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 examined whether an assessment under section 144 could survive without issuance of a notice under section 143(2). It held that non-issuance of the mandatory notice rendered the assessment void ab initio.
The Tribunal held that denial of CSR expenditure under Section 37 does not bar deduction under Section 80G. It ruled that eligible donations forming part of CSR must be examined under Chapter VI-A independently. The key takeaway is that CSR-linked donations can still qualify for tax relief if statutory conditions are met.
The High Court held that once identical transactions were examined and accepted in later assessments, the basis for reopening earlier years did not survive.
The Tribunal held that dismissal of an appeal without effective hearing violated principles of natural justice. The matter was remanded for fresh adjudication with directions to grant adequate opportunity.
The Tribunal upheld revision where the Assessing Officer failed to examine an exempt LTCG claim linked to penny stock manipulation. The ruling affirms that lack of inquiry makes an order erroneous and prejudicial.
HC upheld Section 10A deduction after finding that STP unit was a new undertaking with fresh investment and infrastructure. It ruled that unit was not formed by splitting up or reconstruction of an existing business.
Madras High Court held that Income Tax Appellate Tribunal cannot review its earlier order under Section 254(2) of the Income Tax Act. Notably jurisdiction of Tribunal is restricted only to rectify error and not review.
The High Court held that additions for excess cash and stock cannot rest only on a survey statement. It ruled that statements under Section 133A lack conclusive evidentiary value without corroborative material.
The Bombay High Court held that additions under Section 153A cannot be made for completed assessments when no incriminating material is found during search. Post-search documents like base notes are insufficient to justify additions.
ITAT Cochin held that since loans and advances are denominated in foreign currency, LIBOR Rates would be more suitable for benchmarking. Accordingly, AO directed to benchmark the international transaction of loan/advances to Associated Enterprise using applicable LIBOR Rate.
