ITAT Mumbai partially allows Raheja Legacy Trust’s appeal, reducing loan additions after assessing supporting documents for lender genuineness.
ITAT Ahmedabad directs verification of agricultural land sale 10 km beyond municipal limits to determine its capital asset status under Section 2(14)(iii).
ITAT Chennai sends case back for reassessment as the assessee was not given a final opportunity to explain cash deposits in bank accounts for AY 2012-13.
ITAT Mumbai remands case for fresh evaluation of Mohanlal Shikshan Sanstha’s applications under Sections 12AB & 80G due to procedural delays.
ITAT Bangalore remands case for a fresh TP study, directing TPO to assess the applicability of MAP-determined ALP to transactions with non-US Associated Enterprises.
Purna Purshottam Exports Vs PCIT (Central) (ITAT Mumbai) Summary: The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) ruled in favor of Purna Purshottam Exports, stating that the Principal Commissioner of Income Tax (PCIT) cannot invoke Section 263 of the Income Tax Act, 1961, if the Assessing Officer (AO) has already conducted a thorough […]
ITAT Chennai allows reassessment of ₹54.70 lakh cash deposits during demonetization, granting the assessee another opportunity subject to a ₹5,000 cost payment.
ITAT Kolkata dismisses Nikhil Commosales Pvt. Ltd.’s appeal, permitting revival if the assessee’s application under the Vivad Se Vishwas Scheme 2024 is unsuccessful.
Claim of the assessee for deduction for education cess was on a bonafide belief that it was allowable expenditure u/s. 37(1) and hence, the same was not a case for initiation of penalty proceedings u/s. 270A.
Analysis of Section 263 proceedings in a case involving a builder and developer. Learn why the PCIT directed reassessment for AY 2016–17 and key judicial observations.
