Read all Latest Updates on and about Section 143(3) of the Act

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Relief for IndiGo: ITAT Upholds Deletion of Rs. 11.05 Crore Disallowance u/s 37 as AO’s Final Assessment Confirms Nil Income [Read Order]

Sneha Sukumaran Mullakkal

The Delhi Bench of Income Tax Appellate Tribunal ( ITAT ) upheld the deletion of Rs. 11.05 crore disallowance under section 37 in favor of...

Relief for IndiGo: ITAT Upholds Deletion of Rs. 11.05 Crore Disallowance u/s 37 as AO’s Final...

Non-Reduction of Profit on Sale of Fixed Assets Adjustment: ITAT Upholds Remand for AO Verification...

Unexplained Loans of Rs. 4.28 Crore: ITAT upholds CIT(A) Decision to delete Addition [Read Order]

Disallowance of ₹96.71 Lakh Foreign Exchange Loss on Import-Export Transactions Without Hedging:...

ITAT dismisses Appeal after Assessee Fails to rectify Filing Defects Despite Multiple Notices [Read Order]

The Ahmedabad Bench of Income Tax Appellate Tribunal ( ITAT ) dismissed the appeal after the assessee failed to rectify filing defects despite receiving multiple notices. Gautam Keshavrao...

ITAT Directs TPO to apply LIBOR Rate for Interest on Foreign Currency Receivables [Read Order]

In a recent ruling, the Bengaluru bench of the Income Tax Appellate Tribunal ( ITAT ) directed the Transfer Pricing Officer ( TPO ) to apply the LIBOR rate for calculating interest on foreign...

Natural Justice Violated by unfair Deadline: ITAT Remands ₹1.3 Cr Addition case u/s 69C to AO [Read Order]

The Surat bench of the Income Tax Appellate Tribunal ( ITAT ) in the case of supersonic impex held that a deadline of three days for submission of all relevant records of the assessee’s accounts was...

Unexplained Cash Credit During Demonetization Period: ITAT upholds CIT(A) Deletion [Read Order]

The Kolkata Bench of Income Tax Appellate Tribunal(ITAT) upheld the CIT(A)'s decision to delete the addition of unexplained cash credit during the demonetization period, rejecting the Revenue's...

Borrower cannot retain Liability in Subsequent FYs After Lender Writes Off amount in his Accounts: ITAT upholds Addition u/s 41(1) [Read Order]

The Chennai bench of the Income Tax Appellate Tribunal ( ITAT ) upheld that an addition made on account of rescission of liability under Section 41(1) of the Income Tax Act 1961 is justified when the...

Delayed Income Tax Penalty Order u/s 271C for failure to Deduct TDS not Sustainable: Delhi HC [Read Order]

The Delhi High Court recently quashed an Income Tax Appeal filed by the Revenue, ruling that delayed order levying penalty on an Assessee under Section 271C of the Income Tax Act, 1961 for default in...

Disallowance u/s 14A of Income Tax Act without examining Accounts of Security Printing &Mining Corporation is invalid: Delhi HC [read Order]

The Delhi High Court observed that disallowance under section 14 A of the Income Tax Act, 1961 without examining accounts of Security Printing and Mining Corporation of India Ltd is...