Read all Latest Updates on and about section 143(3) of the Income Tax Act

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NBFC submits PAN of Parties from whom it claimed Bad Debts: ITAT upholds Income Tax Deduction [Read Order]

In a recent ruling, the Delhi Bench of the Income Tax Appellate Tribunal (ITAT) has upheld the income tax deduction on bad debts of a registered...

Brought-Forward Losses Cannot be Set Off against DTAA-Exempt LTCG: ITAT Bars Adjustment [Read Order]

Admission of Additional Evidence Sans Rule 46A(3) Compliance Invalid: ITAT Revives ₹1.77 Cr...

Reassessment Based on Audit Objection without AO’s application of mind is Invalid: Supreme Court...

Interest-Free Advances from Share Capital Don not Attract Notional Tax: ITAT [Read Order]

Only Profit Element Taxable in Bogus Purchase Cases : ITAT Reduces Gross Profit Addition to 11% [Read Order]

The Income Tax Appellate Tribunal (ITAT) Bench at New Delhi has held that in cases involving alleged bogus purchases obtained through accommodation entries, only the profit element can be brought to...

Unexplained Cash Credit Addition u/s 68 unsustainable as Advances from Associate Concern Accepted in Earlier Years: ITAT [Read Order]

The Kolkata Bench of the Income Tax Appellate Tribunal (ITAT) dismissed the Revenue's appeal and held that the provision of Section 68 of the Income Tax Act was not applicable to money received in ...

No Presumptive Disallowance u/s 14A: ITAT Deletes ₹118.68 Cr Addition Against Great Eastern Spinning [Read Order]

The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) ruled that disallowance under Section 14A of the Income Tax Act, 1961 cannot be based upon presumptions and that the Assessing Officer (AO)...

ITAT Upholds Deletion of S.68 Share Premium Addition for 14 Investors as Verification Compliance Satisfied [Read Order]

The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) affirmed that the deletion of additions made under Section 68 of the Income Tax Act, 1961 was proper because verification of share premium...

Relief for Dabur India: ITAT Rules PCIT Erred in Setting Aside Assessment for Inadequate Enquiry Without Stating AO's View Unsustainable in Law [Read Order]

The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) held that the PCIT erred in setting aside the assessment merely for alleged inadequate enquiries without establishing that the Assessing ...

Estimated Interest on Interest-Free Advances Cannot Be Taxed Without Verification: ITAT [Read Order]

The Nagpur bench of the Income Tax Appellate Tribunal (ITAT) has held that interest-free loans to friends or relatives require the verification of the assessing officer (AO) before taxation. In...

Ordinary Dunnage is Revenue Expenditure: ITAT Follows Earlier Rulings to Delete ₹1.11 Cr Addition for Central Warehousing Corporation [Read Order]

The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) has ruled in favour of the Central Warehousing Corporation (CWC), holding that expenditure incurred on ordinary dunnage used in...