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 Mumbai rules that the principal component of a finance lease is a capital recovery, not taxable income. Surrendered depreciation requires exclusion of principal to avoid double taxation.
Gujarat High Court held that addition under section 68 of the Income Tax Act towards bogus Long Term Capital Gains [LTCG] from sale of penny stock cannot be sustained since genuineness of the stock proved with evidence. Accordingly, appeal of revenue dismissed.
ITAT Hyderabad ruled that a Joint Development Agreement (JDA) doesn’t trigger Capital Gains Tax u/s 2(47)(v) when possession isn’t legally delivered, relying on SC/HC precedent.
ITAT Hyderabad deletes a ₹10.10 Cr TP adjustment on AE consultancy fees to Virinchi Ltd, holding TPO cannot question commercial expediency of services when ALP is proven.
ITAT Hyderabad held that alleged discrepancy i.e, the suppression of the purchases/sales/closing stock based on distorted figures by AO resulting to an exorbitant addition is unsustainable in law. Accordingly, appeal of assessee allowed.
ITAT Mumbai set aside ex-parte assessment and appellate orders against the assessee for AY 2022-23. The matter is restored to the Assessing Officer for fresh adjudication, with the assessee directed to pay ₹25,000 to the PM Relief Fund.
Tribunal rules that allegations based on generalized survey findings and third-party statements cannot sustain additions. Labour expenses and unsecured loans routed through banking channels were confirmed as genuine, with revenue appeals dismissed.
Income surrendered during survey and accounted as business income should not attract section 115BBE rates, clarifying application of sections 69, 69A, and 69B.
ITAT Panaji rules in favor of Shirguppi Sugar Works, deleting an income tax addition. The Tribunal held that interest earned on FDs, placed to secure bank guarantees for importing capital goods, is directly linked to the project and can be set off against capital costs, not taxed as “income from other sources.
The ITAT Delhi ruled that a UK company’s receipts from Indian airlines for in-flight content are not taxable as royalty or fees for technical services, as no copyright or technical know-how was transferred.
