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 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 : ITAT Delhi held that interest and dividend earned from co-operative banks qualify for deduction under Section 80P(2)(d). Totgar's ...
Income Tax : Instruction No.1/2015 Clarification regarding applicability of section 143(1D) of the Income-tax Act, 1961- Vide Finance Act, 2012...
The ITAT found inconsistencies in the selection and rejection of comparable companies for determining the arm’s length price of international transactions. It directed inclusion and exclusion of specific comparables and partly allowed the assessee’s appeal.
The Tribunal held that compensatory interest under Section 234B could not be charged when seized cash exceeding the tax liability was already in Revenue’s possession. It directed complete deletion of the interest.
ITAT Delhi sustained a Section 69A addition on demonetisation-period cash deposits after finding 539 identical cash sale vouchers lacked credibility. The Tribunal held that the assessee failed to satisfactorily establish the genuineness of the sales and deposits.
ITAT sustained the adoption of fair market value under Section 50C after finding that seized cash represented on-money from property transactions. The Tribunal upheld the valuation determined through the DVO process.
Section 154 permits rectification of mistakes apparent from the record in assessment orders, intimations, and TDS/TCS processing statements to ensure accuracy in tax administration. The key takeaway is that only obvious and undisputed errors can be corrected within prescribed time limits, while taxpayers must be given an opportunity of being heard if the rectification increases tax liability or reduces refunds.
ITAT Ahmedabad upheld reassessment proceedings after finding that seized diaries recorded unaccounted cash transactions exceeding prescribed limits. The Tribunal held that statutory conditions for reopening were satisfied.
Jaipur ITAT held that reassessment proceedings were invalid because the Assessing Officer mechanically relied on Investigation Wing information without conducting independent verification.
This guide explains the various assessments under the Income-tax Act, including summary assessment, scrutiny assessment, best judgment assessment, and reassessment for escaped income. It highlights the scope, procedures, faceless assessment framework, notice requirements, and statutory timelines, helping taxpayers understand their compliance obligations and assessment rights.
Delhi ITAT held that donations qualifying under Section 80G do not lose eligibility merely because they form part of Corporate Social Responsibility (CSR) expenditure.
Delhi ITAT ruled that delayed deposit of employees’ PF/ESI contributions attracts disallowance under Section 36(1)(va). The decision reinforces that such adjustments are permissible during summary processing of returns.
