Read all Latest Updates on and about Section 144 of Income Tax Act

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Section 144 of Income...

Income Tax Reassessment Passed in Violation of Calcutta HC Stay: SC dismisses SLP refusing to Condone 730-day Delay [Read Judgement]

In a recent ruling, the Supreme Court rejected the Income Tax Department’s plea for condonation of a 730-day delay in filing a Special Leave...

ITAT Reduces 2% Commission Addition on Bank Credits to 1% in Accommodation Entry Matter [Read Order]

ITAT Deletes ₹37.87L Addition After AO Accepts Turnover Reconciliation: Holds CIT(A)’s Remand of 144...

Sale Advance Refunded Taxed as Unexplained Income: Madras HC stays Recovery for 90 Days, allows time...

Disallowance of Transport Expenses Due to Lack of Evidence: ITAT Directs AO to Estimate Income at 8%...

DIN Absence: ITAT Remands Matter for Reconsideration [Read Order]

The bench of the Income Tax Appellate Tribunal, Amritsar, remanded the case to the Commissioner of Income Tax (Appeals) [CIT(A)] for fresh adjudication. The Tribunal directed that the issue...

CIT(A) Restricts Addition on Alleged Bogus Transactions to 5% Instead of 100%: ITAT Orders De Novo Adjudication on Revenue’s Appeal [Read Order]

The Mumbai Bench of the Income Tax Appellate Tribunal ( ITAT ), with respect to the case involving alleged bogus purchase transactions, has set aside the order of the Commissioner (Appeals) and...

Addition of Rs. 1,17,538/- u/s 68 for Penny Stock Transactions: ITAT Deletes Addition as Assessee Incurred Short-Term Capital Loss, Not LTCG [Read Order]

The Ahmedabad Bench of Income Tax Appellate Tribunal ( ITAT ) deleted the addition of Rs. 1,17,538/- under Section 68 of Income Tax Act,1961,for penny stock transactions as the assessee incurred a...

Agricultural Receipts Treated as Unexplained Income u/s 68: ITAT Grants Opportunity to Substantiate Claim [Read Order]

The Hyderabad Bench of Income Tax Appellate Tribunal ( ITAT ) grants an opportunity to substantiate claim on agricultural receipts treated as unexplained income under section 68 of Income Tax...

Income Tax Assessment against Company Dissolved and Struck Off u/s 560(5) of Companies Act Held Invalid: ITAT [Read Order]

The Delhi Bench of Income Tax Appellate Tribunal ( ITAT ) held that an income tax assessment made against a company dissolved and struck off under Section 560(5) of the Companies Act,2013 was...

Ex-Parte Order Passed without Adjudicating Issue On Merits: ITAT Remits Rs. 3 Cr Sales and Purchases Matter to CIT(A) [Read Order]

The Chandigarh Bench of the Income Tax Appellate Tribunal (ITAT) has set aside the ex-parte order of the Commissioner of Income Tax (Appeals) [CIT(A)] citing the failure to adjudicate the issue on...

ITAT bars CIT(A) from Remand Without First Deciding Jurisdiction in Time-Barred Reassessment Case [Read Order]

Hyderabad Bench of Income Tax Appellate Tribunal (ITAT) has set aside an order passed by the Commissioner of Income Tax (Appeals), National Faceless Appeal Centre (NFAC), observing that the CIT(A)...