Income Tax : Scrutiny assessment which is mainly governed by Section 143 of IT Act is in-depth process used by tax officers to ensure accuracy ...
Income Tax : In the alternate, assessee has also raised a ground that Assessing Officer ought to have allowed the expenditure incurred in culti...
Income Tax : Supreme Court disallows ₹10 crore bad debt deduction for Khyati Realtors Pvt Ltd, ruling it as capital expenditure, not eligible...
Income Tax : Understand the time limits for issuing income tax notices and completing assessments, including updates from the Finance Acts of 2...
Income Tax : Learn about rectifying mistakes in income tax orders under Section 154, including types of rectifiable orders, responsible authori...
Income Tax : It has been observed that in many cases an assessee may wish to make a claim which was not made in the return of income filed unde...
Income Tax : We have attached a file in excel format. The file contains the format of various details which normally assessing officer asks As...
Income Tax : ITAT Mumbai disallowed the claim of depreciation under section 32 since assessee failed to prove that car was used for the purpose...
Income Tax : Delhi High Court held that validity of reassessment under section 148 of the Income Tax Act has to be determined based on original...
Income Tax : Gauhati High Court held that discharge of burden by assessee under section 68 of the Income Tax Act i.e. identity, creditworthines...
Income Tax : ITAT Ahmedabad held that that the activities / services do not qualify as stewardship / shareholder activity. Further, assessee co...
Income Tax : ITAT Ahmedabad held that passing of order by CIT(A) without taking into account the submission made by the assessee is not sustain...
Income Tax : Instruction No.1/2015 Clarification regarding applicability of section 143(1D) of the Income-tax Act, 1961- Vide Finance Act, 2012...
ITAT Mumbai disallowed the claim of depreciation under section 32 since assessee failed to prove that car was used for the purpose of assessee’s business wholly or in part. Accordingly, appeal dismissed.
Delhi High Court held that validity of reassessment under section 148 of the Income Tax Act has to be determined based on original reasons disclosed to the assessee. Such reasons cannot be improved upon subsequently.
Gauhati High Court held that discharge of burden by assessee under section 68 of the Income Tax Act i.e. identity, creditworthiness and genuineness of transaction is question of fact and not substantial question of law. Accordingly, appeal is not maintainable.
ITAT Ahmedabad held that that the activities / services do not qualify as stewardship / shareholder activity. Further, assessee correctly determined Arm’s Length Price in respect of management fees by using Transaction Net Margin Method i.e. TNMM.
ITAT Ahmedabad held that passing of order by CIT(A) without taking into account the submission made by the assessee is not sustainable in law. Accordingly, matter remitted back to the file of CIT(A).
ITAT Kolkata held that even after acceptance of fact that appellant is an entry provider, onus is on the appellant to prove that transaction was not of appellant but of somebody else’s. Accordingly, matter remanded for re-verification.
Kolkata Bench of ITAT ruled in ACIT Vs Pujita Merchandise Pvt. Ltd. that Section 68 of IT Act is applicable when credit is received in the relevant year not for earlier years.
Madras High Court held that non-provision of personal hearing through Video Conferencing, as opted by the petitioner, is against the principles of natural justice. Accordingly, order passed is liable to be set aside.
Delhi High Court held that reopening of assessment under section 148 of the Income Tax Act beyond the period as stipulated under section 149(1) of the Income Tax Act is not permissible. Accordingly, notice issued beyond time limit set aside.
ITAT Ahmedabad held that interest income earned from deposits with co-operative banks is allowable as deduction under section 80P(2)(d) of the Income Tax Act. Accordingly, the appeal is allowed.
