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Parallel Reassessment u/s 147 Invalid During Pending Scrutiny u/s 143(3): ITAT Delhi
#Reassessment #ITAT
ITAT Delhi Delivers Knockout Blow to Taxman's Parallel Pursuit in Lalit Modi CaseIn a significant ruling for tax litigators, the Income Tax Appellate Tribunal (ITAT) Delhi Bench "D" has quashed the reassessment order against former IPL chairman Lalit Kumar Modi for Assessment Year 2010-11. Pe...
ITAT Clarifies Tax Treatment of CSR and Export Incentives
#ITAT #GSTIndia
ITAT Clarifies Tax Treatment of CSR and Export Incentives In a significant week for Indian tax jurisprudence, the Income Tax Appellate Tribunal (ITAT) delivered a series of rulings that underscore the importance of procedural fairness and substantive analysis in tax assessments, particularly ...
Purchases Cannot Be Treated Bogus Solely on Delayed Employee Statements Without Incriminating Evidence: ITAT Mumbai
#ITATJudgment #BogusPurchases
ITAT Mumbai Deletes ₹2.70 Crore Addition for Alleged Bogus Purchases in Kalpataru Case, Stressing Need for Corroborative Evidence Introduction In a significant ruling for tax practitioners and businesses dealing with legacy transactions, the Income Tax Appellate Tribunal (ITAT) Mumbai Bench h...
ITAT Allows Genuine Business Losses in Logistics and ESOP Deductions Under Section 37: Bengaluru Bench
#IncomeTaxDeduction #BusinessLosses
ITAT Bengaluru Allows Instakart's Business Losses and ESOP Deductions, Overturns Revenue's Disallowances Introduction The Income Tax Appellate Tribunal (ITAT) Bengaluru Bench, comprising Accountant Member Shri Waseem Ahmed and Judicial Member Shri Keshav Dubey, has ruled in favor of Instakart...
ITAT Quashes Reassessments Over Unrelated Additions and Undisposed Objections
#IncomeTaxReassessment #ITATJudgment #Section147
ITAT Quashes Reassessments Over Unrelated Additions and Undisposed Objections In a significant ruling for tax litigators and assessees challenging reassessment actions, the Income Tax Appellate Tribunal (ITAT) Delhi Bench has quashed reassessment proceedings under Section 147 of the Income Ta...
AO's Plausible View Allowing 80P Deduction on Interest from Banks Not Erroneous or Prejudicial Under S.263: ITAT Bangalore
#IncomeTaxAppeal #Section80P #ITATJudgment
ITAT Bangalore Quashes PCIT's Revision Orders: Interest Income from Banks Qualifies for 80P Deduction as Business Income The Income Tax Appellate Tribunal (ITAT) Bangalore Bench, comprising Vice President Shri Prashant Maharishi and Judicial Member Shri Keshav Dubey, has ruled in favor of two...
ITAT Deletes ₹10.84 Cr Addition Against Preity Zinta Under Section 68
#IncomeTaxAppeal #TaxLitigation #UnexplainedCredits
ITAT Deletes ₹10.84 Cr Addition Against Preity Zinta Under Section 68 In a significant victory for Bollywood actress and high-profile taxpayer Preity G. Zinta, the Income Tax Appellate Tribunal (ITAT) Mumbai has deleted a substantial ₹10.84 crore addition made to her income under Section 68 o...
Statement U/S 133A Income Tax Act Has No Evidentiary Value, Cannot Be Sole Basis for Disallowing Expenses: ITAT Bangalore
#IncomeTax #ITAT #TaxLaw
ITAT Bangalore Rules Statements from Tax Surveys Lack Evidentiary Value, Reverses Major Disallowance Bengaluru:The Income Tax Appellate Tribunal (ITAT), Bangalore Bench, has delivered a significant ruling, holding that statements recorded during a survey under Section 133A of the Income Tax A...
Selective Reliance on Documents Invalidates Reopening of Assessment Under S.147; Belief of Escaped Income Must Be Based on Totality of Record: ITAT Mumbai
IncomeTax ITAT Reassessment
Shirdi Sai Baba Trust Wins Major Tax Battle as ITAT Quashes Reassessment; Cites Flawed Basis for Reopening Mumbai, Maharashtra– In a significant ruling, the Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has quashed the reassessment proceedings initiated by the Income Tax Department...
Donation for CSR is Eligible for S.80G Deduction if Not Claimed as Business Expense Under S.37: ITAT Mumbai
CSR Section80G IncomeTax
ITAT Mumbai Upholds Section 80G Deduction on CSR Donations, Quashes Revision Order Mumbai, India– In a significant ruling, the Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has held that a company is entitled to claim a deduction under Section 80G of the Income Tax Act, 1961, for d...
