ITAT Ahmedabad held that provisions of Section 269ST of the Income Tax Act 1961 would apply to undisclosed income which was declared during the survey proceedings.
Analyzing ITAT Bangalore’s ruling in Yashaswi Fish Meal and Oil Company Vs DCIT, exploring the role of sworn statements in tax assessments.
In a significant ruling, ITAT directs the AO to share crucial information about 32,855 beneficiaries involved in accommodation entry schemes, uncovering a massive money laundering operation
Khadi Grammodhyog Prathisthan Vs Asst. Director of Income CPC (ITAT Jodhpur) The case of Khadi Grammodhyog Prathisthan Vs Asst. Director of Income CPC (ITAT Jodhpur) revolves around the denial of current year losses by treating a revised tax return as an original return. This appeal arises from an order dated 14.02.2023, issued by the National […]
ITAT Indore held that deduction of cost of land with expenses for exploitation on land duly allowable from the sale consideration before charging tax on the same.
ITAT Chennai held that actual loss arisen on account of cancellation of the forward contracts entered into with the banks to safeguard realization of export proceeds is allowable as business loss.
D D & Co. Vs ACIT (ITAT Mumbai) ITAT Mumbai held that for claiming deduction u/s. 57 of the Income Tax Act, it is important to establish that the expenditure is laid out or expended wholly and exclusively for the purpose of making or earning such income. Accordingly, matter remanded to consider the movement in […]
ITAT Delhi held that entire addition towards unexplained investment under section 69 of the Income Tax Act merely on the basis of presumption is unsustainable in law.
ITAT Jodhpur held that disallowance of interest which is not at all received by the assessee is unsustainable and accordingly, the disallowance is vacated.
ITAT Raipur held that revisionary jurisdiction under section 263 of the Income Tax Act rightly invoked as there is a gross failure on the part of the A.O to verify the nature and source of the cash deposits.
