Income Tax : Smt. Ranjana Kumari/Kalta Vs DCIT/ACIT (Central) (ITAT Chandigarh) The appeals involved three assessees belonging to the Kalta Gro...
Income Tax : Learn the updated provisions governing rectification, assessments, reassessments, and appeals under the Income-tax Act. This guide...
Income Tax : The article explains how the Finance Acts, 2025 and 2026 have reshaped the Updated Return regime under Section 139(8A). It highlig...
Income Tax : The article explains that 30 June is the Department's deadline to issue scrutiny notices for eligible returns, not a filing deadli...
Income Tax : The Income Tax Department explains how faceless assessments under Section 144B operate through the e-Filing portal without requiri...
Income Tax : Read how Income Tax Gazetted Officers’ Association addresses last-minute case reallocations affecting timely issuance of notices...
Income Tax : The Supreme Court has ruled that it is mandatory for the Income Tax Department to issue notice within the prescribed time limit of...
Income Tax : ITAT Bangalore held that additions made in an intimation under Section 143(1) cannot be disputed in an appeal against a scrutiny a...
Income Tax : Interest on delayed payment of the FM radio migration fee was a compensatory business expenditure deductible under Section 37(1); ...
Income Tax : ITAT Mumbai remanded the case to examine whether Section 56(2)(x) applied based on the agreement date and to consider refund of ex...
Income Tax : ITAT Mumbai deleted a Section 69 addition after finding documentary evidence established joint ownership, source of funds, and ear...
Income Tax : ITAT Mumbai quashed reassessment after finding no Section 143(2) notice and that the AO issued a final order disguised as a draft ...
Income Tax : Understand the guidelines set by the Indian Ministry of Finance for the compulsory selection of returns for complete scrutiny duri...
Income Tax : CBDT hereby authorises the Assistant Commissioner of Income-tax/Deputy Commissioner of Income-tax (NaFAC) having her / his headqua...
Income Tax : The three formats of notice(s) are: Limited Scrutiny (Computer Aided Scrutiny Selection}, Complete Scrutiny (Computer Aided Scruti...
Income Tax : Central Board of Direct Taxes, with approval of the Revenue Secretary, has decided to modify notice under section 143(2) of the In...
Income Tax : Instruction No.1/2015 Clarification regarding applicability of section 143(1D) of the Income-tax Act, 1961- Vide Finance Act, 2012...
The Hyderabad ITAT observed that if a property is treated as stock-in-trade, the applicability of Section 43CA cannot be ignored. The ruling clarifies that deeming provisions under Section 50C and Section 43CA operate in different contexts.
The Tribunal quashed the reassessment after finding that the Assessing Officer failed to issue notice under Section 143(2). The decision confirms that compliance with this statutory requirement is indispensable in reassessment proceedings.
The Delhi ITAT sustained the addition arising from the sale of listed shares after finding discrepancies in purchase records, including contradictory sale notes and payment receipts. The Tribunal held that the assessee failed to establish the genuineness of the underlying share transactions.
The Delhi ITAT concluded that the assessee had discharged the burden of proving the three essential ingredients required under Section 68. The Revenue failed to demonstrate that the funds originated from the assessee itself. The decision resulted in the deletion of the entire addition relating to share capital and premium.
ITAT Delhi held that consolidated approvals granted without application of mind under Section 153D were invalid. Consequently, the related assessment orders were declared void and quashed.
The Tribunal ruled that the Assessing Officer erred in applying a 6% net profit rate without examining comparable cases engaged in the same line of business. The decision highlights the necessity of objective criteria while estimating profits after rejection of books.
The Tribunal held that preference share capital cannot be treated as unexplained cash credit once the assessee establishes identity, creditworthiness, and genuineness of investors. Documentary evidence and banking records were found sufficient to discharge the burden under Section 68.
The Tribunal ruled that proportionate interest disallowance under Section 36(1)(iii) cannot be sustained when the assessee has adequate reserves and interest-free funds to cover the advances. The Revenue failed to rebut the presumption recognized by higher courts.
ITAT Pune ruled that investments in mutual funds and tax-free bonds should not form part of the investment pool for Rule 8D(2)(ii) calculations. The Assessing Officer was directed to verify the details and recompute the disallowance. Both appeals were partly allowed for statistical purposes.
The ITAT Delhi held that no notional rent could be charged for the period during which unsold commercial units remained stock-in-trade. Notional rent, if any, could be computed only after conversion into investment property, with statutory deductions also being available.
