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Pawan Singh

Date of Share Transfer Determines “Holding Period”, Not Allotment Date: ITAT allows LTCG Exemption [Read Order]

The Mumbai Bench, Income Tax Appellate Tribunal (ITAT) held that for the purpose of determining the “holding period” of shares concerning...

ITAT Upholds 153C Assessments but Deletes Cash Payment Additions for Lack of Corroboration and No...

Beneficiary Cannot Be Taxed Again when Trust already Paid Tax on Income: ITAT Deletes ₹1.24 Cr....

AO Obtains Invalid Sanction for Reopening Assessment Beyond Three Years u/s 148: ITAT Quashes Notice...

Cash on Hand in Real Estate Business Not Unusual, Cannot Be Taxed Solely for Demonetization...

Cash on Hand in Real Estate Business Not Unusual, Cannot Be Taxed Solely for Demonetization Deposits: ITAT [Read Order]

The Surat Bench of the Income Tax Appellate Tribunal (ITAT) partly allowed the appeal in a case concerning the addition of cash deposits made during the demonetization period, ruling that cash on...

Disallowance of Exempt Allowances Due to Form 16 and Form 26AS Mismatch: ITAT Remits Matter to AO for Verification [Read Order]

The Mumbai Bench of Income Tax Appellate Tribunal( ITAT)remitted the matter back to the Jurisdictional Assessing Officer (JAO) for verification in a case involving disallowance of exempt allowances ...

Factual Mistake committed by Tax auditor: ITAT restores Disallowance of employer contribution to PF/ESIC for verification [Read Order]

The Surat Bench of the Income Tax Appellate Tribunal (ITAT) restored the matter related to the disallowance of employer contributions to Provident Fund (PF) and Employees' State Insurance Corporation...

Denial of Hearing Opportunity: ITAT restores Registration u/s 12A matter [Read Order]

The Surat Bench of the Income Tax Appellate Tribunal (ITAT) set aside the order of the Commissioner of Income Tax (Exemptions) [CIT(E)] rejecting the registration of a trust under Section 12A of the...

Non-Compliance Due to Notice for Seven AYs Issued in Short Period: ITAT Deletes 6 Penalties, Upholds Only One [Read Order]

The Surat Bench of the Income Tax Appellate Tribunal (ITAT) deleted penalties levied on seven assessment years due to non-compliance citing all notices served in a short period and upheld only one...

Cash Deposits from Business Income during Demonetization cannot be treated as Unexplained Entirely: ITAT upholds 20% of Additions due to Unknown Source

The Surat Bench of Income Tax Appellate Tribunal ( ITAT ) held that the cash deposits made during demonetization out of business income cannot be treated as unexplained cash deposits completely....

Unexplained Income from Rigged Stock Trades: ITAT upholds Rs. 44L Addition [Read Order]

In a recent ruling, the Surat bench of the Income Tax Appellate Tribunal ( ITAT ) held that additions made under Section 68 of the Income Tax Act are accurate as the assessee failed to explain the...