Income Tax : Scrutiny assessment which is mainly governed by Section 143 of IT Act is in-depth process used by tax officers to ensure accuracy ...
Income Tax : In the alternate, assessee has also raised a ground that Assessing Officer ought to have allowed the expenditure incurred in culti...
Income Tax : Supreme Court disallows ₹10 crore bad debt deduction for Khyati Realtors Pvt Ltd, ruling it as capital expenditure, not eligible...
Income Tax : Understand the time limits for issuing income tax notices and completing assessments, including updates from the Finance Acts of 2...
Income Tax : Learn about rectifying mistakes in income tax orders under Section 154, including types of rectifiable orders, responsible authori...
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 : Allahabad High Court held that appeal u/s. 260A of the Income Tax Act is not sustainable since there is no perversity in finding o...
Income Tax : Delhi High Court held that assuming jurisdiction under section 153C of the Income Tax Act impermissible unless it is satisfied tha...
Income Tax : Delhi High Court held that order issued u/s. 143(3) of the Income Tax Act wrongly challenged on the assumption that it is draft as...
Income Tax : ITAT Delhi held that protective addition in the hands of assessee deleted as substantial addition already made in the hands of the...
Income Tax : ITAT Kolkata held that duty drawback is part of gross receipts for the purpose of calculation of ‘gross receipts’ under the pr...
Income Tax : Instruction No.1/2015 Clarification regarding applicability of section 143(1D) of the Income-tax Act, 1961- Vide Finance Act, 2012...
It was held that assessee to provide concrete evidence establishing the genuineness of the cash deposits in accordance with CBDT Circular wherein the various instructions had been issued by CBDT dated 21.2.2017, 3.3.2017, 15.11.2017 & 9.8.2019.
ITAT Delhi rules that subscription fees from cloud services are not taxable as royalty under the India-Ireland DTAA.
ITAT Ahmedabad held that addition u/s. 36(1)(va) of the Income Tax Act for delayed payment of employees’ contributions to PF and ESIC based on mis-reporting by the auditor in the audit report is unjustified. Accordingly, addition restriction.
ITAT Delhi held that cess fees received by the board is income derived from property held under trust and is thus taxable and the same cannot be treated as capital receipt.
Reassessment order was quashed on cash deposits as AO did not possess any credible information to form a belief that income had escaped assessment and there was non-application of mind for reopening the matter.
Penalty under section 270 A was not leviable as the nature of addition/disallowance were not in the nature of misreporting or misreporting income of assessee and assessee had paid the demand within 30 days and filed the required form no. 68 and that form was procedural in nature.
ITAT Mumbai held that adoption of value of land as determined by the Stamp Duty Authority without referring the valuation to Valuation Officer u/s. 50C of the Income Tax Act unjustified. Accordingly, matter restored for de novo adjudication.
ITAT Ahmedabad held that there is no basis for linking assessee’s alleged violation of RBI notification dated 8th November 2016 to section 68 of the Income Tax Act, when the nature and source is explained.
Section 263 cannot be invoked without substantial grounds, particularly when the AO has followed due process during the assessment.
Madras High Court held that Settlement Commission not authorized to rectify the order under section 154 of the Income Tax Act as power of rectification vested to Settlement Commission only with effect from 01.06.2011.
