ITAT Chennai held that once the assessee has discharged its primary onus of fulfilling the three ingredients of section 68 of the Income Tax Act, the further onus was on revenue to make further enquiry. However, since the onus lying on the revenue was not discharged, addition u/s 68 couldn’t be sustained.
ITAT Ahmedabad held that when application of income is more than receipts of year, excess application of income i.e., expenditure in the hands of the assessee can be carried forward to succeeding Year.
The ITAT in Mumbai cancels penalties levied under Section 271(1)(c) of the Income Tax Act, in the case of Fancy Diamonds India Pvt Ltd. The tribunal held that such penalties aren’t applicable when additions are made purely on estimation
ITAT Mumbai held that payment on account of employees contribution towards PF and ESI after the due date of the respective acts is disallowable in terms of section 36(1)(va) of the Income Tax Act.
ITAT Mumbai held that proceeds received by assessee-company carrying on business of power generation on sale of certified emission reduction credit (carbon credit) is a capital receipt and not business income.
An in-depth examination of the recent ITAT Ahmedabad verdict in the DCIT vs. Shiv Build case. The ruling highlights that no disallowance under Section 40(a)(ia) can be made for the short deduction of tax, creating a precedent for future cases.
Analysis of the recent ITAT Mumbai judgment concerning Secunderabad Healthcare Ltd Vs CIT, focusing on the inclusion of commission earned from accommodation entry in the total income of the assessee.
The ITAT Pune overturned a revisionary order of Pr. Commissioner of Income Tax-1, asserting that no revision is necessary under section 263 of the Income Tax Act if the Assessing Officer (AO) conducts appropriate verification during the assessment.
A detailed analysis of the recent ITAT Bangalore ruling in Anaveer Proprietor Vs ITO. The matter has been restored for reconsideration of the source of cash deposits during demonetization linked with LPG cylinder sales.
The Delhi bench of ITAT rules against Gopi Mani Kuttan on delayed deposit of employee contributions to PF/ESIC, in compliance with income tax laws. The article explores the verdict in detail and provides an analysis of the implications of the ruling.
