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Section 263 cannot be invoked merely due to perceived inadequate inquiry

July 9, 2024 372 Views 0 comment Print

Read about the ITAT Mumbai’s ruling in AVTIL Enterprises Ltd Vs PCIT, where the invocation of section 263 was challenged for the AY 2017-18.

ITAT follows principle of consistency; Restricts addition for Bogus Purchase to 3% 

July 9, 2024 534 Views 0 comment Print

Explore the detailed ITAT Mumbai order on Trustar Diamonds appeal against ACIT for A.Y. 2012-13, addressing alleged bogus purchases in the diamond industry.

ITAT deletes addition made by CIT(A) without adequate justification 

July 9, 2024 312 Views 0 comment Print

Read the full text of the ITAT Mumbai order in the case of Krimesh Ramesh Divecha Vs DCIT for A.Y. 2015-16. Understand the assessment details and implications.

Condonation cannot be based solely on subsequent changes in law: SC

July 9, 2024 324 Views 0 comment Print

Supreme Court allows delay condonation for DDA in public interest while upholding acquisition under 1894 Act in various cases. Analysis of the landmark judgment.

Dividend on Donated Shares to Corpus Fund Not Income from Other Sources

July 9, 2024 408 Views 0 comment Print

Explore ITAT Delhi’s ruling on dividend income exemption under section 11 of IT Act 1961. Detailed analysis of judgment against Revenue appeal for AY 2021-22.

Capital Gain cannot be treated as Bogus without any concrete evidence

July 9, 2024 606 Views 0 comment Print

Explore the case of Shaily Prince Goyal vs ITO (ITAT Mumbai) regarding cash credits from penny stock sales. Detailed analysis of Section 10(38), 45, and 69C under Income Tax Act, 1961.

Change in Law or Judgment by Larger Bench Not Grounds for Review

July 9, 2024 366 Views 0 comment Print

Tribunal’s order cannot be recalled based on subsequent judgments, citing DCIT Vs ANI Integrated Services Ltd. Understand implications under Section 254(2) of Income Tax Act.

Gain from Sell of shares of ICL held for over 10 years is Genuine: ITAT Mumbai

July 9, 2024 282 Views 0 comment Print

Read the detailed analysis of Elara India Opportunities Fund Ltd Vs DCIT (ITAT Mumbai) regarding the addition under section 68 of the Income Tax Act on sale of shares of M/s. International Conveyors Ltd.

Notice uploaded on Portal but not mailed: ITAT directs reconsideration of Section 12A & 80G applications

July 9, 2024 417 Views 0 comment Print

Explore the ITAT Delhi’s ruling on Raghunandan Mishra Charitable Trust’s 12A and 80G registration applications. Analysis of CIT(Exemption)’s ex-parte order and IT portal notice issue.

Section 50C not applies to Approved Transfers by Statutory Authorities

July 9, 2024 405 Views 0 comment Print

Section 50C not applies if transfer of capital asset took place as per approval and under the supervision of the statutory authorities and after due process of inviting the public objections in respect of the said transactions.

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