Tag: ITAT Surat

It is well-settled that once the source of cash is explained to be business receipts already accounted for and taxed, addition u/s 68 is unwarranted – ITAT In a recent judgment, ITAT Surat has deleted addition u/s 68 of the Income Tax Act, 1961 (the Act) holding that …

Assessee entitled to claim deduction u/s 48 of housing loan interest paid for remaining amount over and above already claimed u/s 24(b) of the Income Tax Act. In A recent judgment, ITAT Surat has held that the assessee is entitled to claim deduction u/s 48 of housing loan …

ITAT restricted penalty under section 272A(1)(d) to the first default to notice issued u/s 143(2). In a recent judgment, ITAT Surat restricted penalty under section 272A(1)(d) to the first default only holding that penalty u/s 271(1)(b) cannot be imposed for each and every notice issued under section 143(2) …