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 dispute involved whether the Varanasi Bench could adjudicate an appeal arising from a Kolkata-based assessment. The Tribunal held that filing before an incorrect Bench is fatal and parties must approach the jurisdictional Tribunal.
It was ruled that speculative losses from non-genuine share transactions cannot be adjusted against interest income. The decision reinforces strict application of sections 43(5) and 73 where delivery is doubtful.
The issue was whether reassessment could be initiated beyond four years after a completed scrutiny assessment. The Tribunal held that reopening was barred as there was no failure to disclose material facts.
The Tribunal examined whether a cash addition under section 69 could rest solely on an Excel sheet seized from a third party. It held the addition unsustainable due to lack of corroborative evidence and violation of natural justice.
The Tribunal held that long-term capital gains from listed share sales could not be treated as bogus merely due to high profits. In the absence of contrary evidence, additions under Sections 68 and 69C were deleted.
The AO denied exemption relying on an inspector’s report citing minimal construction. The Tribunal held that documentary evidence showed a habitable residence, entitling exemption.
The ITAT upheld revision under Section 263 where the Assessing Officer accepted large demonetisation cash deposits without proper verification. Failure to examine utilisation of withdrawals or call for a cash book rendered the assessment erroneous and prejudicial to revenue.
The issue was whether an appeal can be rejected without first considering condonation of delay. The Tribunal held that dismissal without condoning delay is invalid and requires fresh adjudication.
ITAT Mumbai held that artificial profits or losses arising from Client Code Modification in share transactions carried out in F&O segment requires transaction-wise reconciliation. Accordingly, matter restore to the file of AO.
The Tribunal held that Section 68 cannot be invoked unless a sum is found credited in the assessees books. In the absence of any such entry, the addition based on an alleged cash loan was deleted.
