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Interest on Fixed Deposits Assessable under the Head ‘Income from Other Source’: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Chennai Bench, has recently, in an appeal filed before it, held that interest on fixed deposits is...

Replacement of Old Tube Light with LED lights is Revenue Expenditure in Hotel Business: ITAT [Read...

NFAC cannot Deny Deductions Claimed in Appeal for want of Revised Return: ITAT [Read Order]

Termination of Employment due to Misconduct is not beyond the control of Assessee: ITAT refuses...

ITAT Weekly Round-Up

Filing of Form 67 is a Procedural Requirement: Non-Compliance cannot attract Denial of FTC, rules ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT) Pune Bench, has recently, in an appeal filed before it, ruled that the filing of Form 67 is a procedural requirement, and hence that the non-compliance of the...

NFAC Bound by Decisions of Jurisdictional High Court where AO is situated: ITAT [Read Order]

The Bangalore bench of Income Tax Appellate Tribunal (ITAT) has recently held the National Faceless Appeal Centre (NFAC) bound by decisions of the jurisdictional High Court where the Assessing...

Income Tax Recovery Proceedings: Kerala HC directs NFAC to expedite hearing of Appeal and Stay Petition [Read Order]

In a recent judgement, the Kerala High Court (HC) directed the National Faceless Assessment Centre (NFAC) to expedite the hearing of the appeal and stay petition filed in Income Tax recovery...

Decisions of Jurisdictional High Courts binding on NFAC: ITAT [Read Order]

The Bangalore bench of Income Tax Appellate Tribunal (ITAT) ruled that if there are conflicting views rendered by different High Courts, the view taken by the jurisdictional High Court is binding in...

Company cannot have “Salary Income”: ITAT deletes Addition by NFAC [Read Order]

The Income Tax Appellate Tribunal ( ITAT ), Hyderabad bench has deleted an addition by the National Faceless Assessment Centre ( NFAC ) by holding that the “Company” cannot have salary income under...

ITAT deletes Income Tax Addition u/s 68 When Assessee submitted Corroborative Evidence related to Creditors [Read Order]

The Bangalore bench of the Income Tax Appellate Tribunal (ITAT) deleted the addition of unexplained Creditors under section 68 of the Income Tax Act,1961 when the assessee submitted Corroborative...

NFAC bound to Follow CBDT Circular: ITAT [Read Order]

The Income Tax Appellate Tribunal ( ITAT ), Hyderabad bench has held that the National faceless Appeal Centre (NFAC) is bound to follow the circulars of the Central Board of Direct Taxes (CBDT). ...

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