Income Tax : The Tribunal ruled that penalty under Section 271A cannot be levied merely because books were rejected and income was estimated. S...
Income Tax : The ITAT held that an assessment completed before receiving the DVO report under section 50C(2) is invalid. All additions and disa...
Income Tax : Learn the scope, time limits, and procedure for correcting mistakes apparent from records under Section 154, including appeal rest...
Income Tax : Learn about various types of income tax assessments under Sections 143, 144, and 147, their procedures, time limits, and taxpayer ...
Corporate Law : Learn to address crucial Income Tax notices like 143(1), 143(2), 148, 139(9), and 245. Timely, informed action prevents penalties,...
Income Tax : Delhi ITAT allows Sanco Holding, a Norwegian company, to compute income from bareboat charter of seismic vessels under Article 21(...
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 : Delhi High Court held that outsourcing solutions including transaction processing services and Internet/voice-based customer care ...
Income Tax : The issue concerned a large Schedule BP deduction disallowed under section 37. The Tribunal held that prima facie the amounts were...
Income Tax : The issue was whether LTCG could be taxed in a search assessment without incriminating evidence for the year. The Tribunal held th...
Income Tax : The Tribunal upheld revision since business expenses were within limited scrutiny and education cess deduction was not verified. T...
Income Tax : The assessing officer estimated commission income by assuming investments were accommodation entries. The tribunal confirmed that ...
Income Tax : Instruction No.1/2015 Clarification regarding applicability of section 143(1D) of the Income-tax Act, 1961- Vide Finance Act, 2012...
The Tribunal held that pension paid by the US government is taxable only in the United States under the India–USA DTAA. The key takeaway is that beneficial treaty provisions prevail over Indian tax law.
The Court held that reassessment notices failed because seized documents did not relate to the relevant assessment years. Jurisdiction under Section 153C was therefore not validly assumed.
The tribunal held that remuneration received by a professional partner qualifies as professional income. The key takeaway is that such receipts can be taxed under Section 44ADA.
ITAT ruled that disallowing full purchases while also taxing corresponding sales is legally unsustainable. A uniform 6% gross profit estimation on alleged non-genuine transactions was upheld as a fair and pragmatic approach.
Revenue treated the ARC’s discounted purchase of debt as a benefit to the borrower. ITAT ruled that assignment at a discount does not reduce the borrower’s obligation and, absent remission or prior allowance, no income arises under section 41(1).
The AO invoked Explanation 1(v) to section 153 to justify delay. The Tribunal clarified that an invalid 142A reference gives no such protection, rendering the order time-barred.
Protective addition was sustained despite completion of substantive assessment. ITAT clarified that protective assessment cannot survive after ownership and taxability are conclusively determined.
The assessee sought to contest an EPF/ESI disallowance arising only from CPC processing. ITAT ruled that issues from 143(1) must be challenged independently, not through a 143(3) appeal.
The Tribunal ruled that cash deposited from recorded demonetisation-period sales cannot be treated as unexplained when books and VAT turnover are accepted. Suspicion without evidence cannot justify section 69A additions.
ITAT Delhi ruled that disallowance under Section 14A cannot be made without AO recording satisfaction under Section 14A(2), fully deleting ₹23.38 lakh claimed from exempt dividend income.
