Judgement

ITAT deleted Section 68 addition after finding that the assessee had sufficiently established the lender’s identity, creditworthiness and genuineness of the loan transaction.

ITAT Deletes Rs 2.67 Crore Section 68 Addition, Rejects Retrospective Source-of-Source Requirement

News

Income Tax officials from Lucknow and Gorakhpur surveyed Maharajganj Municipal Cooperative Bank, scrutinizing accounts, transactions, loans and tax records for possible irregularities.

Income Tax Officials Conduct Survey at Maharajganj Municipal Cooperative Bank, Examine Large Accounts, Loans and Suspicious Transactions

The ITAT Ahmedabad held that Section 115BAB option once exercised cannot be disregarded merely because no tax was computed in first year


ITAT Allows 115BAB Tax Benefit Claim And Remands Eligibility Verification to AO

The ITAT Agra held that Madras HC’s binding stay prevented SBI from deducting tax on Foreign-Travel LFCl.


ITAT Holds SBI Not in Default for Non-Deduction of TDS on LFC During Interim Protection

The ITAT restored Exemption under Section 11 as fee dispute was pending before Odisha High Court


ITAT Holds Section 11 Exemption Cannot Be Denied to Educational Trust Merely for Excess Fee Collection

Income Tax Department searches Prime Focus offices ahead of Ramayana release, reportedly over foreign remittances, while the company’s shares fall sharply.

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ITAT Deletes Rs 2.67 Crore Section 68 Addition, Rejects Retrospective Source-of-Source Requirement

Income Tax Officials Conduct Survey at Maharajganj Municipal Cooperative Bank, Examine Large Accounts, Loans and Suspicious Transactions

ITAT Allows 115BAB Tax Benefit Claim And Remands Eligibility Verification to AO

ITAT Holds SBI Not in Default for Non-Deduction of TDS on LFC During Interim Protection

ITAT Holds Section 11 Exemption Cannot Be Denied to Educational Trust Merely for Excess Fee Collection

Income Tax Department Conducts Searches at Prime Focus Offices Over Reported Foreign Remittances Ahead of Much-Awaited Ramayana Release