Judgement

The ITAT Bangalore has restored a dispute to the AO concerning taxability of fixed deposit interest earned on funds belonging to another company. 

ITAT Rules Interest Reflected in Form 26AS Cannot Alone Determine Taxability, Assessee Must Prove that FD Funds Belonged to Another Entity

ITAT Deletes Additions on Cash Deposits and Property Investment After Assessee Successfully Explains Source of Funds

ITAT Allows Section 57 Deduction for Interest Paid on Loan Against Fixed Deposits

The Income Tax Appellate Tribunal deleted a Rs 52 lakh addition made under Sections 68/69A after finding that the alleged bank accounts were actually fixed deposit accounts where cash deposits were not possible. The Tribunal held that the Assessing Officer made the addition without proper verification of bank records.

ITAT Ahmedabad Deletes Rs 52 Lakh Addition based on information received through Insight Portal

News

Due to fear and anxiety, the doctor broke his fixed deposit of Rs 34 lakh and sent the money to the fraudsters' accounts.

CA Among 4 Held for Cheating Retired Doctor of Rs 34 Lakh in "Digital Arrest" Scam

High Court partly sets aside ITAT order; directs Revenue to allow deduction u/s 80IA on interest from fixed deposits kept for crane replacement and tariff-dispute monies, and interest on TDS refund for AY 2012–13.

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ITAT Rules Interest Reflected in Form 26AS Cannot Alone Determine Taxability, Assessee Must Prove that FD Funds Belonged to Another Entity

ITAT Deletes Additions on Cash Deposits and Property Investment After Assessee Successfully Explains Source of Funds

ITAT Allows Section 57 Deduction for Interest Paid on Loan Against Fixed Deposits

ITAT Ahmedabad Deletes Rs 52 Lakh Addition based on information received through Insight Portal

CA Among 4 Held for Cheating Retired Doctor of Rs 34 Lakh in "Digital Arrest" Scam

High Court Allows Deduction of Interest u/s 80IA on Fixed Deposits and on TDS Refund