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 ITAT upheld the CIT(A)’s deletion of Rs. 11.26 crore LTCG, noting the unregistered JDA could not constitute a transfer under Section 2(47)(v). Taxability arises only upon registration and statutory approvals.
CIT(A) wrongly rejected the assessee’s rectification petition under section 154 despite portal evidence. ITAT restored the appeal for fresh adjudication with full opportunity to submit evidence.
Tribunal invalidates reassessment where AO relied on incorrect data and PCIT granted mere Yes approval. Highlights importance of independent application of mind under Sections 147/148/151.
ITAT Kolkata struck down AO’s whimsical treatment of LTCG as bogus while simultaneously accepting STCG from the same shares. The Tribunal deleted the entire ₹53.24 lakh addition, noting both gains arose from identical transactions and evidence.
ITAT Kolkata deleted ₹3.32 crore addition under Section 68, holding that complete documentary evidence proved the genuineness and identity of investors. Low income or meagre business activity of subscriber companies cannot justify treating share capital as unexplained.
The Tribunal held that unsecured loans cannot be treated as unexplained when identity, creditworthiness, and genuineness are fully documented. Since the AO ignored evidence and relied only on non-appearance, the addition was deleted.
ITAT Jaipur clarified that penalty under section 271AAB is not mandatory and requires proper examination of evidence and explanation by the assessee before imposition. Mere surrender of income does not constitute undisclosed income.
Tribunal holds that surrendered LTCG cannot be treated as undisclosed income when fully recorded in books and supported by verifiable documents. Penalty under section 271AAB was therefore not leviable.
The Tribunal held that notices sent to an incorrect email constituted a valid reason for delay, restored the matter to the AO, and emphasized the need for fair opportunity. Key takeaway: technical lapses in service cannot defeat substantive justice.
ITAT held that cash deposits during demonetization were explained through duly recorded cash sales supported by VAT returns and stock records. Key takeaway: When books are accepted, cash sales cannot be treated as unexplained.
