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...
ITAT Ahmedabad deletes Rs.8.14 lakh addition, ruling that AO’s estimation of agricultural expenses using an unrelated 40% benchmark was arbitrary and unsustainable in law.
Kolkata ITAT rules that delayed Form 67 filing isn’t fatal to FTC claim. FTC is a substantive right under Section 90; Rule 128’s timeline is directory, not mandatory.
ITAT Chennai quashes assessment because the notice u/s 143(2) was issued by a non-jurisdictional AO after jurisdiction transfer u/s 127 was effective. Jurisdictional error is fatal; entire assessment declared void ab initio.
ITAT Delhi deletes Rs. 52.65 Cr notional interest addition, affirming only real income is taxable. It allows Rs. 20.18 Cr theft loss and Rs. 12.09 Cr flood/expiry loss on unsaleable inventory.
Delhi ITAT ruled that a Rs. 3.74 Cr tax addition on suppressed profit was illegal. Extrapolating income beyond the search date without evidence is impermissible.
Pune ITAT set aside a CIT(E) revision against PYC Gymkhana, ruling the AO’s view was plausible since business receipts were below the 20% limit in Section 2(15) Proviso (ii).
Pune ITAT set aside a PCIT’s Section 263 revisionary order against Ravindra Chavan, ruling the “Hear the Other Side” rule was breached by relying on un-confronted material.
Assessee has preferred the present appeal mainly assailing validity of final assessment order dated 30.06.2022 on the ground of limitation. It is contested that the Dispute Resolution Panel (DRP) issued directions u/s. 144C(5) of the Act on 23.03.2022, the Assessing Officer (AO) passed final assessment order on 23.06.2022.
ITAT Delhi held that provision of section 54F of the Income Tax Act are beneficial provision and the same has to be applied as per the peculiar situation of each case. Here, exemption u/s. 54F granted in spite of delay in construction of residential property since it was beyond the control of the assessee.
The Karnataka High Court ruled that when reassessment is based solely on material seized from a third-party search, the Income Tax Department must follow the specific procedure under Section 153C of the IT Act, not the general Section 147.
