Mumbai Tribunal : S. 145 : Method of accounting-Project completion method-The Assessing Officer is not justified in rejecting the project completion method and estimating the income on percentage completion method- No addition can be made merely on the basis of sales shown in the GST return and Income tax return when the assessee is able to reconcile the… Read More ...

Mumbai Tribunal : S. 270A : Penalty for under-reporting and misreporting of income- Penalty notice was only regarding underreporting of income-Penalty levied u for misreporting of income and under reporting-Not specifying the specific charge-Salary received is shown in the return -Penalty of Rs. 44,90,048/- levied under section 270A(8) of the Act is deleted. [S. 139(9), 192, 270A(8), 270A(9)(e),… Read More ...

ITAT MUMBAI: the Hon. ITAT Mumbai held that disallowance u/s. 14A cannot be made where the exempt income is earned in the current year on investments made in earlier years, with no fresh investments in the current year. Additionally, interest paid on an overdraft facility for business purposes cannot be disallowed under Rule 8D Read More ...

By AJAY WADHWA, ADVOCATE: SELECTION OF MEMBERS OF THE INCOME TAX APPELLATE TRIBUNAL: SOME SUGGESTIONS Read More ...

By CA. Brijesh Baranwal: Since its establishment around 8 decades back, ITAT has been instrumental in resolving the disputes of income tax payers. Although the Tribunal is not a Court in true sense, but it has been vested with the powers of an Appellate Court under Civil Procedure Code. It is empowered to regulate its own procedures for proper… Read More ...

By Neelam Jadav Advocate: Important Judgments of Honourable Shri A.D. Jain, Vice-President, Income - tax Appellate Tribunal, Chandigarh, By Neelam Jadav Advocate. Read More ...