ITAT cancels Rs 70,700 tax penalty on Ghaziabad property buyer
The Income Tax Appellate Tribunal (ITAT) has cancelled a Rs 70,700 penalty imposed on a Ghaziabad taxpayer who bought a property for Rs 48 lakh when its stamp duty value was Rs…
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ITAT rules spouse’s credit card for business expenses allowed
The Income Tax Appellate Tribunal's Mumbai bench has ruled that business expenses paid through a spouse's credit card and later reimbursed cannot be disallowed merely on that ground. The order, relevant for…
ITAT deletes Rs 11,003 crore tax disallowance against Reliance Jio
The Income Tax Appellate Tribunal in Mumbai has deleted a Rs 11,003 crore tax disallowance against Reliance Jio Infocomm, ruling that accounting classification alone cannot determine tax treatment of expenses.
NRI money to parents: missing documents can trigger tax notice
Non-resident Indians sending money to parents in India risk income tax scrutiny if transfers lack proper documentation. A US-based NRI faced a six-year battle after an Rs 11 lakh transfer to his…
ITAT deletes Rs 2.33 crore addition in cash deposit case
The Income Tax Appellate Tribunal (ITAT), Amritsar Bench, has deleted a Rs 2.33 crore addition made against Bhupendra Flour Mills Pvt Ltd for cash deposited during the 2016 demonetisation period. The company…
ITAT says bank deposits cannot automatically be taxed under Section 44AD
The Income Tax Appellate Tribunal’s Surat bench has ruled that bank deposits cannot automatically be treated as taxable income under Section 44AD. Tax authorities must first examine the source and nature of…
Government drops 23,467 income-tax appeals under higher limits
The Income Tax Department has withdrawn 5,978 appeals and decided not to file another 17,489 after higher monetary limits were introduced for departmental tax appeals. The figures, disclosed by Finance Minister Nirmala…
ITAT Ahmedabad deletes Rs 2.31 lakh tax penalty
The Income Tax Appellate Tribunal, Ahmedabad, has cancelled a Rs 2.31 lakh penalty imposed on Niket Maheshbhai Shah over a Rs 3.71 lakh deduction claimed for a political donation under Section 80GGC.…
ITAT Mumbai: Higher stamp value alone cannot prove undisclosed income
The Income Tax Appellate Tribunal (ITAT) Mumbai has ruled that a higher stamp-duty valuation of a property, by itself, cannot prove that a buyer made an undisclosed investment. The order came in…
ITAT Delhi upholds Rs 1.86 lakh penalty for undisclosed UAE assets
The Delhi bench of the Income Tax Appellate Tribunal (ITAT) has upheld a Rs 1.86 lakh penalty under the Black Money Act against taxpayer Ashok Shankar for failing to disclose a UAE…
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