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...
Cash deposited during demonetisation was explained as coming from income surrendered and accepted in an earlier survey. The Tribunal held that disbelief about holding cash cannot replace evidence and deleted the section 69A addition.
The ITAT accepted that repayment strengthens genuineness under section 68. Unrepaid loans with missing financial details were sent back for fresh verification.
Cash deposits during demonetisation were treated as unexplained under section 69A. The Tribunal accepted possible redeposit of earlier withdrawals and restricted the addition to ₹2 lakh.
The Revenue taxed entire demonetisation cash deposits as unexplained under section 69A with section 115BBE. The Tribunal held that cash sales are possible in retail trade and restricted the addition to a 10% GP estimate.
ITAT Pune admitted affidavits and satellite images showing land under cultivation, restoring the issue to AO for reassessment. Proper evidence can overturn non-agri classification for capital gains.
ITAT Pune struck down a ₹34.28 lakh penalty issued after the company had merged, citing substantive illegality. Penalty orders must be issued in the name of a legally existing entity.
The revision questioned deduction on interest income allowed under section 80P. The Tribunal held that where the AO adopts a legally plausible view after enquiry, section 263 cannot be invoked.
The Revenue treated entire cash deposits as unexplained under section 69A. The Tribunal held that in an unorganised business, deposits can be treated as turnover with estimated profits.
The exemption was rejected only due to delayed electronic filing of Form 10. The Tribunal ruled that procedural delay cannot override substantive compliance made before assessment completion.
The issue was whether reassessment could be initiated while the time to file a belated return was still open. The Tribunal held such reopening premature and void, as income cannot be said to have escaped assessment.
