Income Tax : Smt. Ranjana Kumari/Kalta Vs DCIT/ACIT (Central) (ITAT Chandigarh) The appeals involved three assessees belonging to the Kalta Gro...
Income Tax : Understand the statutory time limits for issuing income-tax notices and completing assessments under the Income-tax Act. The guide...
Income Tax : Learn the updated provisions governing rectification, assessments, reassessments, and appeals under the Income-tax Act. This guide...
Income Tax : Learn how different types of income tax assessments are conducted under the Income-tax Act. The FAQs explain assessment procedures...
Income Tax : Section 154 permits rectification of mistakes apparent from the record in assessment orders, intimations, and TDS/TCS processing s...
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 : ITAT Bangalore held that additions made in an intimation under Section 143(1) cannot be disputed in an appeal against a scrutiny a...
Income Tax : ITAT Delhi held legal services are not FTS under Section 9(1)(vii) and directed partner-wise DTAA examination. FTS addition was de...
Income Tax : ITAT Mumbai deleted a Section 69 addition after finding documentary evidence established joint ownership, source of funds, and ear...
Income Tax : ITAT Mumbai quashed reassessment after finding no Section 143(2) notice and that the AO issued a final order disguised as a draft ...
Income Tax : ITAT Surat held that delayed filing of Form 10B is a procedural lapse and remanded the matter after directing the AO to consider t...
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 held that disallowance under Section 14A cannot exceed the exempt income, upholding judicial precedents and deleting Rs. 6.66 crore addition, emphasizing that hypothetical income cannot be taxed.
ITAT Delhi held that a single Section 153D approval for multiple assessees and years is impermissible, rendering all 153A and 153C assessments void ab initio.
ITAT Bangalore allowed deduction of ₹55.4 crore ESOP expenses under section 37, holding it as employee compensation cost. ESOP costs may be deductible even if cross-charged from parent company.
The Calcutta High Court held that recovering more than 20% of a disputed tax demand from other refunds while an appeal is pending is impermissible. The ruling directs the Income Tax authorities to refund the excess amount.
The Tribunal emphasized that for notices issued before 01.04.2021, the sanctioning power rested solely with the JCIT, making the PCIT’s approval invalid. Consequently, the ₹82.89 crore disallowance and all further proceedings were set aside.
ITAT held that the assessee had proved identity, creditworthiness, and genuineness of the lender through affidavits, ITR and audited accounts. Since the AO brought no contrary evidence, the Section 69A addition was deleted.
ITAT ruled that a scrutiny order cannot override a 143(1) intimation if the AO fails to examine pending 154 grievances. The case was remanded because the core adjustments were never adjudicated.
The Tribunal ruled that the entity did not qualify as an educational institution or as substantially government-financed, leading to denial of Section 10(23C)(iiiab) exemption. The dispute over taxing gross receipts was remanded for a fresh decision. Key takeaway: fund management alone cannot justify exemption.
The Tribunal held that additions based solely on earlier-year assumptions cannot sustain without year-specific evidence. It found no material to show that current-year sales or debtors were bogus. The takeaway is that assessments must be supported by concrete evidence, not presumptions.
SC upheld the view that claimed liabilities towards two banks were unsubstantiated. The ruling reinforces the need for documentary verification of liabilities.
