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ITAT directs AO to Focus only on Determining Commission on Accommodation Entry in Revision Proceedings, Not beyond [Read Order]

The Ahmedabad Bench of the Income Tax Appellate Tribunal ( ITAT ) ruled limiting the scope of revision proceedings under Section 263 of the Income...

ITAT Criticizes PCIT for Disallowing Rs. 4.18 Crores Interest on Unutilized Govt Grants Without...

ITAT quashes Revision Order passed without showing Prejudice to Revenue or Error by AO [Read Order]

AO erred in Adding ₹12.10 Lakh to Income instead of ₹27 Cr: ITAT upholds Revision Order [Read Order]

Partnership Firm Converted into LLP: ITAT quashes Revision Proceedings Due to Non-Existence of...

AO Wrongly allowed Posco India's set-off of Brought-Forward Loss of ₹1.4 cr: ITAT directs Disallowance, Citing Adjustments made in Previous Years [Read Order]

The Cuttack Bench of Income Tax Appellate Tribunal ( ITAT ) directed disallowance of set-off of the brought-forward loss of Rs.1,47,26,425 citing that adjustments had already been made in previous...

'Finds Addition Too Harsh': ITAT directs Re-examination of PCIT's Rs. 3.4 cr Addition due to Sales Discrepancy [Read Order]

The Cuttack Bench of the Income Tax Appellate Tribunal ( ITAT ) found Rs. 3.4 crore addition related to a sale discrepancy excessive and remanded the case to the Principal Commissioner of Income Tax...

Interest Income From Short Term Funds Infused By Govt Kept In Bank Till Its Utilization Is Capital Receipt: Kerala HC [Read Order]

The Kerala High Court in a significant case held that the 'interest income' on the short-term deposits of the funds infused by the Government, which are sanctioned for purpose of setting up of...

Mechanical Approval of Reassessment by PCIT: ITAT Quashes Income Tax Notice u/s 148 [Read Order]

Recently in a decision, the Income Tax Appellate Tribunal (ITAT) of Delhi quashed a reassessment notice issued under Section 148 of the Income Tax Act, 1961 (ITA) to the assessee/ appellant, Natraj...

ITAT Rebukes PCIT for wrongful Exercise of Powers u/s 263 on valid Income Tax Assessment Order [Read Order]

The Ahmedabad Bench of the Income Tax Appellate Tribunal ( ITAT ) in a recent judgment reprimanded the wrongful exercise of powers by the Principal Commissioner of Income Tax (Appeals)-3, Ahmedabad (...

Relief to Adani Wilmar: Notional Guarantee Income Increasing Investment Cost cannot be Treated as Actual Income, Rules ITAT [Read Order]

In a recent ruling, the Ahmedabad Bench of the Income Tax Appellate Tribunal (ITAT) ruled that that notional guarantee increasing investment cost cannot be treated as actual income. The...

Mere Submission of Documents Insufficient u/s 263, Proper Inquiry and Verification by AO Essential for Valid Assessment: ITAT [Read Order]

The Mumbai Bench of Income Tax Appellate Authority ( ITAT ) ruled that the mere submission of documents was not sufficient under Section 263 of the Income Tax Act, 1961. The tribunal emphasized that...

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