Income Tax : The article explains remedies available after adverse tax orders under scrutiny and reassessment. The key takeaway is that choosin...
Income Tax : The Court clarified that mere pendency of information exchange requests under DTAA cannot justify continuing a Look Out Circular. ...
Income Tax : A surge in Section 143(2) notices was triggered by the June 2025 limitation deadline. This explains why cases were picked and how ...
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 : 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 : Tribunal observed that the Assessing Officer failed to establish any mismatch in stock, sales, or accounting records before making...
Income Tax : ITAT Hyderabad held that constituent members of a JV or Consortium can claim deduction under Section 80IA(4) when they actually ex...
Income Tax : The Tribunal found that full payment, TDS deduction, and transfer of possession established completion of the transaction for capi...
Income Tax : ITAT Rajkot held that cash deposits made during demonetization were fully supported by audited books of account, cash books, and b...
Income Tax : The Hyderabad ITAT held that purchases cannot be treated as bogus merely because the supplier failed to respond to a notice under ...
Income Tax : Instruction No.1/2015 Clarification regarding applicability of section 143(1D) of the Income-tax Act, 1961- Vide Finance Act, 2012...
The Bangalore ITAT held that genuine business sales recorded in audited books cannot be treated as unexplained cash credits merely because payment was received in Specified Bank Notes during demonetisation. The Tribunal deleted the ₹29.27 lakh addition under Section 68.
The Bangalore ITAT held that an assessee claiming exemption based on Form 16 issued by the employer acted under a bona fide belief and cannot automatically be penalized for misreporting. The Tribunal deleted the ₹51.20 lakh penalty levied under Section 270A.
The Mumbai ITAT allowed deduction of professional fees paid for facilitating remittances relating to Iranian-origin imports affected by OFAC sanctions. The Tribunal held that the expenditure was incurred wholly and exclusively for business purposes.
Bangalore ITAT held that interest earned on statutory SLR and fluid resource deposits maintained under the Karnataka Co-operative Societies Act qualifies for deduction under Section 80P(2)(a)(i).
ITAT Mumbai held that addition under Section 69A could not survive when based solely on a third-party statement without granting cross-examination. The Tribunal ruled that denial of cross-examination violated principles of natural justice.
The Pune ITAT ruled that purchases cannot automatically be disallowed merely because suppliers failed to reply to notices issued under Section 133(6). The Tribunal restored the matter for fresh verification after considering documentary evidence produced by the assessee.
The Bombay High Court held that reassessment proceedings became time-barred because no reassessment order was passed within the limitation period prescribed under Section 153. The Court ruled that procedural remand directions did not extend limitation under Section 153(6).
The ITAT Kolkata held that delayed filing of Form No. 67 is only a procedural defect and cannot deprive an assessee of Foreign Tax Credit under Section 90 and the India-USA DTAA.
ITAT Delhi held that assessments under Section 153C were invalid as the Assessing Officer failed to record satisfaction in terms of the amended statutory requirement. The Tribunal quashed the assessments for lack of proper jurisdictional compliance.
The ITAT Rajkot reduced the addition on demonetization cash deposits after finding that the assessee had produced land records, cash flow statements, and other supporting evidence. The Tribunal restricted the addition to 10% of the disputed amount.
