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Income Tax : The note highlights gaps in existing tax provisions affecting families, seniors, and small investors. It suggests targeted reforms...
Income Tax : Disallowance made in an ex parte order was overturned after evidence showed a clear borrowing-to-lending link. The ruling affirms ...
Income Tax : The issue was prolonged misuse of correction statements due to no statutory deadline. The law now enforces strict timelines, makin...
Income Tax : Businesses are seeking a cap on dividend taxation for resident shareholders to address double taxation concerns. The proposal aim...
Income Tax : ITAT held that execution of a registered joint development agreement amounts to transfer of land. Capital gains timing must be det...
Income Tax : Following judicial criticism of delayed appeals, officers urged structural reforms to fix institutional gaps rather than penalisin...
Income Tax : With repeated technical failures hampering compliance, officers requested formal absolution from blame. The letter emphasizes coll...
Income Tax : Net direct tax collections recorded an 8.82% increase despite moderate gross growth. Lower refunds played a key role in boosting n...
Income Tax : The issue concerns high-pitched additions proposed under faceless scrutiny even where agricultural income is exempt and fully docu...
Income Tax : Authorities cannot insist on adding an irrevocable clause in trust deeds for Section 12A renewal when the trust is otherwise legal...
Income Tax : The tribunal held that revision under Section 263 is invalid where the Assessing Officer has examined the issue and adopted a plau...
Income Tax : The tribunal ruled that statements of third parties cannot be relied upon unless the assessee is provided copies and allowed cross...
Income Tax : ITAT Delhi held that day of arrival should be excluded while computing number of stayed in India. Accordingly, the status of asses...
Income Tax : The Tribunal confirmed deletion of additions where the AO made no effort to verify consignees, transporters, or stock movement. Pr...
Income Tax : ITAT Ahmedabad held that addition made on the basis of third-party WhatsApp chat without any incriminating material is unsustainab...
Income Tax : The government has granted time-bound approval under section 35(1)(ii) enabling eligible donations to scientific research to quali...
Income Tax : The notification exempts defined categories of income of a legal services authority, while warning that violations may lead to pen...
Income Tax : The government has approved an institution for scientific research under section 35(1)(ii), enabling donors to claim tax deduction...
Income Tax : The notification exempts specified non-commercial e-governance income such as government grants, service charges, and consultancy ...
Income Tax : The government has granted Section 10(46) tax exemption to a welfare board for cess, fees, and interest income. The relief applies...
The Court ruled that services rendered remotely cannot create a PE because the treaty requires services furnished within India through employees. virtual presence cannot substitute physical presence without treaty amendment.
Tribunal held that a provision for bad debts need not be routed through the Profit & Loss account in the first eligible year under Section 36(1)(viia). The disallowance was deleted as the audited statements reflected the provision as on 31.03.2007.
The ITAT Hyderabad held that a notice issued by the Jurisdictional AO under Sections 148A(b) and 148 after the Faceless Jurisdiction Scheme, 2022, is without jurisdiction and void. The reassessment order based on such notice was consequently quashed. This ruling reinforces the mandatory requirement for faceless reassessment under the 2022 scheme.
Applying the Supreme Court’s principle, the Tribunal held that an explanation unproved but not disproved cannot attract Section 271(1)(c) penalty. It noted that the department failed to show falsity in the assessee’s claims. The takeaway is that penalty requires clear evidence of incorrect particulars, not mere inadequacy of proof.
The Court held that Section 44AF, as a special provision, overrides the requirements of Section 139(9). It ruled that treating the return as defective was unjustified and directed issuance of the refund.
The Tribunal observed that Form 67 was available before 143(1) processing, making the denial of FTC unjustified. It set aside the appellate order and directed the AO to grant FTC after verification.
The Tribunal ruled that the seized notes clearly connected the assessee to both the loan and property investment, validating jurisdiction under Section 153C. The assessee’s failure to submit any proof led to confirmation of the additions. The case highlights the importance of evidence-based rebuttal in search-related assessments.
The Tribunal held that an addition based solely on a third-party excel sheet, without any direct evidence of cash payment, was unsustainable. With a complete RTGS trail, registered deed, and vendor confirmation proving bank-only payment, the ITAT ordered deletion of the Section 69 addition.
The Tribunal held that the assessees misunderstanding about the relevance of quantum proceedings justified remanding the 271B penalty order. The AO is directed to consider the assessees factual explanations without unnecessary adjournments.
ITAT Chennai quashed reassessment under Section 147, ruling that reopening based on a change of opinion without new material is invalid.
