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 Court held that self-assessment tax paid due to failure of an initial IDS declaration must be treated as payment under the revived Scheme, preventing double taxation of the same income.
The Tribunal held that a manufacturing company failing the 75% trading turnover filter applied by the TPO cannot be retained as a comparable. Dilution of the filter by the DRP only to accommodate one entity was found impermissible, leading to deletion of the comparable.
The court upheld restoration of appeals where earlier dismissal was without merits due to settlement proceedings. Delay condonation and remand were held valid with no jurisdictional error.
The case addressed the correct head of income for interest earned on staff loans. The court affirmed the Tribunal’s finding that such income arises in the normal course of business and found no ground to interfere.
The issue was whether interest could be taxed on interest-free advances where no interest was charged or received. The Tribunal held that hypothetical income cannot be taxed without accrual or deeming provision. The ruling reinforces that only real income is taxable.
The Tribunal held that merely reclassifying a disclosed business loss as speculative loss does not amount to under-reporting. Penalty under section 270A was therefore deleted.
The dispute centered on whether co-insurance administration fees required tax deduction at source. The Tribunal upheld their allowability without TDS, noting the issue was repeatedly settled in earlier years. The key takeaway is that consistent past rulings in identical facts will be followed.
The Tribunal held that despite repeated notices, interests of justice required another opportunity. The case was remanded for fresh adjudication with costs imposed for prior non-cooperation.
The Tribunal held that notional interest cannot be taxed where sufficient interest-free funds exist and no real income has accrued. The Revenue’s challenge to deletion of interest addition was dismissed.
The Tribunal held that for an unabated assessment year, additions under Section 153A must be based on incriminating material found during search. Since no such material linked to the loan was found, the Section 68 addition was deleted.
