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...
Assessee proved long-term capital gains of ₹1 crore from Mishkafin Finance shares via broker notes, bank statements, and STT-paid transactions. Addition under section 69A was deleted due to lack of evidence.
ITAT Jabalpur held that CIT(A) cannot blindly follow PCIT directions under section 263. Appellate authorities must independently consider evidence and objections before confirming additions.
ITAT Ahmedabad held that banks can claim deductions for provisions for bad debts on total income, including capital gains, rejecting the CIT’s restriction to business income.
ITAT held that cash deposits made by directors before investing in share capital cannot be treated as unexplained income of the company. The ruling emphasizes that proper identity, creditworthiness, and genuineness documentation must be evaluated before invoking Section 68.
ITAT held that late filing of Form 10B cannot automatically deny exemption when the delay is bona fide and curable. The matter was remanded for fresh examination after recognising that Form 10B is a procedural requirement.
ITAT held that a penalty under Section 271(1)(c) is invalid when concealment and inaccurate particulars are invoked together without specifying the exact charge. The ruling reinforces that penalty notices must be unambiguous and legally precise.
ITAT held that Section 263 requires the PCIT to conduct independent inquiry before declaring an order erroneous. Since the PCIT relied only on assumptions of inadequate inquiry, the revision was invalid.
Tribunal holds that Section 28 interest forms part of compensation for compulsory acquisition and cannot be taxed as income from other sources. Confirms exemption under Section 10(37).
ITAT holds that ignoring a valid online reply and supporting records vitiates reassessment; AO must first verify whether deposits were already in books before taxing. Key takeaway: non-consideration of evidence makes additions unsustainable.
Tribunal holds that the CBDT circular exempting commercial transactions was wrongly ignored; AO must re-verify if the shareholder loan was a genuine business accommodation before taxing under Section 2(22)(e).
