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Explanation 2 to S. 263 Doesn’t Give Unfettered Revision Powers: ITAT Quashes PCIT’s Order [Read Order]

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The Jaipur Bench of the Income Tax Appellate Tribunal (ITAT) quashed the revision orders passed under Section 263 of the Income Tax Act, 1961,...

Bombay HC sets aside Income Tax Reassessment Order in Citing Violation of mandatory unamended...

AO Fails to Properly Examine Rs. 1.27 Cr Co-operative Society Deposits: ITAT upholds PCIT's Revision...

PCIT Revision Order: ITAT Rules Assessment Order not erroneous, Rules Unexplained Money matter...

₹22.09 Lakh Cash Deposit Inquiry: ITAT Quashes PCIT’s Revision Order, Finds AO’s Verification...

AO Must Allow Interest Deduction for Cooperative Societies If Expenses Are Proven to Be Linked to Activities u/s 80P(2): ITAT [Read Order]

The Surat Bench of the Income Tax Appellate Tribunal (ITAT) held that the Assessing Officer (AO) must allow interest expenditure as a deduction for cooperative societies if the expenses were directly...

ITAT Rules Federal Bank's Appeal Not Maintainable Following High Court's Order to Reassess [Read Order]

The Income Tax Appellate Tribunal (ITAT) Cochin Bench has dismissed the appeal filed by Federal Bank, a well-known private sector bank in India, after the Kerala High Court set aside the assessment...

No Addition to be Made u/s 14A r.w.r. 8D, Income Tax when No Exempt Income Earned by Assessee: ITAT [Read Order]

In a recent decision, the Income Tax Appellate Tribunal ( ITAT ), Visakhapatnam Bench, has ruled that no addition can be made under Section 14A read with Rule 8D when an assessee has not earned any...

ITAT Jaipur quashes Section 263 Order Due to Violation of Natural Justice [Read Order]

In a significant ruling, the Income Tax Appellate Tribunal (ITAT) Jaipur has ruled in favor of the appellant, setting aside the Principal Commissioner of Income Tax ( PCIT )’s order under Section 263...

Failure by AO to Verify Key Issues During Reassessment: ITAT Upholds PCIT’s order [Read Order]

The Chennai Bench of Income Tax Appellate Tribunal ( ITAT ) upheld the order of the Principal Commissioner of Income Tax ( PCIT ), finding that the Assessing Officer ( AO ) failed to verify key...

PCIT Cannot Substitute AO's View in 263 Proceedings Unless AO's Decision Wholly Unsustainable in Law: ITAT [Read Order]

The Ahmedabad Bench of Income Tax Appellate Tribunal(ITAT) ruled that the Principal Commissioner of Income Tax (PCIT) cannot substitute the Assessing Officer’s (AO) view in proceedings under Section...

Depreciation Claim of 30.23 Cr on Intangible Assets Disallowed: ITAT upholds Revision of Assessment u/s 263 [Read Order]

In а recent ruling, thе Mumbai benсh оf thе Income Tах Appellate Tribunal ( ITAT ) hеld thаt thе authorities must adequately investigated а deрreciаtiоn clаim fоr intаngible аssets, аnd thе аssessee...