Latest Income Tax News, Updates & Judgments

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Accountant’s Medical Emergency Accepted as Sufficient Cause for Delay in Evidence Submission: ITAT sets aside Additions on Capital [Read Order]

In a recent ruling, the Income Tax Appellate Tribunal (ITAT), Hyderabad Bench, set aside multiple additions made against the assessee after...

Failure to Consider Purchase Cost & Source of Funds: ITAT Remands ₹30 Lakh Property Sale Gain and...

Section 56(2)(x) Not Applicable when Property Consideration Determined under Earlier Agreement: ITAT...

Indexed Cost of Improvement Allowable when Deemed Sale Consideration Adopted u/s 50C: ITAT [Read...

UAPA Principles must Guide Transfer Pricing Analysis: ITAT restricts Royalty and FTS Adjustment to...

Taxpayer Excluded Income from Hong Kong Company Citing POEM: ITAT Holds Debatable Tax Position not 'Misreporting' [Read Order]

The Nagpur Bench of the Income Tax Appellate Tribunal (ITAT) held that a return revised on the basis of a bonafide and legally debatable interpretation of the Place of Effective Management (POEM)...

Cash Deposits During Demonetization Explained Through Disclosed Instrument Charges: ITAT deletes Addition u/s 69A [Read Order]

The New Delhi Bench of the Income Tax Appellate Tribunal (ITAT) deleted an income tax addition under Section 69A of the Income Tax Act, 1961 as the cash deposits during demonetization explained...

AMP Expenditure Incurred for Taxpayers Own Business Cannot Be Disallowed on Presumed Reimbursement: ITAT [Read Order]

The New Delhi Bench of the Income Tax Appellate Tribunal (ITAT) ruled that the Advertisement, marketing, and promotion (AMP) expenditure incurred for the taxpayers own business cannot be disallowed...

ITAT’S Disallowance on Erroneous Assumption: Kerala HC Sets Aside ITAT Order in Malabar Regional Co-op Milk Producers Union Ltd's Appeal [Read Order]

The Division Bench of the Kerala High Court has set aside an order of the Income Tax Appellate Tribunal (ITAT), observing that the Tribunal misdirected itself in proceeding on a wrong assumption...

Failure to file Income Tax Return by State Taxes Employees Co-op Society: Kerala HC Directs ITO to Consider Rectification Application Within 3 Months, Condones Delay [Read Order]

The KeralaHigh Court has allowed a writ suit filed by Kerala State Taxes Employees Co-op Society Limited challenging the Income Tax Department's inactivity on its plea for rectification by...

Not Filing Appeal against Quantum Addition Not Admission of Concealment: ITAT Deletes 200% Income Tax Penalty [Read Order]

The Nagpur Bench of the Income Tax Appellate Tribunal (ITAT) recently held that an assessee's decision not to challenge a quantum addition before appellate authorities cannot be treated as an...

Broken Period Interest Paid on Purchase of Securities is Allowable as Revenue Deduction: ITAT in American Express Case [Read Order]

The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) held that broken period interest paid by American Express Bank Ltd. on purchase of securities was allowable as revenue deduction. ...