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 found that the notice did not indicate whether scrutiny was limited or complete, contrary to CBDT directives. This omission made the notice invalid and rendered the assessment unsustainable. The decision reinforces the necessity of clarity and compliance in scrutiny notices.
Tribunal deleted Rs. 10 lakh addition made under Section 68 where lender’s deposits were not independently verified. The assessee had no failure in proving identity, genuineness, or creditworthiness. Key takeaway: mere timing of lender’s bank deposits cannot trigger Section 68 addition without corroborative evidence
The ITAT held that excise-duty exemption for backward-area units is capital in nature since the incentive aims at industrial growth, not business profits. The ruling protects such incentives from tax under normal and AMT provisions.
ITAT held that once investments were accepted in prior assessments, their sale proceeds cannot be treated as unexplained income. The ruling confirms that Section 68 cannot be invoked without fresh incriminating evidence.
ITAT Mumbai held that once the assessee proved repayment of ₹1 crore via banking channels, Revenue must first disprove the evidence before invoking sections 68 or 69C. Both the addition and related interest disallowance of ₹3.78 lakh were deleted.
The Tribunal remanded the appeal after the CIT(A) did not consider additional evidence filed under Rule 46A. The assessee can now submit confirmations to substantiate claims. Key takeaway: procedural lapses should not prevent merit-based adjudication.
The Tribunal held that DCF valuation cannot be discarded merely because projections differ from actual results. AO’s failure to refer the matter to a Valuation Officer rendered the Section 56(2)(viib) addition unsustainable.
ITAT Chandigarh deleted ₹38.70 Lakh addition as unexplained expenditure, holding that fully bank-routed agricultural expenses cannot be disallowed merely due to missing bills. The Tribunal confirmed that legitimate orchard expenses on labor, fertilizers, and packing are deductible from agricultural income.
The Tribunal directed the AO to verify conditions for exemption of receipts from tribal-area schools, confirming the Trust’s eligibility. The ruling reinforces that factual verification cannot override established charitable purposes and exemptions.
The Court held that interest paid for delayed Agricultural Income Tax cannot be deducted under Section 37. Since AIT itself is not deductible, the related interest also fails eligibility. The ruling confirms that such payments do not qualify as business expenditure.
