The ITAT Jaipur underscores the need for a detailed examination of rural land transactions for tax purposes, especially when the property is near urban canters. In a significant ruling, the Income Tax Appellate Tribunal (ITAT) in Jaipur has upheld the …
The ITAT ruled that, as long as interest-free funds are sufficiently available at the time of advance, disallowance of interest on subsequent loans will not stand. In this article, we delve into a notable tax judgement of ITAT involving a …
The ITAT also rejected the AO’s argument that the capital gains exemption should only cover the amount directly used for constructing the new house. The Ahmedabad Bench of the Income Tax Appellate Tribunal (ITAT) has ruled that a taxpayer can …
The Tribunal rejected the Commissioner of Income Tax (Appeals) [CIT(A)]’s assertion that the document was manipulated, labelling it as a baseless allegation. No Bar on Simultaneous Deduction u/s.54 & 54F of IT Act Against Same Asset: In a significant ruling, …
Non-compete fees received by a taxpayer will be a non-taxable capital receipts up to the financial year 2002-03: ITAT Mumbai The Income-tax Appellate Tribunal (ITAT) Mumbai has recently ruled that non-compete fees received by taxpayers up to the financial year …
Brett Lee Granted Tax Relief by ITAT Delhi In a significant ruling, the Delhi bench of the Income Tax Appellate Tribunal (ITAT) has granted relief to former Australian cricketer Brett Lee in a tax dispute. The case involved an income …
ITAT Visakhapatnam Ruling in case of Konathala Nooku Naidu verses ITO/ case No. I.T.A. No.269/Viz/2023 In a recent decision, the Visakhapatnam Income Tax Appellate Tribunal (ITAT) has ruled in favour of a taxpayer, directing the deletion of an addition made …
ITAT highlighted that the imposition of penalties under Section 271(1)(c) should not be automatic, but rather based on a careful consideration of the circumstances. ITAT Delhi Ruling: In a significant ruling, the Delhi Income Tax Appellate Tribunal (ITAT) emphasized that …
The ITAT also clarified that a mere transfer of Property through a registered sale, without the buyer making the payment to the seller, cannot lead to an addition. The Ahmedabad Income Tax Appellate Tribunal (ITAT) recently made a significant ruling …
ITAT concluded that the AO had failed to record proper satisfaction before issuing the notice under Section 153C of the Income Tax Act. The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has nullified an assessment order due to …
ITAT clarifies that a builder’s mistake in flat allotment will not hinder a taxpayer’s ability to claim tax benefits under section 54 of the I-T Act. In a recent case adjudicated by the Income-tax Appellate Tribunal (ITAT), Mumbai bench, a …
CGAS deposit is not a mandatory requirement for claiming capital gain deductions, if it has been invested within the prescribed time limit under section 54(1) of the Income Tax Act for the purchase or construction of a new property Relevance …
ITAT emphasized the importance of procedural correctness and evidentiary standards in tax assessments The recent ruling by the Income Tax Appellate Tribunal (ITAT) Chennai has brought relief to Prakash Ferrous Industries Private Limited (I.T.A No.623/Chny/2023), dismissing the appeal by the …
Congress Party emphasized that the Income Tax Department should halt any further action until the outcome of the stay application pending in ITAT The Indian National Congress has found itself in the midst of a financial tussle with the Income …
ITAT Kolkata: Income Tax Exemption under Section 10 (23C)(vi) Allowed on Gross Receipts Including Rental Income I-T Exemption on Educational Income: In a recent decision on 1.12.23, the Kolkata bench of the Income Tax Appellate Tribunal (ITAT), in Case no.498/Kol/2023, …
Residential Status Dispute Resolved by ITAT: Non-Resident Status Confirmed on 176 Days Stay in India Residential Status of Individual: In a recent decision, the Income Tax Appellate Tribunal (ITAT) Mumbai dismissed the Revenue’s appeal and upheld the order passed by …
ITAT Surat Verdict-Revision Order Under Section 263 Not Justifiable Unless Order of Assessing Officer is Erroneous ITAT Surat Verdict: The Surat bench of the Income Tax Appellate Tribunal (ITAT) recently issued a ruling concerning a Revision Order filed under section …
Introduction: Appeal to Income Tax Appellate Tribunal The Income Tax Appellate Tribunal (ITAT) serves as a crucial platform for hearing appeals related to income tax orders issued by tax authorities. It operates under the oversight of the relevant High Court …