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 Chennai held that penalty under section 271(1)(c) of the Income Tax Act not sustainable since the additional income offered by the assessee was voluntary and addition is not based upon incriminating material seized during the course of search. Accordingly, order of CIT(A) upheld and appeal of revenue dismissed.
ITAT held that reopening of assessment under Section 148 is invalid if no fresh material emerges. Key takeaway: AO cannot reopen concluded assessments on pre-existing facts.
ITAT Chennai quashed a reassessment notice under Section 148, holding that an Assessing Officer cannot reopen an assessment based solely on a change of opinion without fresh tangible material. This safeguards taxpayers from arbitrary reassessments.
ITAT Delhi held that rebate and concession in fees to poor student claimed as donation is in accordance with object of the trust and hence deletion of disallowance of donation by CIT(A) is justifiable. Accordingly, appeal of revenue dismissed.
The Tribunal held that cash deposits were fully supported by stock records and sales invoices, proving they were genuine business receipts. It ruled that Section 68 cannot apply to recorded turnover already taxed.
ITAT Mumbai ruled that a flat booked in 2009 is valued based on that year, even if the flat number changed later, preventing a ₹1.26 crore addition under Section 56(2)(vii)(b).
The Tribunal held that the loan could not be treated as unexplained when the assessee had furnished complete documentary evidence. The authorities failed to conduct further inquiry or rebut the lender’s confirmation. The ruling emphasizes that additions under Section 68 cannot be made solely on suspicion.
The ITAT ruled that unexplained cash credit cannot be added under Section 68 when the assessee furnishes full documentation, setting aside the addition of ₹15 lakh and related interest disallowance.
The Tribunal found that the notice did not indicate whether scrutiny was limited or complete, contrary to CBDT directives. This omission made the notice invalid and rendered the assessment unsustainable. The decision reinforces the necessity of clarity and compliance in scrutiny notices.
Tribunal deleted Rs. 10 lakh addition made under Section 68 where lender’s deposits were not independently verified. The assessee had no failure in proving identity, genuineness, or creditworthiness. Key takeaway: mere timing of lender’s bank deposits cannot trigger Section 68 addition without corroborative evidence
