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Creditors Written Off and Discount Receipts Linked to Business Income Taxable at Only 8% of Their Value: ITAT [Read Order]

Franklin Joshva

The Chennai Bench of Income Tax Appellate Tribunal (ITAT) directed the Assessing Officer (AO) to modify the addition citing that only 8% of creditors...

ITAT Confirms Taxability of Trust Receipts u/s 56(2)(x) of Income Tax Act citing Inclusion of...

PCIT revises to disallow Expenditure u/s 14A: ITAT clarifies S.14A Non-Obstante Clause applies...

ITAT Weekly Round-Up

S. 263 of Income Tax Act cannot be initiated based on “Borrowed Satisfaction" ITAT [Read Order]

ITAT Criticizes PCIT for Disallowing Rs. 4.18 Crores Interest on Unutilized Govt Grants Without Considering Corp. Submission [Read Order]

The Ahmedabad Bench of the Income Tax Appellate Tribunal ( ITAT ) criticized the Principal Commissioner of Income Tax ( PCIT ) for disallowing Rs. 4.18 crores as interest on unutilized government...

ITAT Upholds Gujarat Gas Ltd.'s Deduction for Stamp Duty Provision u/s 35DD, citing Full Payment of Duty [Read Order]

The Ahmedabad Bench of Income Tax Appellate Tribunal ( ITAT ) upheld Gujarat Gas Ltd.'s deduction for stamp duty provision under Section 35DD, ruling that the full payment of stamp duty in two...

‘No person will derive any Undue Benefit by not preferring Appeal against any Assessment order passed under Act’: ITAT condones 2564-day delay [Read Order]

In a recent ruling, the Lucknow bench of the Income Tax Appellate Tribunal ( ITAT ) allowed the appeal filed by the assessee and condoned the 2564-day delay in filing the appeal, as no undue benefit...

Assessment not Prejudicial to Revenue if AO Follows Jurisdictional HC’s Ruling: ITAT [Read Order]

The Kolkata Bench of Income Tax Appellate Tribunal ( ITAT ) ruled that an assessment cannot be deemed prejudicial to the revenue if the Assessing Officer ( AO ) has followed the Jurisdictional High...

AO’s Income Tax Assessment has to be Erroneous and Prejudicial to Revenue to warrant S.263 Proceedings: ITAT [Read Order]

The Cochin Bench of the Income Tax Appellate Tribunal ( ITAT ) while adjudging an Income Tax Appeal held that an Income Tax Assessment by the Assessing Officer ( AO ) has to be both, erroneous and...

Revisionary Jurisdiction u/s 263 Not Invocable Solely Based on PCIT's Differing View: ITAT [Read Order]

The Ahmedabad Bench of Income Tax Appellate Tribunal ( ITAT ) ruled that the revisionary jurisdiction under Section 263 of the Income Tax Act,1961 cannot be invoked solely based on the Principal...

Income from Ancillary Activities to Primary Operations: ITAT upholds Revision Order allowing Alternate Claim of Co-Op Society u/s 80P(2)(e) [Read Order]

The Income Tax Appellate Tribunal (ITAT), Ahmedabad Bench has upheld a revision order reaffirming the right of the assessee, a Ginning Pressing Cotton Sale Co-operative Society Ltd. to make an...

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