Itat
Latest news, explainers and analysis on Itat. Tracking 7 stories on Arth Vani.
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Latest on Itat
BreakingITAT Sides With Omaxe, Scraps Tax Addition Linked to 2008 Data
The Income Tax Appellate Tribunal (ITAT) has ruled in favour of real estate developer Omaxe Ltd., rejecting a significant income tax addition. This decision concerns an addition proposed by the tax authorities based on data seized during a search operation conducted in 2008.
BreakingITAT Jaipur Grants Full Tax Relief on ₹3.41 Crore FCNR Deposits to Dubai NRI
The Income Tax Appellate Tribunal (ITAT), Jaipur bench, has granted full relief to a Dubai-based Non-Resident Indian (NRI) regarding ₹3.41 crore held in Foreign Currency Non-Resident (FCNR) deposits. The funds, initially tagged as unexplained money by the Income Tax Department, were clarified by the tribunal, providing significant relief and clarity for NRIs.
BreakingMaruti Suzuki Wins ₹13,000 Crore Tax Dispute at ITAT
Maruti Suzuki India Ltd has received a significant financial boost after the Income Tax Appellate Tribunal (ITAT) ruled in its favour in a major tax dispute. This favourable decision is expected to have a positive impact of approximately ₹13,000 crore on the automotive giant.
ITAT Deletes ₹30 Lakh Tax Addition Based Solely on Survey Statement
The Income Tax Appellate Tribunal (ITAT) has deleted a ₹30 lakh tax addition previously made by the tax department, ruling that an assessee's statement during a tax survey cannot be the sole basis for such an addition without corroborating evidence. This decision provides significant relief and clarity for taxpayers facing similar situations where additions are proposed based on statements alone.
BreakingITAT Mumbai Deletes ₹67.4 Lakh Tax Addition on Ancestral Jewellery, Rejects ₹12 Lakh HUF Brokerage Claim
The Income Tax Appellate Tribunal (ITAT) in Mumbai recently overturned a tax department's addition of ₹67.4 lakh on ancestral jewellery, accepting old records as proof. However, the same tribunal rejected a taxpayer's claim for ₹12 lakh related to Hindu Undivided Family (HUF) brokerage. This ruling highlights the critical importance of robust documentation for both inherited assets and expense claims in Income Tax Returns (ITR).
ITAT Deletes ₹1.13 Crore Tax Adjustment Citing Inconsistent Depreciation Treatment
The Income Tax Appellate Tribunal (ITAT) has cancelled a significant ₹1.13 crore transfer pricing adjustment against a taxpayer. The tribunal's decision highlighted an inconsistent approach by tax authorities regarding depreciation treatment, which led to the deletion of the demand.
BreakingBengaluru Man Wins ITAT Case Over ₹2.33 Crore Online Gaming Tax Demand
A Bengaluru resident successfully challenged an income tax demand of ₹2.33 crore on his online gaming winnings at the Income Tax Appellate Tribunal (ITAT). The ITAT ruled in his favour, providing relief from the significant tax assessment. This outcome highlights the ongoing scrutiny and evolving interpretations surrounding the taxation of online gaming income in India.
Tax figures shown are indicative estimates for education only and depend on your specific situation. Consult a qualified tax professional or the Income-Tax Department before acting.