Judgement

The ITAT upholding a Rs 2.76 lakh addition under Section 68 and a penalty of Rs 85,370 under Section 271(1)(c) over alleged bogus long-term capital gains from Safal Herbs Ltd. shares.

ITAT Upholds Rs 2.76 Lakh Addition, Holds Stock Exchange and Banking Records Alone Cannot Prove Genuine LTCG

The ITAT upheld the deletion of a Rs 1.80 crore addition under Section 68, holding that the increase in asset value arose from revaluation of assets acquired in an earlier financial year rather than any fresh unexplained investment.

ITAT Deletes Rs 1.80 Crore Addition, Holds Asset Revaluation Does Not Mean Fresh Investment

The ITAT upheld a Rs 1.90 lakh addition under Section 69A after rejecting the genuineness of a political donation claimed as a deduction under Section 80GGC.

ITAT Denies Rs 1.90 Lakh Section 80GGC Deduction Over Donation to Apna Desh Party, Relies on Supreme Court Judgement

The ITAT directed deletion of a Rs 10.76 lakh expense disallowance due to the absence of identified defects in audited books and remanded a Rs 17.66 lakh addition under Section 40A(3) for fresh verification of Rule 6DD exceptions.

ITAT Deletes Rs 10.76 Lakh Expense Disallowance, Remands Rs 17.66 Lakh Cash Payment Issue

The ITAT held that failure to establish service of the mandatory Section 143(2) notice and the jurisdictional defect under CBDT Circular No. 1/2011 invalidated the assessment proceedings.

ITAT Quashes Bogus LTCG Assessment for Non-Service of Mandatory Section 143(2) Notice

News

The Income Tax Department has flagged 9,144 property documents across Uttar Pradesh, suspecting tax evasion worth Rs 5,121 crore amid missing records, incomplete PAN details and suspicious transactions.

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ITAT Upholds Rs 2.76 Lakh Addition, Holds Stock Exchange and Banking Records Alone Cannot Prove Genuine LTCG

ITAT Deletes Rs 1.80 Crore Addition, Holds Asset Revaluation Does Not Mean Fresh Investment

ITAT Denies Rs 1.90 Lakh Section 80GGC Deduction Over Donation to Apna Desh Party, Relies on Supreme Court Judgement

ITAT Deletes Rs 10.76 Lakh Expense Disallowance, Remands Rs 17.66 Lakh Cash Payment Issue

ITAT Quashes Bogus LTCG Assessment for Non-Service of Mandatory Section 143(2) Notice

Income Tax Department Suspects Rs 5,121 Crore Tax Evasion in Uttar Pradesh After Examining Over 26,000 Property Registration Documents