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AO adds 100% of Freight, Legal Professional Expenses u/s 40(a)(i): ITAT orders Reconsideration after Hearing [Read Order]

The Hyderabad Bench of the Income Tax Appellate Tribunal ( ITAT ) has ordered reconsideration of addition of 100% of freight, legal profession and...

Penalty for Non-Compliance of Notices not Leviable where Assessment Completed u/s 143 based on...

Section 11 Exemption Cannot Be Denied for Belated Form 10B Once Delay is Condoned: ITAT [Read Order]

Reopening of Assessment u/s 147 Invalid Due to Defective PCIT Approval: ITAT Quashes Entire...

ITAT Remands Section 69A Addition After Holding AO Failed to Verify Creditworthiness of Donors [Read...

CSR Funds Received With Specific Donor Conditions Not Automatically Taxable Income: ITAT Remands JM Financial Foundation Case [Read Order]

The Income Tax Appellate Tribunal (ITAT) Bench in Mumbai found that if a donor designates funds obtained through Corporate Social Responsibility (CSR), they cannot be automatically classed as...

Approval for S. 148 Notice by Incompetent Authority renders Re-assessment Void ab initio: ITAT Quashes Assessment [Read Order]

The Delhi Bench of the Income Tax AppellateTribunal (ITAT) has quashed reassessment proceedings for two assessment years after holding the notices under Section 148 invalid in law. The Bench regarded...

No S.68 Addition on Sale of Inherited Jewellery Backed by Valuation Report: ITAT [Read Order]

The Income Tax Appellate Tribunal, Mumbai Bench (ITAT) has held that in the case where the sale of inherited jewellery is supported by a valuation report prepared by a government-approved valuer...

Assessee’s POCM Accounting Complies with ICAI Guidance Note for Real Estate Projects: ITAT Deletes ₹47.26 Crore Addition [Read Order]

The Mumbai bench of the Income Tax Appellate Tribunal ( ITAT ) has ruled that revenue recognition under the Percentage of Completion Method (POCM) must adhere to the ICAI Guidance Note on Real...

Relief to Malayalam Movie Artists Association AMMA: Kerala HC rules Income Tax Appellate Authority simply Extracted Findings of Assessing Authority [Read Order]

In a significant relief to the Association of Malayalam Movie Artists (AMMA), the Kerala High Court held that the Income Tax Appellate Authority failed to comply with the statutory duty under...

Delhi HC Sets Aside ITAT Order, Holds "Fit Case" Statement Sufficient for Valid Approval u/s 151 of Income Tax Act [Read Order]

In a recent ruling, the Delhi High Court set aside an Income Tax Appellate Tribunal (ITAT) order, holding that a statement recording "it is a fit case" is sufficient for a valid approval under...

Calcutta HC finds Penny-Stock Trading Loss as Bogus, sets aside ITAT disallowance Order [Read Order]

The Calcutta High Court has set aside the order of the Income Tax Appellate Tribunal, Kolkata (ITAT), which had allowed the set-off of penny-stock trading loss claimed by the assessee under the...