Latest Income Tax News, Updates & Judgments

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ITAT Deletes ₹11.18 Lakh Demonetization Addition: NRI’s Cash Deposit Accepted as Genuine US Remittance [Read Order]

In a recent ruling, the Delhi Bench of the Income Tax Appellate Tribunal (ITAT) has deleted an addition of ₹11.18 lakh made on account of cash...

Income Tax Details Vital to Verify Business Transactions: Gujarat HC Modifies Bail Conditions in...

Income Tax Returns Not Indicative of Real Earnings: Gujarat HC Dismisses Plea to Reduce Maintenance...

Penalty u/s 271E Cannot Survive When Quantum Addition is Deleted: ITAT Holds Foundation of Penalty...

ITAT Deletes ₹3.41 Cr Protective Addition: Fraudulent Land Sale Deed Declared Void, No Capital Gains...

Reliance Jio Subsidiaries’ Telecom Revenues Treated as Business Profits, Not “Royalties/FTS” Under DTAA: ITAT [Read Order]

In a recent ruling, the Income Tax Appellate Tribunal (ITAT) has partly allowed the appeals filed by Reliance Jio Infocomm Pte. Limited (Singapore) and Reliance Jio Infocomm USA Inc., holding that...

Addition confirmed on Diamond Purchase alleging Suppliers’ Purchase Bogus: ITAT Permits Additional Evidence including ITR of Suppliers and Purchase Invoices [Read Order]

The Income Tax Appellate Tribunal (ITAT), Surat Bench, confirmed addition to assessee's income on diamond purchase alleging supplier’s purchase to have been bogus. ITAT permitted additional ...

ITAT allows SBI Staff Welfare Expenditure as Business Expense [Read Order]

The Income Tax Appellate Tribunal (ITAT), Mumbai Bench, allowed the deduction claimed by State Bank of India (SBI) for provisions made towards employee benefits such as leave travel concession, sick...

Non-Disclosure of Contract Receipts Despite TDS Deduction Unsustainable: ITAT Upholds ₹5.97 Cr Addition [Read Order]

The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) has upheld an addition of ₹5.97 crore against ruling that non-disclosure of contract receipts despite deduction of tax at source (TDS) is ...

AO’s Rejection of Grocery Cash Claim Invalid: ITAT Rules No Valid Reason, Orders Deletion of ₹10.09 Lakh Addition [Read Order]

In a recent ruling, the Pune Bench of the Income Tax Appellate Tribunal (SMC) has struck down a ₹10.09‑lakh addition made to a grocery trader’s income, holding that the Assessing Officer (AO) had...

Addition on Foreign Remittance Unsustainable Due to Non Consideration of Documentary Evidence: ITAT Sets Aside Addition of ₹23.13 Lakh [Read Order]

The Income Tax Appellate Tribunal (ITAT) Delhi Bench set aside the addition of ₹23.13 lakh made on account of unexplained foreign remittances holding that the failure of the lower authorities to ...

Reopening of Income Tax Assessment Approval Not Taken from Competent Authority u/s 151: ITAT Quashes Order [Read Order]

In a recent ruling, the Delhi Bench of the Income Tax Appellate Tribunal (ITAT) has set aside a reassessment order after finding that the approval for reopening the case under Section 151 of the...