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...
ITAT Delhi accepted the assessee’s contention that disallowance under Section 14A cannot exceed exempt income. The ruling restricted the addition to the exempt income of ₹2.63 lakh despite a higher Rule 8D computation.
The ITAT Delhi held that LTCG exemption could not be denied merely because the shares were classified as a penny stock. The addition was deleted as the Revenue failed to produce evidence linking the assessee to price rigging, entry operators, or manipulation activities.
The Kerala High Court upheld the ITAT’s decision that no disallowance under Section 14A can be made when the assessee has not earned any exempt income during the relevant year. The Revenue’s appeal was dismissed as no substantial question of law arose.
Tribunal held that reassessment beyond three years was not permissible where alleged escaped income was only ₹38 lakh. Since statutory threshold of ₹50 lakh was not met, reassessment was quashed.
The Delhi ITAT deleted an addition of ₹2.32 lakh on 40 grams of gold bullion after granting the benefit of CBDT Instruction No. 1916. The Tribunal held that the assessee was entitled to relief considering the prescribed jewellery limits and supporting evidence.
The ITAT held that a transfer of jurisdiction under Section 127(2) is invalid if the assessee is not given a reasonable opportunity of being heard. As a result, notices issued by the transferee officers lacked legal validity and the assessment was quashed.
The Tribunal accepted the assessee’s contention that the property could not have been transferred without compensating the occupants. The related payments were therefore held deductible from the sale consideration for capital gains purposes.
ITAT Chennai held that reopening an assessment after four years based on issues already examined during scrutiny amounted to an impermissible change of opinion. The key takeaway is that reassessment cannot be used as a tool to review a concluded assessment without fresh tangible material.
ITAT Delhi held that reassessment based solely on Investigation Wing reports without independent enquiry is invalid. The ruling emphasizes that borrowed satisfaction cannot justify reopening under Section 147.
The ITAT held that reassessment cannot be sustained when additions are ultimately made on issues not mentioned in the recorded reasons for reopening. The AO’s jurisdiction failed because no valid addition survived on the original escapement issue.
