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

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Section 143(3) of the...

Non-Reduction of Profit on Sale of Fixed Assets Adjustment: ITAT Upholds Remand for AO Verification [Read Order]

Sneha Sukumaran Mullakkal

The Mumbai Bench of Income Tax Appellate Tribunal(ITAT) upheld the remand of the issue concerning the non-reduction of profit from the sale of fixed...

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...

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

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...

Granting of License to Developer doesn’t Amount to possession within Meaning of Section 53A of TP Act, S. 2(47)(v) of Income Tax Act not applicable: Bombay HC [Read Order]

The Bombay High Court granting of license to developer doesn’t amount to possession within meaning of section 53 A of Transfer of Property Act (TP) and Section 2(47)(v) of Income Tax Act,1961...

CSR Expenses Allowable as Deduction u/s 80G of Income Tax Act: ITAT [Read Order]

The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) held Corporate Social Responsibility (CSR) expenses are allowable as a deduction under Section 80G of the Income Tax Act, 1961. The...