Latest Income Tax News, Updates & Judgments

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Conversion of Company into LLP Deemed Dissolution of Company: ITAT rules Reassessment Cannot Survive [Read Order]

The Delhi Bench of the Income Tax Appellate Tribunal ( ITAT ) has held that when a company converted to LLP is deemed to be dissolved and ...

Ex-BSNL Employees Absorbed from DoT Treated as Central Govt. Retirees for Income Tax Exemption on...

Can Criminal Proceedings be Initiated for Cash Transactions Above ₹2 Lakh? Allahabad HC to Examine...

STCG from Immovable Property Sale: ITAT Directs AO to Reassess alleged Sale with Additional Evidence...

ITAT Quashes ₹3960+ Crore Tax Demand Against Booking.com, Rules No Permanent Establishment in India...

ITAT Quashes ₹3.97 Crore Income Addition Based on Supplier Non‑Responses and Tata Ace Scrap‑Load Capacity Doubts [Read Order]

In a recent ruling, the Income Tax Appellate Tribunal (ITAT) quashed a ₹3.97 crore income addition which was based on supplier non‑responses to statutory notices and held that the AO’s doubts over...

Income Tax Dept Administrative Delay in Gathering Foreign Information Cannot Restrict Right to Travel Abroad: Delhi HC [Read Order]

In a recent ruling, the Delhi High Court held that the Income Tax Department’s delay in collecting foreign information cannot restrict a person’s right to travel abroad especially when no case or...

Gross Negligence by CIT(A) and AO in Ignoring Submissions and Evidence: ITAT Deletes ₹9 Cr Purchase Addition [Read Order]

The Income Tax Appellate Tribunal (ITAT) held that the Commissioner of Income Tax (Appeals) (CIT(A)) and the Assessing Officer (AO) exhibited gross negligence in discharging their statutory duty by ...

AO Cannot Adopt FMV for Capital Gains while using Book Value for Business Profits: ITAT Clarifies S. 45(2) scope [Read Order]

In a recent ruling, the Income Tax Appellate Tribunal (ITAT) has clarified the scope of Section 45(2) of the Income Tax Act, ruling that the Assessing Officer cannot adopt the fair market value...

Parallel Proceedings for Same AY After CIT(A) Set Aside Reassessment: ITAT Sets Aside ₹169.75 Cr Addition u/s 69A Arising from Section 263, Restores Matter to AO [Read Order]

The Income Tax Appellate Tribunal (ITAT), Ahmedabad Bench, held that to avoid parallel proceedings for the same Assessment Year (AY) 2014-15, the addition of ₹169.75 crore made under Section69A...

₹60 Lakh Loan Addition u/s 68 Deleted as AO Relied on Assumptions, Not Evidence: ITAT Upholds CIT(A) Decision [Read Order]

The Income Tax AppellateTribunal (ITAT) upheld the Commissioner of Income Tax (Appeals) [ CIT(A) ] order, deleting an addition of ₹60 lakh made under Section68 of the Income Tax Act, 1961 and ruling...

No Fresh Reassessment after 4 years when Facts Were Fully Disclosed: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT) Delhi Bench has dismissed the appeal and allowed the cross objection, ruling that reassessment proceedings initiated beyond four years were legally...