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 Bangalore held that revisionary proceeding by PCIT under section 263 of the Income tax Act treating assessment order erroneous and prejudicial to interest of revenue upheld since assessee could not demonstrate that the equipment’s were received on returnable basis.
ITAT Rajkot held that appellate authorities have power to entertain fresh claim and accordingly, claim of erroneously addition to computation of income accepted and direction given to AO to determine taxable income of assessee afresh.
It is settled proposition of law that CBDT circulars are binding on department and it has to be strictly followed by officers of department. AO cannot be permitted to travel beyond the issues for which case was selected for limited scrutiny without taking mandatory permission from concerned PCIT or Pr.CCIT.
The ITAT Mumbai has set aside a Rs. 2.55 crore tax order against Gemini Dyeing and Printing Mills, ruling the company was denied a reasonable opportunity for hearing.
The ITAT Mumbai has upheld a decision to restrict a bogus purchase addition to a 12.5% gross profit rate, citing a Bombay High Court precedent, in the case of DCIT vs. S. Rasiklal and Co.
ITAT Ahmedabad dismisses a revenue appeal, upholding the deletion of a ₹1.5 crore addition. The tribunal ruled the amount was a loan given, not a cash credit received.
In the case of Paresh Manubhai Desai vs. ITO, the ITAT Mumbai has ruled that long-term capital gains exemption is applicable on the sale of inherited shares, setting aside a short-term capital gains tax.
ITAT Bangalore upholds the deletion of a Section 56 addition. The sale of jewellery inherited through a will constitutes a long-term capital gain, allowing the assessee to claim a Section 54F deduction.
ITAT Bangalore upholds a Section 263 revision. An AO’s assessment order that silently accepts cash deposits and property sources, without proper inquiry, is erroneous.
ITAT Delhi: Cash deposits in a dissolved firms bank account are taxable only in the proprietors hands, not the partnerships. The protective addition was deleted.
