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 Tribunal held that profit estimation cannot rest on conjectures or lump-sum allegations. In absence of identified bogus purchases or factual basis, the entire addition was deleted.
The Tribunal ruled that penalty under Section 271A cannot be levied merely because books were rejected and income was estimated. Since audited books were available, there was no failure to maintain accounts.
Indian City Properties Limited Vs PCIT (ITAT Kolkata) The Tribunal held that the invocation of Section 263 on the proposal of the AO is not sustainable under the Act, as the PCIT failed to independently apply his mind and record satisfaction of the twin conditions. The assessment was completed under Section 143(3) r.w.s. 144B after […]
ITAT Chandigarh held that initiation of revisionary proceeding under section 263 of the Income Tax Act for non-verification of notional interest cannot be justified since notional interest is not liable to be taxed in current year but is taxable only upon maturity hence there cannot be any evasion of tax.
Tribunal held that a company engaged in diversified IT consultancy and transformation services cannot be compared with a routine software development service provider
The issue was whether interest earned from a co-operative bank qualifies for deduction under Section 80P(2)(d). The Tribunal held that such interest is deductible, as a co-operative bank is itself a co-operative society.
ITAT Mumbai held that disallowance under section 14A of the Income Tax Act cannot exceed the amount of exempt income earned by the assessee during the year under consideration. Accordingly, the matter is restored back to file of AO for exercising the computation of disallowance u/s 14A.
The Tribunal ruled that failure to formally intimate amalgamation sustained the assessment, applying Mahagun Realtors, while striking down mechanical expense disallowances.
The High Court quashed tax additions where the assessee was denied cross-examination of a key witness whose statements were relied upon. The ruling reiterates that such denial violates principles of natural justice.
The issue was whether alleged non-genuine purchases justified higher additions despite accepted sales. The Tribunal held that only the profit element can be taxed when purchases are not treated as wholly bogus.
