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...
ITAT Mumbai upholds CIT(A) decision allowing depreciation on goodwill created during amalgamation. Revenue appeals dismissed for 2018-19 and 2020-21 assessments.
ITAT Visakhapatnam held that amount paid to clear mortgage/encumbrances on title of property is rightly claimed as deduction under section 48(1) of the Income Tax Act. Accordingly, appeal of revenue is dismissed.
Court upheld Tribunal’s finding that Assessing Officer examined cash deposits and adopted a permissible view by treating them as sales. Since the issue had been enquired into and two views were possible, revision under Section 263 could not be justified.
The Tribunal held the reassessment invalid since notices and the final order were issued in the name of a dead assessee despite the Department being informed. Key takeaway: assessments against deceased persons are void ab initio.
Additions for alleged on-money payments were disallowed because the evidence relied on by authorities contained errors and lacked authenticity. The decision highlights the need for corroborated, primary evidence in tax proceedings.
ITAT Delhi held that reopening of assessment under section 147 of the Income Tax Act, solely on the basis of information received, without application of mind is bad-in-law and liable to be quashed. Accordingly, appeal of revenue dismissed.
The Madras High Court held that an investment company’s interest disallowance under Section 36(1)(iii) was invalid as it followed a cash system of accounting. The Tribunal’s deletion of the addition was upheld, confirming that matching principles are not applicable under cash-based accounting.
ITAT Hyderabad held that ad hoc disallowance of commission expense cannot be sustained since assessee has substantiated commission payment with relevant evidence. Further, mere non-submission of certain bills and vouchers cannot be reason for ad hoc disallowance of land and development expenditure.
The AO’s assessment included detailed examination of depreciation, warranty provisions, and Section 80G deductions for CSR donations. ITAT Ahmedabad found that the AO’s conclusions were plausible and in line with judicial precedents. The revisionary order under Section 263 was quashed, affirming that the AO’s order was not erroneous or prejudicial to Revenue.
ITAT Visakhapatnam held that addition towards unexplained cash credits under section 68 of the Income Tax Act upheld since assessee company failed to substantiate identity and creditworthiness of lender.
