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ITAT Delhi Rules Against Time-Barred Section 148 Reassessment Notices
ITAT Delhi rules Section 148 reassessment notices for AY 2015-16 issued after April 1, 2021, are time-barred, offering taxpayers crucial clarity.
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ITAT Ruling Clarifies Bona Fide Intent in Black Money Act Compliance
Discover how an ITAT ruling clarified bona fide intent, deleting a Black Money Act penalty for an omission to report foreign investments.
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ITAT Limits Tax Authority Power to Reject Purchases Without Substantiated Evidence
ITAT limits tax authority power to reject purchases without evidence, protecting businesses from arbitrary disallowances based on sales and stock records.
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ITAT Quashes Section 153A Assessment as AY 2010-11 Fell Outside Ten-Year Block Period
Discover why the ITAT quashed a Section 153A assessment for AY 2010-11, ruling it fell outside the ten-year block period.
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ITAT Remands Section 80GGC Claim as Political Donation Verification Was Incomplete
The ITAT has remanded an 80GGC political donation claim for re-verification due to incomplete bank transaction details, impacting taxpayers.
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ITAT Mumbai Overturns Assessment Order Over Procedural Fairness Violations
ITAT Mumbai overturned an assessment order, citing procedural fairness violations and emphasizing the taxpayer's right to be heard in tax cases.
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ITAT Mumbai Clarifies Critical Banking Taxation Standards for AY 2010-11
ITAT Mumbai's landmark ruling clarifies banking taxation for AY 2010-11, resolving disputes on pension funds, bad debts, and regulatory disallowances.
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ITAT Ruling Clarifies Tax Audit Errors Do Not Justify Automatic Disallowances
The Income Tax Appellate Tribunal (ITAT) recently issued a landmark ruling, determining that a tax audit report containing erroneous figures cannot serve as the sole legal basis for invoking disallowances…
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Pune ITAT Caps Contract Profit Estimation at 8%, Providing Significant Relief to Taxpayers
The Pune bench of the Income Tax Appellate Tribunal (ITAT) delivered a landmark ruling this week, declaring that an 18% net profit estimation on contract receipts is excessive without concrete…
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ITAT Rules Cash Deposits in Medical Business Are Not Fully Taxable Under Section 69A
Clarifying Tax Treatment for Business Cash DepositsIn a significant ruling for small-scale retailers, the Income Tax Appellate Tribunal (ITAT) has clarified that cash deposits made into a medical store's bank…