News

The department has urged the individuals to inform the department in case they have information regarding the possession or movement of huge amounts of cash, jewelry, etc.

Income Tax Dept Sets Up 24-Hour Control Room to Monitor Election Spending in Tamil Nadu and Puducherry

Judgement

The ITAT directed the AO to delete the addition, holding that the assessee had sufficiently proved the genuineness of the purchases.

ITAT Ahmedabad Deletes Alleged Bogus Purchase Addition Due to Proper Evidence Submission

The ITAT Bangalore deletes major additions on unsecured loans, interest, and salary expenses while remanding Rs. 44.71 lakh for fresh verification.

ITAT Faults CIT(A)/NFAC for Lack of Reasoning; Deletes Major Additions, Remands Rs. 44.71 Lakh Loan Issue

The ITAT ruled that only the Rs. 3.34 lakh trading profit of the company is taxable, rejecting the Rs. 3.90 crore unexplained cash credit addition under Section 68.

ITAT Quashes Rs. 3.90 Crore Section 68 Addition; Holds Only Trading Profit Taxable

The ITAT held that Section 54F deduction must strictly follow the statutory formula and cannot exceed the computed exemption merely due to higher deposits in the CGAS.

Section 54F Deduction Must Follow Statutory Formula, Not CGAS Deposit: ITAT

The tribunal held that a tax officer cannot question the prudence of business decisions.

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Income Tax Dept Sets Up 24-Hour Control Room to Monitor Election Spending in Tamil Nadu and Puducherry

ITAT Ahmedabad Deletes Alleged Bogus Purchase Addition Due to Proper Evidence Submission

ITAT Faults CIT(A)/NFAC for Lack of Reasoning; Deletes Major Additions, Remands Rs. 44.71 Lakh Loan Issue

ITAT Quashes Rs. 3.90 Crore Section 68 Addition; Holds Only Trading Profit Taxable

Section 54F Deduction Must Follow Statutory Formula, Not CGAS Deposit: ITAT

AO Cannot Sit in the Armchair of a Businessman and Question Prudence of Business Decisions: ITAT