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Invalid Reopening on Old Loan Balances: ITAT quashes Reopening Based on Balance Sheet Suspicion and Pre-Commencement Loans [Read Order]

Sandhra Suresh

The Jaipur bench of the Income Tax Appellate Tribunal quashed the reopening based on suspicions raised by the balance sheet and old loans. The...

ITAT Deletes ₹1.2 Crore Addition, Cites Lack of Evidence in Jewellery Stock Discrepancy Case [Read...

ITAT Quashes PCIT's Revision u/s 263, Finds AO Conducted Proper Verification of Investment and ESI...

ITAT Sets Aside PCIT's Revision, Upholds Deduction u/s 10AA Due to Proper AO Review [Read Order]

Ageing Effect is Standard Practice for Valuing Inventory at NRV: ITAT deletes Addition for Alleged...

Wrong Classification of Wages: ITAT Directs Reclassification as Direct Expenses, Deletes Addition for Incorrect Stock Valuation [Read Order]

The Jaipur Bench of the Income Tax Appellate Tribunal (ITAT) deleted the addition made due to the alleged undervaluation of stock, directing the reclassification of wages as direct expenses, as the...

Jurisdiction of PCIT not Invokable in absence of any Incorrectness and Incompleteness in Fact Appreciation by AO: ITAT [Read Order]

The Income Tax Appellate Tribunal ( ITAT ) Jaipur bench while allowing the appeal has held that the jurisdiction of the Principle Commissioner of Income Tax (PCIT) is not invokable in absence of any...

Addition of Rs. 55 Lakh as Undisclosed Income Based on Retraction: ITAT deletes Addition [Read Order]

The Jaipur Bench of Income Tax Appellate Tribunal ( ITAT ) deleted the addition of Rs. 55 lakh as undisclosed income, ruling that the addition could not be made solely on a retracted statement...

ITAT Remands Case to Assessing Officer for Fresh Adjudication Due to Lack of Reasonable Opportunity [Read Order]

In a significant ruling, the Income Tax Appellate Tribunal (ITAT), Jaipur Bench, has remanded a case back to the Assessing Officer (AO) for fresh adjudication, citing a lack of reasonable opportunity...

Tax Leviable on Gain out of Crypto Currency Sale as Capital Gains: ITAT [Read Order]

In an important ruling, the Jodhpur Bench of Income Tax Appellate Tribunal ( ITAT ) has held that the gain on sale of cryptocurrency ( bitcoin ) prior to the Assessment year ( AY ) 2022-23 is...

ITAT orders Reconsideration of 80G Application Rejection by CIT(E), citing CBDT Circular on Extended Deadlines [Read Order]

In a recent ruling, the Jaipur bench of the Income Tax Appellate Tribunal ( ITAT ) ordered reconsideration of the rejection of the application filed under 80 G of the Income Tax Act, 1961 by the...

ITAT Gives Trust Another Opportunity, Remits Registration Application to CIT(E) [Read Order]

The Jaipur Bench of the Income Tax Appellate Tribunal (ITAT) held that the rejection of registration of Trust under Section 12 AB of Income Tax Act, 1961 due to alleged non-genuineness of activities...