Income Tax : Smt. Ranjana Kumari/Kalta Vs DCIT/ACIT (Central) (ITAT Chandigarh) The appeals involved three assessees belonging to the Kalta Gro...
Income Tax : Understand the statutory time limits for issuing income-tax notices and completing assessments under the Income-tax Act. The guide...
Income Tax : Learn the updated provisions governing rectification, assessments, reassessments, and appeals under the Income-tax Act. This guide...
Income Tax : Learn how different types of income tax assessments are conducted under the Income-tax Act. The FAQs explain assessment procedures...
Income Tax : Section 154 permits rectification of mistakes apparent from the record in assessment orders, intimations, and TDS/TCS processing s...
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 : ITAT Bangalore held that additions made in an intimation under Section 143(1) cannot be disputed in an appeal against a scrutiny a...
Income Tax : ITAT Delhi held legal services are not FTS under Section 9(1)(vii) and directed partner-wise DTAA examination. FTS addition was de...
Income Tax : ITAT Mumbai deleted a Section 69 addition after finding documentary evidence established joint ownership, source of funds, and ear...
Income Tax : ITAT Mumbai quashed reassessment after finding no Section 143(2) notice and that the AO issued a final order disguised as a draft ...
Income Tax : ITAT Surat held that delayed filing of Form 10B is a procedural lapse and remanded the matter after directing the AO to consider t...
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 upheld depreciation on goodwill arising from amalgamation, relying on Supreme Court precedent. The ruling confirms that excess consideration recognized as goodwill qualifies for depreciation under section 32.
ITAT held that a loan cannot be treated as unexplained merely on the basis of a third-party search statement. When confirmations, bank statements, and repayment evidence are on record, independent verification by the AO is mandatory.
Revenue’s claim that manufacturing activity was artificially shifted to extend tax benefits was rejected. The Tribunal held that factual expansion and eligible profits were duly established.
The Tribunal ruled that suspicion based on penny stock lists is insufficient to sustain additions. Revenue must prove real purchase and sale transactions through demat and banking records.
The Tribunal held that where consideration for a flat is paid through banking channels, stamp duty value as on the date of allotment must be adopted. Addition under Section 56(2)(x) based on registration-year valuation was quashed.
Upholding the CIT(A)s order, the Tribunal held that settled law bars additions made without factual verification. The case reinforces strict limits on arbitrary taxation of loan transactions.
ITAT deleted disallowance of depreciation, loan interest, and fuel expenses after finding cars were registered in the company’s name. Ad-hoc personal use disallowance without evidence was held unsustainable.
Since the statutory notice under section 143(2) was issued by a non-jurisdictional officer, the assessment collapsed. The ruling affirms that valid notice by the competent authority is a sine qua non.
The Tribunal held that DEPB income forms part of operating export income and cannot be excluded from turnover merely on a different view. Revision under section 263 was found unjustified where the original assessment involved due application of mind.
The High Court held that refunds cannot be adjusted against a demand already stayed by the Assessing Officer. It directed refund of amounts adjusted despite the assessee being treated as not in default.
