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ITAT Quashes Reassessment Under Section 147 for Change of Opinion on Share Premium
Discover how the ITAT quashed a Section 147 reassessment over share premium, reinforcing vital taxpayer protections against arbitrary tax audits.
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Ahmedabad ITAT Deletes On-Money Addition Due to Insufficient Evidence
The Ahmedabad Bench of the Income Tax Appellate Tribunal (ITAT) has ruled in favor of a taxpayer by deleting a substantial tax addition made under Section 69 of the Income…
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ITAT Condones 1,659-Day Delay and Grants Section 10(10B) Exemption for BSNL VRS Compensation
In a notable tax ruling, the Income Tax Appellate Tribunal (ITAT) recently condoned a significant delay of 1,659 days in filing an appeal. The tribunal subsequently ruled that compensation received…
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Ahmedabad ITAT Allows ₹602 Crore Pfizer Settlement as Business Expenditure
Discover why the Ahmedabad ITAT allowed Pfizer to claim a 602 crore rupee patent settlement as a tax-deductible business expense.
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ITAT Deletes TDS Demand on Stockist Discounts, ESOPs & MSME Interest
In a significant legal development for corporate taxpayers, the Income Tax Appellate Tribunal (ITAT) has ruled against tax deduction at source (TDS) demands concerning stockist discounts, employee stock option plans…
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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.