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Power Charges Provision Based On Actual Bills Not A Contingent Liability: ITAT Rejects CPC Disallowance u/s 143(1) [Read Order]

The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) considered the issue regarding the allowance of a provision created toward payment of...

Unsecured Loans Amounting to Rs. 6 Cr from Unreliable Companies in Dispute: ITAT Rejects Appeal...

Interest u/s 220(2) Unsustainable Where Income Tax Demand Arose Only Through Subsequent...

Trust Deed Clause on Funds Utilization Outside of India Rectified by Amendment and Undertaking: ITAT...

Share Capital Reduction u/s 66 a Matter of Domestic Concern of Company: NCLAT upholds Capital...

ITAT Orders Re-evaluation of S. 14A Disallowances and Foreign Tax Credits for Bank of India, Dismisses Revenue’s Appeal [Read Order]

The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has held that no disallowance under Section 14A of the Income Tax Act, 1961 could be made in respect of exempt income earned from shares...

Reassessment Beyond 4 Years Without New Material Invalid: ITAT Quashes ₹3.40 Cr S. 80IB(10) Disallowance [Read Order]

The Income Tax Appellate Tribunal, Mumbai Bench quashed income tax reassessment proceedings against Komal Enterprises holding that a reassessment after the lapse of four years of completion of...

Advertising & Sales Promotion Spend to Dealers Not ‘Fringe Benefit’: ITAT deletes ₹1.08 Cr FBT Addition [Read Order]

The Mumbai Bench of the Income Tax Appellate Tribunal ( ITAT) has held that expenditure incurred on advertising, publicity and sales promotion towards dealers, distributors and other third parties...

Ex-Parte Order after 10 Notices Not Final: ITAT Remands ₹64.12 Lakh S. 69C Disallowance [Read Order]

The Income Tax Appellate Tribunal, Mumbai Bench (ITAT), has held that an ex-parte appellate order passed without adjudicating issues on merits cannot be treated as final merely because multiple...

Purchases cannot be Disallowed Merely on Employee Statements without Evidence: ITAT Deletes 12.5% Ad-Hoc Disallowance [Read Order]

The Mumbai Bench of Income Tax Appellant Tribunal (ITAT) deleted ad-hoc disallowance calculated at 12.5% of the total purchase value, holding that employee statements recorded a decade after the...

Client Code Modification in F&O Transactions Allegations Need Transaction-Level Proof: ITAT Remands ₹1.33 Cr Income Addition Matter [Read Order]

The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) ruled that an argument for income escaping the net of taxation due to Client Code Modification (CCM) in futures and options transactions...

Excise Duty Hike Notification Not Published In Gazette When Goods Cleared: CESTAT Rejects Revenue’s Demand on BPCL [Read Order]

The Mumbai Bench of the Customs, Excise & Service Tax Appellate Tribunal (CESTAT) has granted relief to Bharat Petroleum Corporation Limited (BPCL), holding that the excise...