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 : Where unaccounted sales were established through seized material, only the net profit embedded therein was liable to tax, and not ...
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 : 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 Pune held that subsidy received from Maharashtra Government under the Package Scheme of Incentives, 2007 is to be treated as income liable to be taxed for the year under consideration. Accordingly, order of CIT(A) upheld and appeal dismissed.ITAT Pune held that subsidy received from Maharashtra Government under the Package Scheme of Incentives, 2007 is to be treated as income liable to be taxed for the year under consideration. Accordingly, order of CIT(A) upheld and appeal dismissed.
The issue was whether cash deposited during demonetisation was fully explainable from business receipts. ITAT held that explanations were partly unreliable and sustained 50% of the addition under Section 68.
The issue was whether income of a predecessor company for years before amalgamation can be reassessed in the hands of the successor. ITAT held that such clubbing is impermissible and the reassessment itself is void.
The Court ruled that omission to issue Section 143(2) vitiates reassessment at the root. Such a defect cannot be cured, even if the return is alleged to be defective.
The dispute concerned late filing of an audit report triggering penalty under section 271B. The Tribunal accepted personal hardship and first-year audit obligation as reasonable cause under section 273B. The decision reinforces relief where delay is genuine and explained.
The case involved a cash seizure treated as unexplained solely because the tax officer assumed no response was filed. The Tribunal ruled that overlooking documentary replies violates natural justice and warrants remand.
The Tribunal held that once a closing cash balance is disclosed and accepted in a prior year’s scrutiny assessment, it cannot be questioned as unexplained opening cash in a subsequent year.
The issue was whether rejection of books and enhancement of gross profit were justified due to alleged non-compliance. The Tribunal upheld partial relief, holding that GP estimation must be reasonable and supported by facts, not solely by procedural lapses.
Interest was disallowed treating the loan as bogus. Once the loan itself was held genuine, the Tribunal allowed the interest deduction. The ruling confirms that business interest cannot be denied without proof of sham transactions.
The Tribunal held that shares acquired directly from promoters through preferential allotment require strict scrutiny when linked to abnormal price rise. Failure to establish commercial rationale justified restoring the matter for fresh verification.
