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Relief to Tata Chemicals: ITAT Allows Deduction of ₹156 crores Interest on Loan Utilized for Overseas Investment u/s 36 (1) (iii) [Read Order]

Aakanksha Bajoria

The Mumbai bench of Income Tax Appellate Tribunal (ITAT) has set aside an order passed by the Principal Commissioner of Income Tax (PCIT) which...

No S.153B Limitation Relief for Invalid Indo-Swiss DTAA Reference Made Under Amended Article 26:...

PCIT must Address Documents Submitted During Assessment in its Revisionary Proceedings: ITAT [Read...

HUF's Share Transaction Dispute Concluded as ITAT Accepts Vivad Se Vishwas Settlement [Read Order]

ITAT Quashes PCIT's Order u/s 263 Against Bharti Airtel, Holds Interest and Penalty on License Fee...

Penalty proceedings u/s 271B for late filing of audit report: ITAT sets aside Pr.CIT's order for lack of jurisdiction [Read Order]

The Bangalore Bench of Income Tax Appellate Tribunal ( ITAT ) sets aside Principal Commissioner of Income Tax[Pr.CIT]'s order on penalty proceedings under section 271B of Income Tax Act,1961 for late...

No S.263 Notice after Resolution Plan Approval on Extinguishment of Corporate Debtor’s Tax Liabilities: Gujarat HC [Read Order]

The Gujarat High Court recently ruled that the Principal Commissioner of Income Tax (PCIT) could not issue a notice under Section 263 of the Income Tax Act, 1961 to revise the assessment order of an...

ITAT Quashes PCIT’s Order u/s 263 for Relying on Audit Objection [Read Order]

The Chandigarh bench of the Income Tax Appellate Tribunal (ITAT) held that Section 263 of the Income Tax Act, 1961, which empowers the Principal Commissioner of Income Tax (PCIT) to revise...

ITAT quashes Search Assessment without lack of Proper Approval u/s 153D [Read Order]

The Delhi Bench of the Income Tax Appellate Tribunal ( ITAT ) has quashed the search assessment against the assessee for the assessment year 2013-14, noting a lack of proper approval under Section...

ITAT Quashes PCIT’s Revision Order on Alleged Bogus Purchases Citing AO’s Plausible View Backed by ITO Report and VAT Returns [Read Order]

Ajay Kalishchandra Bohra (assessee) is a proprietary concern of M/s Ashutosh Industries. The assessee’s case was reopened on the basis of ITO information. The information related to survey action in...

Delhi HC nullifies ₹31 Lakh Income Tax Addition on Interest from FD Funds reserved for Coal-Mine Purchase [Read Order]

The Delhi High Court recently cancelled an income tax addition of ₹31 Lakh based on the accrual of interest from surplus funds parked in fixed deposits, earmarked for the acquisition of a coal mine. ...

Validity of Revision Order Post-CIRP Approval: ITAT Quashes PCIT Revision Order [Read Order]

The Ahmedabad Bench of Income Tax Appellate Tribunal ( ITAT ) quashed the revision order issued by the Principal Commissioner of Income Tax ( PCIT ) following the approval of the resolution plan...