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Penalty u/s. 271(1)(c) imposable as deduction claimed by furnishing inaccurate particulars: ITAT Ahmedabad

September 19, 2024 510 Views 0 comment Print

ITAT Ahmedabad held that imposition of penalty u/s. 271(1)(c) of the Income Tax Act justified as deduction was claimed u/s. 54EC and 54F of the Income Tax Act by furnishing inaccurate particulars.

Accommodation entries in nature of bogus unsecured loans added as unexplained u/s. 68: ITAT Mumbai

September 19, 2024 2349 Views 0 comment Print

ITAT Mumbai held that accommodation entries in the nature of bogus unsecured loans is liable to be added as unexplained under section 68 of the Income Tax Act. Accordingly, addition u/s. 68 confirmed.

No Section 271AAB Penalty as AO failed to link disclosed income with material found during search

September 19, 2024 945 Views 0 comment Print

ITAT Delhi held that penalty u/s. 271AAB of the Income Tax Act not imposable as AO failed to link additional income disclosed by the assessee with the incriminating material found during search. Thus, penalty u/s. 271AAB deleted.

Reopening of Assessment Based on Change of Opinion Unjustifiable: ITAT Ahmedabad

September 19, 2024 492 Views 0 comment Print

ITAT Ahmedabad held that initiation of reopening of assessment based on mere change of opinion and not taking into account the work-in-progress method of accounting followed by the assessee is unjustifiable and liable to be quashed.

DTAA Benefit Available on LTCG from Sale of Indian Entity Shares with Valid TRC

September 19, 2024 939 Views 0 comment Print

Assessee-company was engaged in the business of trading of electromechanical relays, wire and wireless equipment, high performance polymeric products, highly specialized energy related products, was subject to scrutiny.

ITAT Quashes Reassessment Order Due to Lack of Section 143(2) Notice

September 19, 2024 6441 Views 0 comment Print

ITAT Ahmedabad quashes reassessment of Specific Ceramics Ltd for FY 2008-09 due to non-issuance of mandatory notice under Section 143(2).

Section 292BB not applies in cases where mandatory notice was not issued

September 19, 2024 1416 Views 0 comment Print

ITAT Ahmedabad ruled that an assessment is invalid if mandatory notice under Section 143(2) was not issued, highlighting Section 292BB’s limitations.

Section 143(3)/147 Assessment invalid Without Valid Section 143(2) Notice

September 19, 2024 14172 Views 2 comments Print

ITAT Rajkot rules on Girishbhai Nanjibhai Solanki case, addressing validity of reopening assessment and notice under sections 143(2) and 148 of Income Tax Act.

Rule 128(9) is Directory, Not Mandatory: No FTC Disallowance for Delayed Form 67 Filing

September 18, 2024 1011 Views 0 comment Print

Assessing foreign tax credit claim rejected due to Form 67 filing delay. The CIT(A) upheld disallowance for AY 2020-21. Tribunal reviews COVID-19 extensions.

Foreign Tax Credit should not be disallowed for mere late filing of Form 67

September 18, 2024 1596 Views 0 comment Print

ITAT Bangalore ruled on Deepak Shimoga Padmaraju foreign tax credit claim, denied due to late filing of Form 67 after the due date for the AY 2021-22.

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