ITAT Kolkata held that addition towards unexplained cash credit u/s 69A of the Income Tax Act untenable as cash deposited during the demonetization period duly explained.
ITAT Jaipur held that income surrendered during the course of search cannot be said to qualify as an undisclosed income in the context of section 271AAB read with the explanation thereto and hence penalty u/s 271AAB of Income Tax Act not leviable.
Analysis and insights into the ITAT Ahmedabad ruling on the appeal of Rameshbhai Patel against the NFAC order regarding unexplained money and procedural errors in the tax assessment for the year 2012-13
ITAT Delhi held that if the assessee has shown the income, then, the assessee has every right to get credit of TDS even if deductor has deducted tax in subsequent A.Y.
ITAT Mumbai held that the bank guarantee rates cannot be considered for benchmarking corporate guarantee fees, therefore benchmarking of AO and DRP is also incorrect. It depends on creditworthiness of parties and benefit arising out of the same in the hands of the parties to the transaction.
ITAT Kolkata held that that law declared by a court will have retrospective effect, if not otherwise stated to be so specifically. It is also well settled proposition that whenever, a previous decision is overruled by a larger bench of the Supreme Court, the previous decision is completely wiped out.
ITAT Mumbai held that activities of import of goods for re-export (i.e. trading activities) falls within the meaning of service defined u/s 2(z) of SEZ Act and accordingly the profits and gains derived from such services rendered from SEZ would be eligible for deduction u/s. 10AA of the Income Tax Act.
Explore the crucial judgment of ITAT Delhi in the case of DCIT Vs Western Geco International Ltd. A deep dive into issues of taxation under Sections 44DA, 44B, and 44BB of the Income Tax Act.
ITAT Mumbai concurred with AO and CIT(A), highlighting that a Board Resolution doesn’t create a liability until implemented. The tribunal emphasized that costs for employee termination and lease termination arise when notice of termination is served.
Unraveling the case of Gopal Singh vs ITO, in which ITAT calls out the disregard of quasi-judicial authority. Understand the key facts, analysis, and implications of this significant ITAT ruling.
