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 issue was denial of capital gains exemption due to claim under wrong section. The tribunal held that a genuine claim cannot be rejected merely for citing an incorrect provision and remanded the case.
The issue was whether penalty for misreporting can be imposed without specifying the applicable clause. The tribunal held such penalty invalid and ordered its deletion.
The Tribunal set aside the assessment after noting that books of accounts were not produced and required reconsideration. It directed a fresh decision with proper opportunity, emphasizing procedural fairness.
Court held that penalty under Section 270A cannot apply where assessed income does not exceed processed income. Key takeaway: statutory conditions must be strictly met.
The Tribunal held that the assessee had adequately explained the source of cash deposits with supporting evidence. Addition under Section 69A was deleted as the AO failed to rebut the explanation.
The tribunal ruled that reliance only on an investigation report without independent evidence cannot justify treating LTCG as bogus. Additions under Section 68 and commission were deleted.
ITAT Delhi held that companies owning and operating channels cannot be compared with distribution company for the purpose of transfer pricing. Accordingly, directs TPO to exclude such comparables for benchmarking distribution segment and determination of ALP.
The case examined whether property registered in trustees’ names violated Section 13(1)(c). The Tribunal held no violation as no benefit accrued to trustees, allowing exemption under Section 11.
The issue was whether a share transfer without consideration constituted taxable capital gains. The Tribunal held that genuine family realignment is not taxable.
The Tribunal held that since the Assessing Officer made no addition after verifying disclosures, the grievance lacked merit. Grounds were rightly treated as infructuous due to absence of tax impact.
