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 held that MAT relief under section 115JB cannot continue once a company’s net worth becomes positive, as the scheme required only consideration—not automatic grant—of exemption.
Tribunal held that civil, plumbing and electrical charges paid to builder formed part of the acquisition cost and allowed claim. It held that embedded fixtures qualify for deduction, while travel expenses unrelated to transfer do not.
Reopening notice under Section 148 was held invalid as the AO ignored co-purchasers’ contributions and granted mechanical approval under Section 151 without application of mind. The Tribunal ruled the reassessment and associated additions null and void.
Tribunal emphasized that unilateral claims for commission and interest from CPRPL are insufficient to attract tax. Taxable income arises only when amounts are truly payable or received.
High Court dismisses writ petition alleging SOP breach in faceless assessment, advising the taxpayer to seek remedy through the statutory appellate process under the Income Tax Act.
ITAT held that Section 263 cannot be invoked when the AO has already examined the issues and applied his mind. Key takeaway: Mere preference for deeper enquiry does not make an assessment erroneous.
The Tribunal held that severance pay received on cessation of employment is taxable as “profits in lieu of salary” under Sec.17(3)(iii). Voluntariness or nomenclature of the payment is irrelevant post-2002 statutory amendment.
The Tribunal upheld deletion of a large cash-credit addition after the AO confirmed in remand that branch sales and cash transfers were genuine. The key takeaway is that once sales are accepted, related cash deposits cannot be taxed under Section 68.
The Tribunal confirmed that unsecured loans of ₹1.77 crore were genuine, supported by account-payee cheques, NBFC registration, bank statements, and confirmations. AO’s additions were based on presumption and ignored documentary evidence, so the deletions were rightly upheld.
The Department could not produce a single document seized from the assessee, relying only on third-party statements, which are not incriminating material. The JCIT’s same-day clearance of multiple assessments without analysis led to the assessments being quashed.
