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...
ITAT Mumbai ruled that for redeveloped flats, the allotment date marks acquisition, confirming long-term capital gains eligibility under section 54, despite later possession.
The tribunal held that land registered in an individual’s name but fully paid by a society amounts to receipt of property without consideration. Such benefit is taxable as income under section 56(2)(vii).
The tribunal held that sending notices through email despite the assessee expressly opting for physical service constituted sufficient cause for delay. Procedural lapses by tax authorities cannot deprive an assessee of the right to be heard.
The Tribunal held that the tax department cannot substitute actual sale consideration with a notional market price without express legal provision, and deleted the entire addition.
The Tribunal found the appellate order mechanical where Rule 46A evidence was filed but not examined. The matter was sent back for fresh adjudication after proper verification.
The Tribunal held that compensation received under interim court orders is contingent and does not accrue as income. Taxability arises only in the year when litigation is finally settled and the amount crystallises.
The Tribunal held that the enhanced 60% tax rate cannot apply to transactions before 01.04.2017. For AY 2017-18, unexplained cash additions relating to earlier transactions are taxable only at 30%.
The Tribunal ruled that once an appeal is rejected as time-barred, the appellate authority cannot adjudicate it on merits. A contradictory approach violates jurisdictional discipline and warrants remand.
Madras High Court held that grant-in-aid/ subsidy received from the Government under a rehabilitation scheme is capital receipt and cannot be treated as revenue receipt. Accordingly, question of law is answered in favour of appellant.
Demonetisation cash deposits cannot be taxed merely on suspicion when supported by statutory VAT/Excise records, sales growth, and business expansion. Rule 46A(4) empowers CIT(A) to call for such evidence without triggering procedural violations.
