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

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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...

Relief for Dabur India: ITAT Rules PCIT Erred in Setting Aside Assessment for Inadequate Enquiry...

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

Ordinary Dunnage is Revenue Expenditure: ITAT Follows Earlier Rulings to Delete ₹1.11 Cr Addition...

Commission to Foreign Agents for Overseas Services Not Taxable in India: ITAT Rules TDS Not...

Profit Estimation Capped at 1.5%: ITAT Recognises Assessee as Livestock Transporter [Read Order]

The bench of the Income Tax Appellate Tribunal (ITAT) Pune, observing that the assessee was engaged in the transportation of livestock on a commission basis and not in retail trading, the Tribunal...

Reopening Based Solely on Third-Party Information and 'Reason to Suspect' Invalid: ITAT Quashes ₹80.59 Lakh Addition [Read Order]

The Chandigarh Bench of the Income Tax Appellate Tribunal (ITAT) quashed the reassessment proceedings initiated under Section 147 of the Income Tax Act, 1961, which had resulted in an addition of...

Reassessment Based Solely on Audit Objection Constitutes Mere Change of Opinion: ITAT Quashes Reopening in Income Tax Case [Read Order]

The Bench of the Income Tax Appellate Tribunal, Delhi , has ruled that reassessment initiated merely on the basis of an audit objection without any new tangible material amounts to a mere change of...

Search-Based Addition u/s 153A Unsustainable without Incriminating Material for Completed Assessments: ITAT Deletes ₹26.10 Lakh in Raj Shyama Construction Case [Read Order]

The Bench of the Income Tax Appellate Tribunal (ITAT), Delhi, held that an addition made under Section 153A of the Income Tax Act, 1961, cannot be sustained in the absence of incriminating material...

MAT Adjustment Must Be Based on Lower of Business Loss or Depreciation: ITAT Dismisses Appeal of Sungroup Enterprises [Read Order]

The Bench of the Income Tax Appellate Tribunal (ITAT), New Delhi, held that the lower of the unabsorbed depreciation or business loss, as per the books of account, must be adjusted against the...

Non-Speaking Order by CIT(A) on Alleged Suppression of Receipts Remanded for Fresh Adjudication: ITAT [Read Order]

The bench of the Income Tax Appellate Tribunal, Raipur (SMC), has remanded a matter back to the Additional/Joint Commissioner of Income Tax (Appeals) [CIT(A)] after finding that the earlier order...

Relief to LIC Mutual Fund: ITAT Sets Aside PCIT's Section 263 Order for Non-speaking Order [Read Order]

In a ruling in favour of LIC Mutual Fund, the Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) set aside the Principal Commissioner of Income Tax (PCIT)'s revision order under Section 263 of...

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