Income Tax : Understand the implications of receiving a notice under Section 143(2) of the Income Tax Act. Learn how to respond, time limits, a...
Income Tax : Article discusses about Order which can be rectified under section 154 of Income Tax Act, 1961, Rectification of Income Tax order ...
Income Tax : Explore the implications of taxation under section 115BBE, including misuse of sections 68 to 69D, consequences of high tax rates,...
Income Tax : Every taxpayer has to furnish the details of his income to the Income-tax Department. These details are to be furnished by filing ...
Income Tax : Ensure sufficient time for compliance with Section 143(2) notice and the mandatory issuance of valid notices under Section 142(1)(...
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 : Gujarat High Court quashes Income Tax reassessment notice against Deepak Natvarlal Pankhiyani HUF, citing lack of fresh evidence s...
Income Tax : PCIT Vs Farmson Pharmaceuticals Gujarat Pvt Ltd (Gujarat High Court): Reassessment cannot be solely based on a reevaluation of exi...
Income Tax : Assessee was engaged in diamond manufacturing, trading, and windmill power generation, had claimed deductions under sections 35DD ...
Income Tax : ITAT Raipur order on Rajesh Kumar Tiwari vs ITO. ITAT sets aside Income Tax reassessment completed without providing fair & reason...
Income Tax : Read the detailed analysis of Karrm Infrastructure Pvt. Ltd. vs. CIT at ITAT Mumbai. Learn why ITAT ruled that non-filing of GST b...
Income Tax : Instruction No.1/2015 Clarification regarding applicability of section 143(1D) of the Income-tax Act, 1961- Vide Finance Act, 2012...
Ahmedabad ITAT’s order in Atul Limited vs DCIT case discusses TP adjustments, volume discount, geography adjustments, and more. Detailed analysis provided.
In a detailed analysis of Axis Bank Limited Vs ACIT case, Ahmedabad ITAT explains the difference between a Letter of Credit and Corporate Guarantee, resolving disallowance disputes.
Understand the verdict of Vishakhapatnam ITAT on unexplained cash deposits. Detailed analysis on taxpayer’s explanation, legal provisions, and conclusions.
ITAT considered the justification provided by the assessee, which referenced KITCO and Reuters databases for determining transaction prices. However, the Transfer Pricing Officer (TPO) argued that the London Bullion Market Association (LBMA) should be the primary source for estimating bullion trading prices.
ITAT held that if sales are not disputed and there is no discrepancy between purchases and declared sales, addition should be restricted to bring gross profit on alleged bogus purchases in line with other genuine purchases.
ACIT Vs Merchant Agri Global Private Limited – Detailed analysis of Mumbai ITAT’s decision regarding adhoc disallowance of expenses without rejecting books of account. Full text of the order provided.
ITAT found that the original Form 35A was filed within the stipulated time and ruled that the correction made thereafter should not be considered late.
Search warrant is issued regarding premises and not necessarily regarding an assessee, and a common search warrant and panchnama issued against multiple assesses operating from the same premises are justifiable.
Mumbai ITAT rules in Lalita Troy Caeiro Vs ITO case that assessment can’t be reopened beyond 4 years if there’s full disclosure by assessee. Detailed analysis and conclusion provided.
Explore the detailed analysis of JS Capital LLC Vs ACIT (ITAT Mumbai) regarding the offsetting of Short Term Capital Loss (STCL) against Short Term Capital Gain (STCG) under section 70(2) of the Income Tax Act.
