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ITAT Orders Fresh Verification in 11.10 Lakh Property Sale Tax Dispute
The Jaipur bench of the ITAT has directed a fresh verification regarding an 11.10 lakh property sale addition involving ownership and bank records.
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ITAT Deletes Rs 2.94 Crore Cost of Improvement Disallowance by CPC
Hyderabad ITAT rules that the CPC cannot demand evidentiary verification under Section 143(1), deleting a Rs 2.94 crore cost of improvement disallowance.
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ITAT Grants Section 54B Relief for Agricultural Land Purchases
Discover how the ITAT allowed a Section 54B tax deduction of Rs 15.22 lakh for purchasing agricultural land prior to the official sale deed.
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Calcutta High Court Rules on Section 68 Additions and Substantial Questions of Law
Explore the Calcutta High Court ruling on Section 68 additions, affirming that reasoned factual findings without perversity present no legal question.
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ITAT Grants Relief on Section 69A Additions for Business Cash Deposits
Learn about the recent ITAT ruling allowing twenty lakh credit for business cash deposits against Section 69A additions and its tax implications.
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ITAT Excuses 308-Day Filing Lag and Restores CPC Adjustment Appeal
Discover how the Bangalore ITAT condoned a 308-day delay due to pandemic pressures, successfully reviving a taxpayer appeal concerning PF and ESI disallowances.
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ITAT Remands INR 99.38 Lakh Tax Appeal for Section 249(4)(b) Examination
The Mumbai ITAT restores a tax appeal involving an INR 99.38 lakh addition, directing the CIT(A) to first examine compliance under section 249(4)(b).
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Low Income Does Not Equal Low Creditworthiness Under Section 68
Discover why low returned income does not automatically prove lack of creditworthiness under Section 68 based on recent appellate tribunal rulings.
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ITAT Remands ₹2.15 Crore On-Money Addition Pending Developer’s Appeal Findings
Tax authorities recently faced a procedural turning point when the Income Tax Appellate Tribunal (ITAT) set aside a disputed financial addition amounting to ₹2.15 crore. The tribunal ordered a fresh…
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Jodhpur ITAT Rules Penny Stock LTCG Cannot Be Invalidated Without Direct Evidence
In a notable legal development, the Jodhpur bench of the Income Tax Appellate Tribunal (ITAT) has ruled that long-term capital gains (LTCG) from penny stocks cannot be dismissed as bogus…