Judgement

ITAT Ahmedabad deletes Rs. 1.02 crore addition after accepting that the loan was used for genuine business repayment.

ITAT Ahmedabad Quashes Rs. 1.02 Crore Loan Addition, Validates Business Transaction

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Depositing over Rs. 10 lakh in your bank account can trigger scrutiny from IT Dept. so always maintain clear proof of money’s source to avoid notices and penalties.

Red flags of bank Deposits that can invite Income Tax Notice

The ITAT Ahmedabad, in one of its orders, upheld a disallowance made by the assessing officer (AO) of subcontract expenses because the assessee company did not submit enough explanations and details.

ITAT Upholds Disallowance of Subcontract Expenses, Remands TDS Matter to AO

ITAT Ahmedabad sets aside interest disallowance after finding loan repayment details were ignored in a mutual fund investment case.

ITAT Reverses Disallowance of Interest Expense, Rs. 7 Crore Loan Repayment Overlooked

The ITAT has recently rejected the Long-Term Capital Gain (LTCG) Claim by an assessee from the sale of shares of a company, which was alleged to have engaged in price manipulation and accommodation entries.

ITAT Rejects Bogus LTCG Claim, Upholds Tax Reopening

The tribunal concluded that neither the AO nor the CIT(A) verified the case in detail. Therefore, the case was remanded to the Assessing Officer for proper verification.

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ITAT Ahmedabad Quashes Rs. 1.02 Crore Loan Addition, Validates Business Transaction

Red flags of bank Deposits that can invite Income Tax Notice

ITAT Upholds Disallowance of Subcontract Expenses, Remands TDS Matter to AO

ITAT Reverses Disallowance of Interest Expense, Rs. 7 Crore Loan Repayment Overlooked

ITAT Rejects Bogus LTCG Claim, Upholds Tax Reopening

ITAT Remands Case for Proper Verification of Cash Sales and Deposits