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 ruled that non-filing of returns, absence of audited books, and lack of donor details defeat the claim for exemption under Section 13A. Voluntary contributions thus became taxable, though Section 68 additions were set aside.
The Tribunal clarified that the institution existed solely for education and had no unrelated profit-oriented objects. Hence, the stricter test laid down in New Noble Educational Society did not apply.
ITAT Bangalore held that disallowing outstanding sub-contract expenses payable under section 68 of the Income Tax Act as unexplained cash credit without specific reasoning and without pointing out defects in books of accounts is not justifiable. Accordingly, appeal is allowed and disallowance is deleted.
The ITAT held that rejecting Rule 11UA valuation without verifying exclusions of non-realisable assets violates natural justice. Valuation additions were remanded for fresh examination, stressing non-mechanical application of deeming provisions.
ITAT Hyderabad held LIBOR + 200 basis points is an appropriate rate of interest on outstanding trade receivables interest of bank short term deposit rate. Accordingly, TPO directed to compute interest on outstanding receivables by applying LIBOR + 200 basis points.
The Tribunal held that an assessment framed without a valid notice under Section 143(2) by the jurisdictional officer is void. Jurisdictional compliance is mandatory.
The ITAT ruled that section 269SS targets cash advances in property deals, not final sale consideration paid at registration. Penalty under section 271D was therefore not leviable.
The Tribunal held that estimating closing stock without rejecting books or identifying defects is unsustainable. Mere assumptions of revenue leakage cannot justify additions.
The issue was whether payments for supplying in-flight entertainment content constituted royalty. The Tribunal held that mere provision and processing of licensed content without transfer of copyright does not amount to royalty under the India-UK DTAA.
The issue was whether a mismatch between ledger sales and P&L sales justified a major addition. The Tribunal held that reconciliation explaining VAT, service tax, and other receipts removed the difference, making the addition unsustainable.
