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Income Tax : Delhi ITAT allows Sanco Holding, a Norwegian company, to compute income from bareboat charter of seismic vessels under Article 21(...
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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 assessee challenged a large section 14A disallowance on procedural and factual grounds. The Tribunal upheld satisfaction but ordered recomputation after excluding mutual fund investments.
The ruling reiterates that reassessment cannot be sustained where documentary evidence shows no loan transaction. Incorrect third-party information cannot justify reopening.
The Assessing Officer imposed penalty after treating disclosed capital gains as business income. The Tribunal ruled that classification disputes, without suppression of facts, cannot justify penalty.
The case examined whether reassessment after four years was valid when the issues were already examined in scrutiny. The Tribunal held the reopening invalid as a mere change of opinion and quashed the reassessment.
Where the CIT(A) rejected the appeal only on limitation, the Tribunal intervened. It directed fresh adjudication of the penalty after condoning the 380-day delay.
The appeal was dismissed ex-parte due to alleged non-compliance by the assessee. The ITAT found that notices were issued to the wrong email despite correct details on record and ordered de novo consideration.
It was held that neither the AO nor the appellate authority provided any factual basis for estimating disallowance. The ruling confirms that estimation must be backed by evidence.
The Tribunal held that interest earned by a credit co-operative society from deposits with co-operative banks is deductible under section 80P(2)(d). The ruling follows settled law that such societies are distinct from co-operative banks.
The dispute involved whether the Varanasi Bench could adjudicate an appeal arising from a Kolkata-based assessment. The Tribunal held that filing before an incorrect Bench is fatal and parties must approach the jurisdictional Tribunal.
It was ruled that speculative losses from non-genuine share transactions cannot be adjusted against interest income. The decision reinforces strict application of sections 43(5) and 73 where delivery is doubtful.
