Judgement

Tribunal upholds deletion of Rs. 6.87 crore addition; holds foreign investments duly explained

ITAT: Share Premium from Non-Residents Can’t Be Taxed Under Section 68 of Income Tax

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Read Representation

Two of Gujarat’s leading professional bodies, the All Gujarat Federation of Tax Consultants (AGFTC) and the Income Tax Bar Association (ITBA), have jointly submitted a detailed representation to Union Finance Minister Smt Nirmala Sitharaman on July 10, 2025.

Tax Professionals Raise Alarm Over Delay in ITR Utility Release: AGFTC and ITBA Submit Representation to Finance Minister

ITAT Delhi quashes reassessment as no addition made on original reason; also allows business expenses where no exempt income.

ITAT Quashes 2.58 Cr Addition as Beyond Scope of Reopening, Carry Forward of Losses Allowed

Tribunal holds standalone audited financials decisive for tax computation; deletes additions made using group consolidated figures.

ITAT Quashes Rs. 49.79 Cr Additions; Held Consolidated Accounts Ignored

ITAT upholds CIT(A)’s deletion of Section 68 addition; finds unsecured loans genuine and no material linking assessee to entry operations.

ITAT: No Section 68 Addition Where Loans Duly Proven

Tribunal holds PCIT cannot invoke Section 263 when reassessment completed on specific recorded reasons; no addition made on unrelated issue.

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ITAT: Share Premium from Non-Residents Can’t Be Taxed Under Section 68 of Income Tax

Tax Professionals Raise Alarm Over Delay in ITR Utility Release: AGFTC and ITBA Submit Representation to Finance Minister

ITAT Quashes 2.58 Cr Addition as Beyond Scope of Reopening, Carry Forward of Losses Allowed

ITAT Quashes Rs. 49.79 Cr Additions; Held Consolidated Accounts Ignored

ITAT: No Section 68 Addition Where Loans Duly Proven

ITAT Allows Appeal, Says PCIT Can’t Expand Scope of Reassessment via Section 263