is taxable only after the arbitration award, due to earlier uncertainty regarding its...

ITAT Reverses AO's Additions, upholds Legitimacy of Long-Term Capital Gains from Share Transactions [Read Order]

The Mumbai Bench of Income Tax Appellate Tribunal ( ITAT ) reversed the Assessing Officer's ( AO ) additions and upheld the legitimacy of long-term capital gains reported by an individual assessee,...

ITAT allows LTCG Exemption u/s 54 of Income Tax Act in spite of Filing Belated ITR [Read Order]

In a recent ruling, the Ahmedabad Bench of the Income Tax Appellate Tribunal ( ITAT ) decreed that filing of Belated Income Tax Returns does not disentitle Assessees from claiming exemptions of...

S. 28(iv) of Income Tax cannot be invoked without Business Income from Investment Shares: ITAT rules in Favor of Hero Motocorp [Read Order]

Concerning the case of Hero Motocorp, the Income Tax of Appellate Tribunal ( ITAT ) observed the discounted shares were incorrectly taxed under Section 28(iv) of Income Tax Act, 1961 instead of being...

Budget 2024-25: Capital Gains Rejig steals Investors from availing Indexation Benefit [Read Bill]

In the Budget 2024-25, the proposed capital gains rejig prevents investors from availing the indexation benefit for capital gains tax. An increase in the rate of tax on both short-term and...