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...
Where assessee substantiated purchase, holding and sale of shares of YICL through documentary evidence, DEMAT records, contract notes, STT payments and banking transactions, and Revenue failed to establish any nexus between assessee and alleged price-rigging operators, exemption under section 10(38) could not be denied merely on suspicion or penny-stock allegations.
Addition of ₹11.14 crore on account of alleged bogus purchases could not be sustained without first verifying the assessee’s claim that purchases worth approximately ₹11.07 crore had been reversed in its books and were never claimed as a deduction while computing taxable income.
The Tribunal ruled that Section 68 does not distinguish between business advances and loans when unexplained credits appear in the books. The key takeaway is that real estate developers must prove the source and credibility of customer advances.
Pune ITAT held that once TNMM is accepted for a taxpayer’s aggregated international transactions, the TPO cannot isolate a single transaction and apply a different method. The ruling deleted the transfer pricing adjustment and reinforced consistency in benchmarking.
Pune ITAT held that Section 43CA is prospective and applies only from Assessment Year 2014-15 onward to eligible transactions. Agreements executed before the provisions introduction remain outside its scope.
Mumbai ITAT ruled that where a capital asset was acquired before 01.04.2001, the claim for adopting fair market value as on that date must be examined on merits. The key takeaway is that statutory valuation rights cannot be rejected on technical grounds alone.
Mumbai ITAT held that income from house property can be assessed only in the hands of an owner or deemed owner under the Income-tax Act. Since ownership of the land and building remained with MSRTC, lease receipts could not be taxed under the house property head.
The Tribunal deleted a ₹96.23 crore disallowance after finding that the liabilities crystallised during the relevant assessment year. It ruled that the Assessing Officer failed to prove that the liabilities had arisen and become ascertainable in earlier years.
The Tribunal held that a penalty notice must clearly state the specific limb of Section 270A being invoked. Absence of such specification was held fatal to the penalty proceedings.
The Tribunal held that business promotion, petrol, and travel expenses cannot be disallowed merely on assumptions of possible personal use. In the absence of specific defects or evidence, ad hoc disallowance under Section 37(1) was deleted.
