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AO’s Comprehensive Scrutiny Nullifies Alleged Lack of Inquiry u/s. 263: ITAT Sets Aside PCIT Order [Read Order]

Advika Dwivedi

The Income Tax Appellate Tribunal (ITAT), Chennai, dealt with the core issue of whether the Principal Commissioner of Income Tax, Madurai (PCIT),...

PCIT Orders Reassessment of Investments and FDs u/s 263: ITAT Sets Aside Order, Holds AO Properly...

SCN Issued for Property Purchase to Wrong Assessment Year: ITAT Quashes PCIT Order [Read Order]

Taxpayer Can Raise Objections Before PCIT: Gujarat HC Declines to Quash Section 263 Notice on...

Major Win for Assessees: ITAT Confirms Deductibility of CSR Donations u/s 80G of Income Tax Act...

CSR Contributions Eligible For Deduction as Donations If Conditions Satisfied u/s 80G: ITAT Accepts 50% of Total Donation [Read Order]

The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) held that Corporate Social Responsibility (CSR) contributions can qualify for deductions under Section 80G of the Income Tax Act, 1961 if...

ITAT quashes PCIT Directions on TDS under Section 194J and Closing Stock Valuation [Read Order]

In partial relief to an assessee, the Income Tax Appellate Tribunal (ITAT), Ahmedabad Bench, has quashed two major directions issued by the Principal Commissioner of Income Tax (PCIT) under Section...

Explanation to Income Tax S. 12AB(4) on 'Specified Violations' Introduced in Finance Act, 2022 Applies Prospectively Only: ITAT [Read Order]

The Income Tax Appellate Tribunal ( ITAT ), Delhi Bench, has held that the Explanation to Section 12AB(4) of the Income Tax Act, 1961, introduced by the Finance Act, 2022, which explains ...

ITAT Favors Micromax in ₹16 Cr FD Interest and Section 14A Dispute; Quashes Revision Order [Read Order]

In a recent ruling, the Delhi Bench of the Income Tax Appellate Tribunal (ITAT) granted relief to Micromax Informatics Ltd. by quashing a revision order concerning Rs. 16 crore fixed deposit (FD)...

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

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

Bombay HC sets aside Income Tax Reassessment Order in Citing Violation of mandatory unamended provisions under Section 144B [Read Order]

In a ruling, the Bombay High Court sets aside Income Tax Reassessment Order in violation of mandatory unamended provisions under Section 144B, read with the first proviso to Section 147 of the...

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

The Ahmedabad Bench of the Income Tax Appellate Tribunal (ITAT) upheld the revisionary order passed by the Principal Commissioner of Income Tax (PCIT) due to the lack of enquiry by the Assessing...